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ANDOVER, Mass. --(BUSINESS WIRE)--MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter endedJune 30, 2011 .-
Revenues rose to
$15.4 million from$9.1 million in the second quarter of 2010. - Gross margin was 32.5% compared to 40.6% in the 2010 quarter.
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Operating expenses, including R&D expense of
$2.1 million , totaled$6.6 million compared to$5.9 million in the 2010 quarter. -
GAAP net loss in the 2011 second quarter was
$1.1 million , or$0.05 per diluted share, compared to net loss of$2.0 million , or$0.08 per diluted share, in the prior-year period. This includes stock-based compensation of$0.4 million in 2011 and$0.3 million in 2010. -
EBITDA in the 2011 second quarter was
($0.1) million , compared to($1.1) million in the 2010 period.
"MEMSIC's continued strong sales growth in the mobile phone and automotive markets demonstrates the success of our company's ongoing focus on R&D," commented Chairman, President and CEO Dr.
Yang Zhao . "The high technical performance of our magnetic sensor has helped us win market share in the smartphone market. Although the pricing pressure that is typical in the mobile phone market has impacted our gross margin, we are striving for continuous cost improvement through continued innovation. We believeMEMSIC is well positioned to gain more customers and market share in this fast-growing market."Outlook
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Revenue is expected to be between
$15 million and $16 million for the third quarter of 2011. -
GAAP net loss, including stock-based compensation of
$0.4 million , is expected to be in the range of$0.04 to $0.06 per share for the third quarter of 2011. - Average diluted share count for the 2011 third quarter is estimated to be approximately 24 million.
Conference Call
Management will hold a conference call and webcast at
5:00 p.m. EDT onThursday, August 4, 2011 to review and discuss the Company's results.What:
MEMSIC 2Q 2011 financial results conference call and webcast
When:
Thursday, August 4, 2011
Time:
5:00 p.m. EDT
Live Call:
(877) 291-1367, domestic
(914) 495-8534, international
Replay:
(800) 642-1687, pass code 85651862 domestic
(706) 645-9291, pass code 85651862, international
Webcast:
http://investor.memsic.com (live and replay)
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.
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 inAndover, 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 theNASDAQ 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.MEMSIC, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 2011 2010 ASSETS Current assets: Cash and cash equivalents $ 50,475,499 $ 55,694,205 Restricted cash 2,394,110 2,928,933 Short-term investments 1,353,672 - Accounts receivable, net of allowance for doubtful accounts of $6,441 as of June 30, 2011
and December 31, 20106,423,290 3,664,444 Inventories 9,689,542 8,923,127 Other assets 2,919,670 2,537,445 Total current assets 73,255,783 73,748,154 Property and equipment, net 27,809,748 22,015,502 Long-term investments 4,820,000 5,020,000 Goodwill 4,997,441 4,919,513 Intangible assets, net 11,480,353 11,894,328 Other assets 28,789 67,599 Total assets $ 122,392,114 $ 117,665,096 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,174,793 $ 4,563,420 Accrued expenses 2,059,372 2,969,839 Advance research funding 2,394,110 2,928,933 Current portion of long-term debt 500,000 - Total current liabilities 11,128,275 10,462,192 Note payable to bank 17,430,000 17,930,000 Building liability 5,625,000 - Deferred rent 139,330 90,036 Total other liabilities 23,194,330 18,020,036 Stockholders' equity: Common stock, $0.00001 par value; authorized, 45,000,000 shares; 23,968,813 and 23,810,613
shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively240 238 Additional paid-in capital 100,450,269 99,615,378 Accumulated other comprehensive income 3,577,226 3,029,372 Accumulated deficit (16,260,047 ) (13,823,565 ) MEMSIC, Inc. stockholders' equity 87,767,688 88,821,423 Non-controlling interest related to joint venture in Japan 301,821 361,445 Total stockholders' equity 88,069,509 89,182,868 Total liabilities and stockholders' equity $ 122,392,114 $ 117,665,096 MEMSIC, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2011 2010
2011 2010 Net sales $ 15,372,634 $ 9,095,626 $ 28,327,554 $ 16,367,619 Cost of goods sold 10,374,465 5,407,199 18,387,664 9,833,698 Gross profit 4,998,169 3,688,427 9,939,890 6,533,921 Operating expenses: Research and development 2,112,136 2,035,088 4,409,973 4,008,745 Sales and marketing 1,529,907 1,108,852 2,994,653 2,180,330 General and administrative 2,519,970 2,328,037 4,774,230 4,313,086 Amortization expense 402,231 401,522 808,166 740,282 Total operating expenses 6,564,244 5,873,499 12,987,022 11,242,443 Operating loss (1,566,075 ) (2,185,072 ) (3,047,132 ) (4,708,522 ) Other income: Interest and dividend income 98,366 104,112 181,855 220,777 Foreign exchange gain 328,799 50,056 519,475 54,077 Other, net 13,844 37,702 82,420 51,210 Total other income 441,009 191,870 783,750 326,064 Earnings (loss) before income taxes (1,125,066 ) (1,993,202 ) (2,263,382 ) (4,382,458 ) Provision for (benefit from) income taxes (3,084 ) 941 114,310 (115,494 ) Net loss (1,121,982 ) (1,994,143 ) (2,377,692 ) (4,266,964 ) Less: net income (loss) attributable to noncontrolling interest (13,681 ) (20,052 ) 58,790 27,089 Net loss attributable to MEMSIC, Inc. $ (1,108,301 ) $ (1,974,091 ) $ (2,436,482 ) $ (4,294,053 ) Net loss per common share to MEMSIC, Inc.: Basic $ (0.05 ) $ (0.08 ) $ (0.10 ) $ (0.18 ) Diluted $ (0.05 ) $ (0.08 ) $ (0.10 ) $ (0.18 ) Weighted average shares outstanding used in calculating net loss per common share: Basic 23,823,321 23,804,863 23,818,467 23,800,936 Diluted 23,823,321 23,804,863 23,818,467 23,800,936 MEMSIC, Inc. Reconciliation of Net Loss to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) (Unaudited) Three months ended June 30, Six months ended June 30, 2011 2010 2011 2010 Net income (loss) $ (1,108,301 ) $ (1,974,091 ) $ (2,436,482 ) $ (4,294,053 ) Interest (income) expense, net (98,366 ) (104,112 ) (181,855 ) (220,777 ) Income tax expense (benefit) (3,084 ) 941 114,310 (115,494 ) Depreciation and amortization 1,085,682 940,820 2,155,002 1,820,051 EBITDA $ (124,069 ) $ (1,136,442 ) $ (349,025 ) $ (2,810,273 ) MEMSIC, Inc. Patricia Niu
Chief Financial Officer
978-738-0900
or
Investor Contact:Harriet Fried /Jody Burfening Lippert Heilshorn & Associates
212-838-3777
ir@memsic.comSource:
MEMSIC, Inc. News Provided by Acquire Media
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Revenues rose to