MEMSIC Announces Second-Quarter 2012 Results

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Thursday, August 2nd 2012
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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.

For the six months ended June 30, 2012, net sales totaled $34.4 million compared to $28.3 million in the first six months of 2011. Net income totaled $0.7 million, or $0.03 per diluted share, compared to a net loss of $2.4 million, or $0.10 per diluted share in the prior-year period. EBITDA totaled $3.2 million compared to ($0.3) million in the 2011 period.

“Although we experienced a revenue drop from one large mobile customer, we achieved gross margin improvement in the quarter,” commented MEMSIC Chairman, President and CEO Dr. Yang Zhao. “We understand that focusing on the right customer base is important to MEMSIC’s long-term growth and prosperity.

“We are pursuing margin improvement by taking steps to further diversify our sensor business into selected market segments, particularly the market for high-precision industrial and automotive applications. We are bringing even more engineering and marketing resources to bear on these markets so we can take full advantage of the opportunities they offer and the technology platform we have established. Leveraging our high-performance and broad product line of sensors and integrated sensor system products, we are targeting the customers that offer long-term opportunity and bottom-line advantages for MEMSIC.”

Recent Developments

  • 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.

Outlook

  • 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.

Conference Call

Management will hold a conference call and webcast at 5:00 p.m. EDT on Thursday, August 2, 2012 to review and discuss the Company's results.

Contacts

MEMSIC, Inc.
Patricia Niu, 978-738-0900
Chief Financial Officer
or
Investors:
LHA
Harriet Fried / Jody Burfening, 212-838-3777
ir@memsic.com

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