- Revenues rose to $18.4 million from $10.8 million in the third quarter of 2010.
- Gross margin was 33.8% compared to 37.8% in the 2010 quarter.
- Operating expenses, including R&D expense of $2.2 million, totaled $7.3 million compared to $6.4 million in the 2010 period.
- GAAP net loss was $0.4 million, or $0.02 per diluted share, compared to net loss of $1.9 million, or $0.08 per diluted share, in the 2010 quarter. This includes stock-based compensation of $0.5 million in the 2011 period and $0.4 million in the 2010 period.
- EBITDA was $0.9 million, compared to ($1.0) million in the 2010 quarter.
- MEMSIC introduced our MXC6226XC two-axis digital accelerometer, the world’s smallest and the first wafer level packaged CMOS monolithic accelerometer. It is the most robust MEMS accelerometer that enables enhanced functionality for cost-sensitive motion sensing applications.
- MEMSIC transferred its system solution product manufacturing to its newly completed building in Wuxi in August 2011. With a total space of 14,500 square meters, the new building will facilitate the production and research and development of our wireless network and inertial products.
- Revenue is expected to be between $17 million and $19 million for the fourth quarter of 2011.
- GAAP net loss, including stock-based compensation of $0.5 million, is expected to be in the range of $0.02 to $0.04 per share for the fourth quarter of 2011.
- Average diluted share count for the 2011 fourth quarter is estimated to be approximately 24 million.
|What:||MEMSIC 3Q 2011 financial results conference call and webcast|
|When:||Tuesday, November 8, 2011|
|Time:||8:30 a.m. EST|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(855) 859-2056, pass code 19319526, domestic|
|(404) 537-3406, pass code 19319526, international|
|Webcast:||http://investor.memsic.com (live and replay)|
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 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.
|CONSOLIDATED BALANCE SHEETS|
|September 30,||December 31,|
|Cash and cash equivalents||$||52,526,619||$||55,694,205|
|Accounts receivable, net of allowance for doubtful accounts of $6,441||7,387,858||3,664,444|
|as of September 30, 2011 and December 31, 2010|
|Total current assets||77,204,769||73,748,154|
|Property and equipment, net||30,743,881||22,015,502|
|Intangible assets, net||11,276,779||11,894,328|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advance research funding||3,783,441||2,928,933|
|Current portion of long-term debt||500,000||-|
|Total current liabilities||14,932,513||10,462,192|
|Note payable to bank||17,430,000||17,930,000|
|Total other liabilities||25,558,694||18,020,036|
|Common stock, $0.00001 par value; authorized, 45,000,000 shares; 23,983,813 and 23,810,613|
|shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively||240||238|
|Additional paid-in capital||100,930,240||99,615,378|
|Accumulated other comprehensive income||3,775,636||3,029,372|
|MEMSIC, Inc. stockholders' equity||88,077,303||88,821,423|
|Non-controlling interest related to joint venture in Japan||334,716||361,445|
|Total stockholders' equity||88,412,019||89,182,868|
|Total liabilities and stockholders’ equity||$||128,903,226||$||117,665,096|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Cost of goods sold||12,155,533||6,751,194||30,543,197||16,584,892|
|Research and development||2,200,240||2,377,649||6,610,213||6,386,394|
|Sales and marketing||1,881,240||1,376,893||4,875,893||3,557,223|
|General and administrative||2,799,433||2,212,399||7,573,663||6,525,484|
|Total operating expenses||7,284,748||6,373,502||20,271,770||17,615,945|
|Interest and dividend income||153,227||99,026||335,082||319,803|
|Foreign exchange gain||328,639||305,732||848,114||359,809|
|Total other income||805,453||424,100||1,589,203||750,164|
|Loss before income taxes||(277,528||)||(1,855,877||)||(2,540,910||)||(6,238,335||)|
|Provision for (benefit from) income taxes||58,343||36,392||172,653||(79,102||)|
|Less: net income (loss) attributable to non-controlling interest||32,895||39,004||91,685||66,093|
|Net loss attributable to MEMSIC, Inc.||$||(368,766||)||$||(1,931,273||)||$||(2,805,248||)||$||(6,225,326||)|
|Net loss per common share to MEMSIC, Inc.:|
|Weighted average shares outstanding used in calculating|
|net loss per common share:|
|Reconciliation of Net Loss to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) (Unaudited)|
|Three months ended September 30,||Nine months ended September 30,|
|Interest (income) expense, net||(153,227||)||(99,026||)||(335,082||)||(319,803||)|
|Income tax expense (benefit)||58,343||36,392||172,653||(79,102||)|
|Depreciation and amortization||1,378,401||1,002,616||3,533,403||2,822,667|