Delaware | 001-33813 | 04-3457049 | ||
(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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Furnished with this | Incorporated by Reference | ||||
Exhibit No. | Description | Form 8-K | Form | Filing Date | Exhibit No. |
99.1 | Press release dated November 5, 2012. | X |
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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Net sales totaled $15.2 million compared to $18.4 million in the 2011 quarter.
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Gross margin was 35.0% compared to 33.8% in the 2011 quarter.
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Operating expenses totaled $5.7 million compared to $7.3 million in the 2011 quarter.
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·
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GAAP net loss was $0.3 million, or $0.01 per diluted share, compared to $0.4 million, or $0.02 per diluted share, in the 2011 quarter.
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·
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EBITDA was $952,000 compared to $915,000 in the 2011 quarter.
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·
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Revenue is expected to be between $14 million and $16 million for the fourth quarter of 2012.
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·
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GAAP net loss is expected to be in the range of $0.02 to $0.04 per share for the fourth quarter of 2012.
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·
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Average diluted share count for the 2012 fourth quarter is estimated to be approximately 24.5 million.
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What:
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MEMSIC 3Q 2012 financial results conference call and webcast
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When:
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Monday, November 5, 2012
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Time:
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5:00 p.m. EST
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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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(855) 859-2056, pass code 46225789, domestic
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(404) 537-3406, pass code 46225789, 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
LHA
(212) 838-3777
ir@memsic.com
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September 30,
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December 31,
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|||||||
2012
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2011
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|||||||
ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 25,347,187 | $ | 51,914,128 | ||||
Restricted cash
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2,706,830 | 3,791,189 | ||||||
Short-term investments
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33,640,012 | 6,814,728 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $41,815 and $6,441, respectively, as of September 30, 2012 and December 31, 2011
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6,833,143 | 6,068,904 | ||||||
Inventories
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9,775,070 | 11,459,153 | ||||||
Other current assets
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2,751,586 | 2,050,787 | ||||||
Total current assets
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81,053,828 | 82,098,889 | ||||||
Property and equipment, net
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29,488,751 | 30,998,489 | ||||||
Long-term investments
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2,600,000 | 2,600,000 | ||||||
Goodwill
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612,578 | 606,976 | ||||||
Intangible assets, net
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10,133,406 | 11,091,532 | ||||||
Other assets
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141,610 | 136,633 | ||||||
Total assets
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$ | 124,030,173 | $ | 127,532,519 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 4,332,101 | $ | 8,439,605 | ||||
Accrued expenses
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3,199,371 | 2,630,966 | ||||||
Advance research funding
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2,706,830 | 3,791,189 | ||||||
Current portion of note payable to bank
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1,000,000 | 500,000 | ||||||
Total current liabilities
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11,238,302 | 15,361,760 | ||||||
Note payable to bank, net of current portion
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16,430,000 | 17,430,000 | ||||||
Building liability
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8,064,310 | 8,161,288 | ||||||
Other liabilities
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97,105 | 124,180 | ||||||
Total other liabilities
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24,591,415 | 25,715,468 | ||||||
Stockholders’ equity:
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Common stock, $0.00001 par value; authorized, 45,000,000 shares; 24,199,585 and 23,983,813 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively
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242 | 240 | ||||||
Additional paid-in capital
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102,556,701 | 101,266,272 | ||||||
Accumulated other comprehensive income
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4,423,913 | 4,363,930 | ||||||
Accumulated deficit
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(19,487,200 | ) | (19,908,135 | ) | ||||
MEMSIC, Inc. stockholders' equity
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87,493,656 | 85,722,307 | ||||||
Non-controlling interest related to joint ventures
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706,800 | 732,984 | ||||||
Total stockholders' equity
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88,200,456 | 86,455,291 | ||||||
Total liabilities and stockholders’ equity
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$ | 124,030,173 | $ | 127,532,519 |
Three months ended September 30,
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Nine months ended September 30,
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2012
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2011
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2012
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2011
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Net sales
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$ | 15,188,705 | $ | 18,357,300 | $ | 49,620,995 | $ | 46,684,854 | ||||||||
Cost of goods sold
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9,878,008 | 12,155,533 | 31,108,812 | 30,543,197 | ||||||||||||
Gross profit
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5,310,697 | 6,201,767 | 18,512,183 | 16,141,657 | ||||||||||||
Operating expenses:
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Research and development
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1,440,336 | 2,200,240 | 4,912,696 | 6,610,213 | ||||||||||||
Sales and marketing
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1,276,933 | 1,881,240 | 3,937,640 | 4,875,893 | ||||||||||||
General and administrative
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2,332,925 | 2,397,618 | 6,968,920 | 6,374,497 | ||||||||||||
Depreciation
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358,277 | 401,815 | 1,175,572 | 1,199,166 | ||||||||||||
Amortization
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338,879 | 403,835 | 1,148,887 | 1,212,001 | ||||||||||||
Total operating expenses
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5,747,350 | 7,284,748 | 18,143,715 | 20,271,770 | ||||||||||||
Operating (loss) income
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(436,653 | ) | (1,082,981 | ) | 368,468 | (4,130,113 | ) | |||||||||
Other income:
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Interest and dividend income
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4,378 | 153,227 | 237,412 | 335,082 | ||||||||||||
Foreign exchange gain (loss)
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209,628 | 328,639 | (15,825 | ) | 848,114 | |||||||||||
Other, net
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19,583 | 323,587 | 58,225 | 406,007 | ||||||||||||
Total other income
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233,589 | 805,453 | 279,812 | 1,589,203 | ||||||||||||
(Loss) profit before income taxes
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(203,064 | ) | (277,528 | ) | 648,280 | (2,540,910 | ) | |||||||||
Provision for income taxes
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96,462 | 58,343 | 194,400 | 172,653 | ||||||||||||
Net (loss) income
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(299,526 | ) | (335,871 | ) | 453,880 | (2,713,563 | ) | |||||||||
Less: net income attributable to non-controlling interests
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18,629 | 32,895 | 32,945 | 91,685 | ||||||||||||
Net (loss) income attributable to MEMSIC, Inc.
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$ | (318,155 | ) | $ | (368,766 | ) | $ | 420,935 | $ | (2,805,248 | ) | |||||
Net (loss) income per common share attributable to MEMSIC, Inc.:
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Basic
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$ | (0.01 | ) | $ | (0.02 | ) | $ | 0.02 | $ | (0.12 | ) | |||||
Diluted
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$ | (0.01 | ) | $ | (0.02 | ) | $ | 0.02 | $ | (0.12 | ) | |||||
Weighted average shares outstanding used in calculating net (loss) income per common share:
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Basic
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24,024,725 | 23,825,134 | 23,985,453 | 23,822,587 | ||||||||||||
Diluted
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24,024,725 | 23,825,134 | 24,414,565 | 23,822,587 |
Three months ended September 30,
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Nine months ended September 30,
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2012
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2011
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2012
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2011
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Net (loss) income
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$ | (318,155 | ) | $ | (368,766 | ) | $ | 420,935 | $ | (2,805,248 | ) | |||||
Interest (income) expense, net
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(4,378 | ) | (153,227 | ) | (237,412 | ) | (335,082 | ) | ||||||||
Income tax expense
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96,462 | 58,343 | 194,400 | 172,653 | ||||||||||||
Depreciation and amortization
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1,177,613 | 1,378,401 | 3,791,360 | 3,533,403 | ||||||||||||
EBITDA
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$ | 951,542 | $ | 914,751 | $ | 4,169,283 | $ | 565,726 |