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Mar 16th, 2011
MEMSIC announces fourth-quarter 2010 results
MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the fourth quarter ended December 31, 2010.
MEMSIC Chairman, President and CEO, Dr. Yang Zhao commented, “In addition to exceeding our quarterly revenue guidance, our bottom-line results were significantly better than projected. Sales of our magnetic sensor continued to grow as demand for Android-based smartphones expanded worldwide. Our highly competitive product and manufacturing capacity in China position MEMSIC well to benefit from the fast growth in this market. We expect this trend to continue through 2011 and are continuing to pursue new business opportunities with global Tier 1 mobile phone manufacturers.
“Our strong R&D investment reflects our focus on building a continuous pipeline of new products that take advantage of our unique technology platform – combining MEMSIC’s core competency in ultra-low-cost sensor product design and manufacturing with the multi-sensor system integration capabilities we acquired from Crossbow. Our new multi-sensor and MCU integrated system products will be targeted at both the IC level for the consumer and mobile market and the module level for the high-end industrial, automotive, and general aviation markets. Our overall goal is to position MEMSIC as a world expert and leader in sensor solutions targeted to a wide range of markets and customer applications.”
The company’s fourth-quarter 2010 results include revenue from the products MEMSIC acquired from Crossbow Technology, Inc. in January 2010 and costs related to the addition of Crossbow engineering and sales staff. The 2010 and the 2009 fourth quarter results include $0.4 million and $0.3 million, respectively, in stock-based compensation.
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