MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter ended June 30, 2012.
- Net sales totaled $14.4 million compared to $15.4 million in the 2011 quarter.
- Gross margin was 40.1% compared to 32.5% in the 2011 quarter.
- Operating expenses totaled $6.2 million compared to $6.6 million in the 2011 quarter.
- GAAP net loss was $0.5 million, or $0.02 per diluted share, compared to $1.1 million, or $0.05 per diluted share, in the 2011 quarter.
- EBITDA was $0.8 million, compared to ($0.1) million in the 2011 quarter.
- MEMSIC’s mass flow sensor module was awarded a Best of Sensors Expo Honorable Mention by Sensors Magazine. The award was presented at the Sensors Expo & Conference in Rosemont, IL in June 2012. Winners were honored for exceptional innovation, integration and ease of use, among other factors.
- Revenue is expected to be between $14 million and $16 million for the third quarter of 2012.
- GAAP net loss is expected to be in the range of $0.03 to $0.05 per share for the third quarter of 2012.
- Average diluted share count for the 2012 third quarter is estimated to be approximately 24.5 million.
|What:||MEMSIC 2Q 2012 financial results conference call and webcast|
|When:||Thursday, August 2, 2012|
|Time:||5:00 p.m. EDT|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(855) 859-2056, pass code 10446278, domestic|
|(404) 537-3406, pass code 10446278, 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|
|June 30,||December 31,|
|Cash and cash equivalents||$||24,016,667||$||51,914,128|
|Accounts receivable, net of allowance for doubtful accounts of $6,441||4,106,366||6,068,904|
|as of June 30, 2012 and December 31, 2011|
|Other current assets||2,495,971||2,050,787|
|Total current assets||79,334,432||82,098,889|
|Property and equipment, net||29,991,934||30,998,489|
|Intangible assets, net||10,334,402||11,091,532|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advance research funding||2,924,181||3,791,189|
|Current portion of note payable to bank||1,000,000||500,000|
|Total current liabilities||10,691,246||15,361,760|
|Note payable to bank, net of current portion||16,430,000||17,430,000|
|Total other liabilities||24,514,082||25,715,468|
|Common stock, $0.00001 par value; authorized, 45,000,000 shares; 24,128,614 and 23,983,813|
|shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively||241||240|
|Additional paid-in capital||102,210,810||101,266,272|
|Accumulated other comprehensive income||4,035,217||4,363,930|
|MEMSIC, Inc. stockholders' equity||87,077,223||85,722,307|
|Non-controlling interest related to joint ventures||688,170||732,984|
|Total stockholders' equity||87,765,393||86,455,291|
|Total liabilities and stockholders’ equity||$||122,970,721||$||127,532,519|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three months ended June 30,||Six months ended June 30,|
|Cost of goods sold||8,630,850||10,374,465||21,230,804||18,387,664|
|Research and development||1,769,201||2,112,136||3,472,360||4,409,973|
|Sales and marketing||1,228,408||1,529,907||2,660,707||2,994,653|
|General and administrative||2,399,923||2,096,988||4,635,995||3,976,879|
|Total operating expenses||6,189,772||6,564,244||12,396,365||12,987,022|
|Operating income (loss)||(405,385||)||(1,566,075||)||805,121||(3,047,132||)|
|Interest and dividend income||125,259||98,366||233,034||181,855|
|Foreign exchange (loss) gain||(193,190||)||328,799||(225,453||)||519,475|
|Total other income (expense)||(42,463||)||441,009||46,222||783,750|
|Profit (loss) before income taxes||(447,848||)||(1,125,066||)||851,343||(2,263,382||)|
|Provision (benefit) for income taxes||29,355||(3,084||)||97,938||114,310|
|Net income (loss)||(477,203||)||(1,121,982||)||753,405||(2,377,692||)|
|Less: net income (loss) attributable to non-controlling interests||(15,789||)||(13,681||)||14,315||58,790|
|Net income (loss) attributable to MEMSIC, Inc.||$||(461,414||)||$||(1,108,301||)||$||739,090||$||(2,436,482||)|
|Net income (loss) per common share attributable to MEMSIC, Inc.:|
|Weighted average shares outstanding used in calculating|
|net income (loss) per common share:|
|Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes and Depreciation and Amortization(EBITDA) (Unaudited)|
|Three months ended June 30,||Six months ended June 30,|
|Net income (loss)||$||(461,414||)||$||(1,108,301||)||$||739,090||$||(2,436,482||)|
|Interest (income) expense, net||(125,259||)||(98,366||)||(233,034||)||(181,855||)|
|Income tax expense||29,355||(3,084||)||97,938||114,310|
|Depreciation and amortization||1,305,595||1,085,682||2,613,747||2,155,002|