This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MEMSIC Announces Second-Quarter 2013 Results

MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter ended June 30, 2013.
  • Net sales totaled $13.2 million compared to $14.4 million in the 2012 quarter.
  • Gross margin was 37.6% compared to 40.1% in the 2012 quarter.
  • Operating expenses, including $1.7 million legal and other expenses related to MEMSIC’s pending acquisition, totaled $7.5 million compared to $6.2 million in the 2012 quarter.
  • GAAP net loss was $2.3 million, or $0.09 per diluted share, compared to a net loss of $0.5 million, or $0.02 per diluted share, in the 2012 quarter.
  • EBITDA was ($1.2) million compared to $0.7 million in the 2012 quarter.

MEMSIC Chairman, President and CEO Dr. Yang Zhao commented, “In this year’s second quarter, growing revenue from shipments to the China mobile market helped alleviate the impact of reduced sales to a large mobile customer. We are pleased with the progress we are making in penetrating the China mobile market. The number of units shipped that related to mobile applications increased more than 80% during the period.

“In June 2013 we unveiled our MMC246xMT Two-Axis Magnetic Sensor, which offers top performance at the lowest power consumption for a two-axis magnetic sensor. The MMC246xMT is well suited for consumer, industrial and automotive applications.”

On April 23, 2013, MEMSIC announced it had agreed to be acquired by IDG-Accel China Capital II, L.P. and its affiliates. The company continues to expect that transaction to close in the third quarter of 2013.

About Non-GAAP Financial Information

EBITDA is a measure used by management to evaluate the Company’s ongoing operations and as a general indicator of its operating cash flow (in conjunction with a cash flow statement that also includes, among other items, changes in working capital and the effect of non-cash charges). The Company defines EBITDA as net income, plus interest expense net of interest income, provision for income taxes, and depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the comparative evaluation of companies. Because not all companies use identical calculations, the Company's presentation of EBITDA and EBITDA per share may not be comparable to similarly titled measures of other companies. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use as it does not reflect certain cash requirements such as interest payments, tax payments and debt service requirements.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs