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MEMSIC Announces Fourth-Quarter 2012 Results

Stocks in this article: MEMS

Pursuant to the requirements of Regulation G, we have provided a reconciliation of EBITDA to GAAP net income as an exhibit to this release.

About MEMSIC, Inc.

MEMSIC, Inc., headquartered in Andover, Massachusetts, provides advanced semiconductor sensors and multi-sensor system solutions based on micro-electromechanical systems (MEMS) technology and sophisticated integration technologies in both the IC level and module level. MEMSIC's unique and proprietary approach combines leading-edge sensor technologies, such as magnetic sensors and accelerometers, with mixed signal processing circuitry to produce reliable, high quality, cost-effective solutions for the mobile phone, automotive, consumer, industrial, and general aviation markets. The company’s shares are listed on the NASDAQ Stock Exchange (NASDAQ GM: MEMS).

Safe Harbor Statement

Statements included in this press release that are not historical in nature are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements for reasons identified under the heading "Risk Factors" in the Company's most recent annual report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof, and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.

               
MEMSIC, Inc. CONSOLIDATED BALANCE SHEETS
 

December 31,

2012

December 31,

2011

 

 

ASSETS
Current assets:
Cash and cash equivalents $ 27,306,202 $ 51,914,128
Restricted cash 2,867,896 3,791,189
Short-term investments 34,640,188 6,814,728

Accounts receivable, net of allowance for doubtful accounts of $18,774 and $6,441,

respectively, as of December 31, 2012 and December 31, 2011

4,821,867

6,068,904

Inventories 9,840,659 11,459,153
Other current assets   2,285,923     2,050,787  
Total current assets 81,762,735 82,098,889
 
Property and equipment, net 29,002,825 30,998,489
Long-term investments 2,500,000 2,600,000
Goodwill - 606,976
Intangible assets, net 9,918,305 11,091,532
Other assets   144,106     136,633  
Total assets $ 123,327,971   $ 127,532,519  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,778,672 $ 8,439,605
Accrued expenses 3,934,975 2,630,966
Advance research funding 2,867,896 3,791,189
Current portion of note payable to bank   1,000,000     500,000  
Total current liabilities 11,581,543 15,361,760
 
Note payable to bank, net of current portion 16,430,000 17,430,000
Building liability 8,135,115 8,161,288
Other liabilities   86,420     124,180  
Total other liabilities 24,651,535 25,715,468
 
Stockholders’ equity:

Common stock, $0.00001 par value; authorized, 45,000,000 shares; 24,219,685 and 23,983,813

shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively

242 240
Additional paid-in capital 102,813,203 101,266,272
Accumulated other comprehensive income 4,477,071 4,363,930
Accumulated deficit   (20,896,074 )   (19,908,135 )
MEMSIC, Inc. stockholders' equity 86,394,442 85,722,307
Non-controlling interest related to joint ventures   700,451     732,984  
Total stockholders' equity   87,094,893     86,455,291  
Total liabilities and stockholders’ equity $ 123,327,971   $ 127,532,519  
 
       
MEMSIC, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS
                       
Three months ended December 31, Twelve months ended December 31,
  2012     2011     2012     2011  
 
Net sales $ 14,189,812 $ 21,468,278 $ 63,810,807 $ 68,153,132
Cost of goods sold   8,998,780     13,770,585     40,107,592     44,313,782  
Gross profit 5,191,032 7,697,693 23,703,215 23,839,350
 
Operating expenses:
Research and development 1,962,267 1,943,356 6,874,962 8,553,569
Sales and marketing 1,257,093 2,016,409 5,194,733 6,892,303
General and administrative 2,448,701 2,342,825 9,417,623 8,717,322
Depreciation 376,773 438,310 1,552,345 1,637,476
Amortization 331,722 415,690 1,480,609 1,627,692
Impairment charge of goodwill   646,602     4,492,000     646,602     4,492,000  
Total operating expenses   7,023,158     11,648,590     25,166,874     31,920,362  
 
Operating loss (1,832,126 ) (3,950,897 ) (1,463,659 ) (8,081,012 )
 
Other income:
Interest and dividend income 21,104 102,572 258,516 437,655
Foreign exchange gain 207,309 305,708 191,484 1,153,822
Other, net   260,435     158,481     318,660     564,489  
Total other income 488,848 566,761 768,660 2,155,966
 
Loss before income taxes (1,343,278 ) (3,384,136 ) (694,999 ) (5,925,046 )
Provision for income taxes   71,944     (95,256 )   266,344     77,397  
Net loss (1,415,222 ) (3,288,880 ) (961,343 ) (6,002,443 )
 
Less: net income attributable to non-controlling interests   (6,349 )   (9,558 )   26,596     82,127  
Net loss attributable to MEMSIC, Inc. $ (1,408,873 ) $ (3,279,322 ) $ (987,939 ) $ (6,084,570 )
 
Net loss per common share attributable to MEMSIC, Inc.:
Basic $ (0.06 ) $ (0.14 ) $ (0.04 ) $ (0.26 )
Diluted $ (0.06 ) $ (0.14 ) $ (0.04 ) $ (0.26 )

 

Weighted average shares outstanding used in calculating net loss per common share:

Basic   24,030,058     23,825,134     24,027,523     23,827,937  
Diluted   24,030,058     23,825,134     24,027,523     23,827,937  
 
                             
MEMSIC, Inc.
 

Reconciliation of Net Loss to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA)

(Unaudited)

 
Three months ended December 31, Twelve months ended December 31,
  2012     2011     2012     2011  
 
Net loss $ (1,408,873 ) $ (3,279,322 ) $ (987,939 ) $ (6,084,570 )
Interest (income) expense, net (21,104 ) (102,572 ) (258,516 ) (437,655 )
Income tax expense 71,944 (95,256 ) 266,344 77,397
Depreciation and amortization   900,764     1,208,787     4,692,124     4,742,190  
EBITDA $ (457,269 ) $ (2,268,363 ) $ 3,712,013   $ (1,702,638 )
 




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