Delaware
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001-33813
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04-3457049
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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ITEM 2.02
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Results of Operations and Financial Condition
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ITEM 9.01
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Financial Statements and Exhibits |
Exhibit No.
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Description
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Furnished with this Form 8-K
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Incorporated by Reference
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Form
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Filing Date
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Exhibit No.
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99.1
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Press release dated August 4, 2011.
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X
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MEMSIC, INC.
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By:
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/s/ Patricia Niu | |
Patricia Niu
Chief Financial Officer
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●
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Revenues rose to $15.4 million from $9.1 million in the second quarter of 2010.
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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.
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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.
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●
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EBITDA in the 2011 second quarter was ($0.1) million, compared to ($1.1) million in the 2010 period.
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Revenue is expected to be between $15 million and $16 million for the third quarter of 2011.
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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.
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●
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Average diluted share count for the 2011 third quarter is estimated to be approximately 24 million.
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What:
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MEMSIC 2Q 2011 financial results conference call and webcast
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When:
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Thursday, August 4, 2011
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Time:
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5:00 p.m. EDT
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Live Call:
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(877) 291-1367, domestic
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(914) 495-8534, international
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Replay:
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(800) 642-1687, pass code 85651862 domestic
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(706) 645-9291, pass code 85651862, international
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Webcast:
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http://investor.memsic.com (live and replay)
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Company Contact:
Patricia Niu
MEMSIC, Inc.
Chief Financial Officer
978-738-0900
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Investor Contact:
Harriet Fried/ Jody Burfening
Lippert Heilshorn & Associates
(212) 838-3777
ir@memsic.com
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June 30,
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December 31,
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|||||||
2011
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2010
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|||||||
ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 50,475,499 | $ | 55,694,205 | ||||
Restricted cash
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2,394,110 | 2,928,933 | ||||||
Short-term investments
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1,353,672 | - | ||||||
Accounts receivable, net of allowance for doubtful accounts of $6,441 as of June 30, 2011 and December 31, 2010
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||||||||
Inventories
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9,689,542 | 8,923,127 | ||||||
Other assets
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2,919,670 | 2,537,445 | ||||||
Total current assets
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73,255,783 | 73,748,154 | ||||||
Property and equipment, net
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27,809,748 | 22,015,502 | ||||||
Long-term investments
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4,820,000 | 5,020,000 | ||||||
Goodwill
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4,997,441 | 4,919,513 | ||||||
Intangible assets, net
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11,480,353 | 11,894,328 | ||||||
Other assets
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28,789 | 67,599 | ||||||
Total assets
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$ | 122,392,114 | $ | 117,665,096 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$ | 6,174,793 | $ | 4,563,420 | ||||
Accrued expenses
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2,059,372 | 2,969,839 | ||||||
Advance research funding
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2,394,110 | 2,928,933 | ||||||
Current portion of long-term debt
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500,000 | - | ||||||
Total current liabilities
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11,128,275 | 10,462,192 | ||||||
Note payable to bank
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17,430,000 | 17,930,000 | ||||||
Building liability
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5,625,000 | - | ||||||
Deferred rent
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139,330 | 90,036 | ||||||
Total other liabilities
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23,194,330 | 18,020,036 | ||||||
Stockholders’ equity:
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||||||||
Common stock, $0.00001 par value; authorized, 45,000,000 shares; 23,968,813 and 23,810,613
shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively |
240 | 238 | ||||||
Additional paid-in capital
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100,450,269 | 99,615,378 | ||||||
Accumulated other comprehensive income
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3,577,226 | 3,029,372 | ||||||
Accumulated deficit
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(16,260,047 | ) | (13,823,565 | ) | ||||
MEMSIC, Inc. stockholders' equity
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87,767,688 | 88,821,423 | ||||||
Non-controlling interest related to joint venture in Japan
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301,821 | 361,445 | ||||||
Total stockholders' equity
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88,069,509 | 89,182,868 | ||||||
Total liabilities and stockholders’ equity
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$ | 122,392,114 | $ | 117,665,096 |
Three Months Ended June 30,
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Six Months Ended June 30,
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2011
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2010
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2011
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2010
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Net sales
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$ | 15,372,634 | $ | 9,095,626 | $ | 28,327,554 | $ | 16,367,619 | ||||||||
Cost of goods sold
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10,374,465 | 5,407,199 | 18,387,664 | 9,833,698 | ||||||||||||
Gross profit
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4,998,169 | 3,688,427 | 9,939,890 | 6,533,921 | ||||||||||||
Operating expenses:
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Research and development
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2,112,136 | 2,035,088 | 4,409,973 | 4,008,745 | ||||||||||||
Sales and marketing
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1,529,907 | 1,108,852 | 2,994,653 | 2,180,330 | ||||||||||||
General and administrative
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2,519,970 | 2,328,037 | 4,774,230 | 4,313,086 | ||||||||||||
Amortization expense
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402,231 | 401,522 | 808,166 | 740,282 | ||||||||||||
Total operating expenses
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6,564,244 | 5,873,499 | 12,987,022 | 11,242,443 | ||||||||||||
Operating loss
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(1,566,075 | ) | (2,185,072 | ) | (3,047,132 | ) | (4,708,522 | ) | ||||||||
Other income:
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Interest and dividend income
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98,366 | 104,112 | 181,855 | 220,777 | ||||||||||||
Foreign exchange gain
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328,799 | 50,056 | 519,475 | 54,077 | ||||||||||||
Other, net
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13,844 | 37,702 | 82,420 | 51,210 | ||||||||||||
Total other income
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441,009 | 191,870 | 783,750 | 326,064 | ||||||||||||
Earnings (loss) before income taxes
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(1,125,066 | ) | (1,993,202 | ) | (2,263,382 | ) | (4,382,458 | ) | ||||||||
Provision for (benefit from) income taxes
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(3,084 | ) | 941 | 114,310 | (115,494 | ) | ||||||||||
Net loss
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(1,121,982 | ) | (1,994,143 | ) | (2,377,692 | ) | (4,266,964 | ) | ||||||||
Less: net income (loss) attributable to noncontrolling interest
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(13,681 | ) | (20,052 | ) | 58,790 | 27,089 | ||||||||||
Net loss attributable to MEMSIC, Inc.
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$ | (1,108,301 | ) | $ | (1,974,091 | ) | $ | (2,436,482 | ) | $ | (4,294,053 | ) | ||||
Net loss per common share to MEMSIC, Inc.:
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Basic
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$ | (0.05 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.18 | ) | ||||
Diluted
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$ | (0.05 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.18 | ) | ||||
Weighted average shares outstanding used in calculating net loss per common share:
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Basic
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23,823,321 | 23,804,863 | 23,818,467 | 23,800,936 | ||||||||||||
Diluted
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23,823,321 | 23,804,863 | 23,818,467 | 23,800,936 |
Three months ended June 30,
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Six months ended June 30,
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2011
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2010
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2011
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2010
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Net income (loss)
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$ | (1,108,301 | ) | $ | (1,974,091 | ) | $ | (2,436,482 | ) | $ | (4,294,053 | ) | ||||
Interest (income) expense, net
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(98,366 | ) | (104,112 | ) | (181,855 | ) | (220,777 | ) | ||||||||
Income tax expense (benefit)
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(3,084 | ) | 941 | 114,310 | (115,494 | ) | ||||||||||
Depreciation and amortization
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1,085,682 | 940,820 | 2,155,002 | 1,820,051 | ||||||||||||
EBITDA
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$ | (124,069 | ) | $ | (1,136,442 | ) | $ | (349,025 | ) | $ | (2,810,273 | ) |