Dr. Zhao added, “Our fourth-quarter 2011 results include a $4.5 million non-cash charge related to the impairment of a portion of the goodwill associated with our Crossbow Technology acquisition in January 2010. The impairment reflects the fact that sales forecasted for the system solution products, particularly the avionics products, are lower than projected at the time of acquisition. We believe this impairment does not negate the tremendous value of the know-how and IPs in sensor integration technology we acquired from Crossbow. Our original vision and strategy of realizing more higher-margin and stable business by combining MEMSIC’s strong sensor component technologies with the system integration technologies we acquired from Crossbow remain unchanged.”Recent Developments
- Electronic Products magazine honored MEMSIC’s MXC6226XC two-axis digital accelerometer with a Product of the Year award in January 2012. The MXC6226XC – the world’s smallest and the first wafer-level packaged CMOS monolithic accelerometer – was selected for its innovative design, significant advancement in technology, and achievement in price and performance.
- In November 2011, a subsidiary of MEMSIC entered into a joint venture with Wuxi New District Science and Technology Financial Investment Group Co. Ltd., a state-owned Chinese venture capital fund, to focus on the sensor and sensing network solution market by leveraging MEMSIC’s proven mesh wireless sensor network technology .
- Revenue is expected to be between $18 million and $19 million for the first quarter of 2012, an increase of approximately 39% - 46% from the prior-year period.
- GAAP net loss is expected to be in the range of $0.02 to $0.04 per share for the first quarter of 2012.
- Average diluted share count for the 2012 first quarter is estimated to be approximately 24 million.
|What:||MEMSIC 4Q 2011 financial results conference call and webcast|
|When:||Wednesday, February 29, 2012|
|Time:||5:00 p.m. EST|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(855) 859-2056, pass code 46805814, domestic|
|(404) 537-3406, pass code 46805814, international|
|Webcast:||http://investor.memsic.com (live and replay)|