MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the first quarter ended March 31, 2012.
- Revenues rose to $20.0 million from $13.0 million in the 2011 quarter. Total shipments of our sensor products grew to 32.1 million units from 12.6 million units in the prior-year period.
- Gross margin was 37.1% compared to 38.1% in the 2011 quarter.
- Operating expenses totaled $6.2 million compared to $6.4 million in the 2011 quarter.
- GAAP net income was $1.2 million, or $0.05 per diluted share, compared to a net loss of $1.3 million, or $0.06 per diluted share, in the 2011 quarter.
- EBITDA was $2.5 million, compared to ($0.2) million in the 2011 quarter.
Dr. Zhao continued, “The new fully integrated 3D electronic compass product we are announcing today offers the highest heading accuracy in today’s market. Along with this new product, we will also release our sensor integration algorithm and software that leverages MEMSIC’S proven 11DOF ( Degree Of Freedom) inertial sensing system integration product line, which has been successfully sold into high-precision applications in industrial and avionics for a decade. This system-level solution outperforms any ‘sensor fusion’ product available in the market today.”Dr. Zhao concluded, “Over the past years, MEMSIC has been leading technology trends by pioneering MEMS sensor system integration and solution products for a wide range of applications in the industrial and aviation markets. This quarter we are introducing a high-performance mass flow module that exemplifies our groundbreaking work. Targeting home natural gas metering and industrial gas flow control, the product is based on MEMSIC’s proprietary and proven monolithic CMOS MEMS IC thermal sensor technology. Our high-precision MEMS-based full electronic flow module will offer a superior replacement for the traditional bulky mechanical flow module, and can be easily integrated with MEMSIC’s proven Wireless Sensor Network (WSN) products for smart meter networks.” Outlook
- Revenue is expected to be between $14 million and $16 million for the second quarter of 2012.
- GAAP net loss is expected to be in the range of $0.04 to $0.06 per share for the second quarter of 2012.
- Average diluted share count for the 2012 second quarter is estimated to be approximately 24.5 million.
|What:||MEMSIC 1Q 2012 financial results conference call and webcast|
|When:||Tuesday, May 8, 2012|
|Time:||5:00 p.m. EDT|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(855) 859-2056, pass code 73346507, domestic|
|(404) 537-3406, pass code 73346507, 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’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.
|CONSOLIDATED BALANCE SHEETS|
|March 31,||December 31,|
|Cash and cash equivalents||$||36,266,765||$||51,914,128|
|Accounts receivable, net of allowance for doubtful accounts of $6,441 as of March 31, 2012 and December 31, 2011||6,683,630||6,068,904|
|Total current assets||81,123,331||82,098,889|
|Property and equipment, net||30,913,810||30,998,489|
|Intangible assets, net||10,760,461||11,091,532|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advance research funding||3,370,034||3,791,189|
|Current portion of long-term debt||500,000||500,000|
|Total current liabilities||12,560,138||15,361,760|
|Note payable to bank, net of current portion||17,430,000||17,430,000|
|Total other liabilities||25,692,828||25,715,468|
|Common stock, $0.00001 par value; authorized, 45,000,000 shares; 23,992,968 and 23,983,813 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively||240||240|
|Additional paid-in capital||101,603,729||101,266,272|
|Accumulated other comprehensive income||4,287,744||4,363,930|
|MEMSIC, Inc. stockholders' equity||87,184,082||85,722,307|
|Non-controlling interest related to joint ventures||703,959||732,984|
|Total stockholders' equity||87,888,041||86,455,291|
|Total liabilities and stockholders’ equity||$||126,141,007||$||127,532,519|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three months ended March 31,|
|Cost of goods sold||12,599,954||8,013,199|
|Research and development||1,703,159||2,297,836|
|Sales and marketing||1,432,299||1,464,746|
|General and administrative||2,236,071||1,879,892|
|Total operating expenses||6,206,593||6,422,777|
|Operating income (loss)||1,210,506||(1,481,056||)|
|Interest and dividend income||107,774||83,490|
|Foreign exchange gain (loss)||(32,263||)||190,676|
|Total other income||88,685||342,742|
|Profit (loss) before income taxes||1,299,191||(1,138,314||)|
|Provision for income taxes||68,583||117,394|
|Net income (loss)||1,230,608||(1,255,708||)|
|Less: net income attributable to non-controlling interests||30,104||72,471|
|Net income (loss) attributable to MEMSIC, Inc.||$||1,200,504||$||(1,328,179||)|
|Net income (loss) per common share to MEMSIC, Inc.:|
|Weighted average shares outstanding used in calculating net income (loss) per common share:|
|Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) (Unaudited)|
|Three months ended March 31,|
|Net income (loss)||$||1,200,504||$||(1,328,179||)|
|Interest (income) expense, net||(107,774||)||(83,490||)|
|Income tax expense||68,583||117,394|
|Depreciation and amortization||1,308,152||1,069,320|