Memsic Reports Third Quarter 2009 Financial Results
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[November 07, 2009]

Memsic Reports Third Quarter 2009 Financial Results

Nov 07, 2009 (Close-Up Media via COMTEX) -- Memsic, Inc., a MEMS solution provider, combining proprietary MEMS technology with mixed signal processing and system solutions, announced financial results for the third quarter ended September 30.



In a November 3 release, Memsic reported that revenue for the third quarter of 2009 was $7.1 million, a 41 percent increase from revenue of $5.0 million in the third quarter of 2008. Net income in the third quarter of 2009 was $52,000 on a GAAP basis, or $0.00 per diluted share, compared to net income of $131,000 or $0.01 per diluted share in the third quarter of 2008. On a non-GAAP basis, which excludes stock-based compensation charges of $0.3 million, the Company's net income was $390,000, or $0.02 per diluted share. The Company's non-GAAP net income for the third quarter of 2008 was $452,000, or $0.02 per diluted share, which excludes stock-based compensation charges of $0.3 million.

"Our third quarter revenue was within our expected ranges and earnings were at or above guidance," said Dr. Yang Zhao, CEO of Memsic. While our non-mobile businesses have shown stable or good growth trend for the first three quarters of 2009, our mobile phone business in China continues to experience pricing pressure that constrains its revenue and dampens the gross margin. Although we anticipate the softness of revenue from the mobile phone market in China will continue in the fourth quarter, we believe our continuous efforts in technology development and manufacturing cost reduction will strengthen our long-term position in the market." For the fourth quarter of 2009, Memsic said it anticipates revenue in the range of $5.5 to $6.0 million. Net loss on a GAAP basis is expected to be in the range of ($0.05) to ($0.03) per share. Non-GAAP net loss, which excludes approximately $0.4 million in stock-based compensation expenses, is anticipated to be in the range of ($0.04) to ($0.02) per diluted share. Average diluted share count for the fourth quarter is estimated to be 24.0 million.



((Comments on this story may be sent to newsdesk@closeupmedia.com))

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