Delaware | 001-33813 | 04-3457049 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||
Furnished with this | Incorporated by Reference | ||||
Exhibit No.
|
Description | Form 8-K | Form | Filing Date | Exhibit No. |
99.1 | Press release dated May 08, 2012 | X | |||
MEMSIC, INC. | |||
By: | /s/ Patricia Niu | ||
Patricia Niu
|
|||
Chief Financial Officer |
|
·
|
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.
|
·
|
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)
|
Company Contact:
Patricia Niu
MEMSIC, Inc.
Chief Financial Officer
978-738-0900
|
Investor Contact:
Harriet Fried / Jody Burfening
LHA
(212) 838-3777
ir@memsic.com
|
March 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 36,266,765 | $ | 51,914,128 | ||||
Restricted cash
|
3,370,034 | 3,791,189 | ||||||
Short-term investments
|
21,249,998 | 6,814,728 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $6,441 as of March 31, 2012 and December 31, 2011
|
||||||||
Inventories
|
10,122,620 | 11,459,153 | ||||||
Other assets
|
3,430,284 | 2,050,787 | ||||||
Total current assets
|
81,123,331 | 82,098,889 | ||||||
Property and equipment, net
|
30,913,810 | 30,998,489 | ||||||
Long-term investments
|
2,600,000 | 2,600,000 | ||||||
Goodwill
|
604,764 | 606,976 | ||||||
Intangible assets, net
|
10,760,461 | 11,091,532 | ||||||
Other assets
|
138,641 | 136,633 | ||||||
Total assets
|
$ | 126,141,007 | $ | 127,532,519 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 6,546,703 | $ | 8,439,605 | ||||
Accrued expenses
|
2,143,401 | 2,630,966 | ||||||
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 | ||||||
Building liability
|
8,147,246 | 8,161,288 | ||||||
Other liabilities
|
115,582 | 124,180 | ||||||
Total other liabilities
|
25,692,828 | 25,715,468 | ||||||
Stockholders’ equity:
|
||||||||
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 | ||||||
Accumulated deficit
|
(18,707,631 | ) | (19,908,135 | ) | ||||
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 |
Three months ended March 31,
|
||||||||
2012
|
2011
|
|||||||
Net sales
|
$ | 20,017,053 | $ | 12,954,920 | ||||
Cost of goods sold
|
12,599,954 | 8,013,199 | ||||||
Gross profit
|
7,417,099 | 4,941,721 | ||||||
Operating expenses:
|
||||||||
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 | ||||||
Depreciation
|
438,941 | 374,368 | ||||||
Amortization
|
396,123 | 405,935 | ||||||
Total operating expenses
|
6,206,593 | 6,422,777 | ||||||
Operating income (loss)
|
1,210,506 | (1,481,056 | ) | |||||
Other income:
|
||||||||
Interest and dividend income
|
107,774 | 83,490 | ||||||
Foreign exchange gain (loss)
|
(32,263 | ) | 190,676 | |||||
Other, net
|
13,174 | 68,576 | ||||||
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.:
|
||||||||
Basic
|
$ | 0.05 | $ | (0.06 | ) | |||
Diluted
|
$ | 0.05 | $ | (0.06 | ) | |||
Weighted average shares outstanding used in calculating net income (loss) per common share:
|
||||||||
Basic
|
23,846,864 | 23,811,058 | ||||||
Diluted
|
24,344,799 | 23,811,058 |
Three months ended March 31,
|
||||||||
2012
|
2011
|
|||||||
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 | ||||||
EBITDA
|
$ | 2,469,465 | $ | (224,955 | ) |