MEMSCAP (Paris:MEMS)(NYSE Euronext: MEMS), the leading provider
of innovative solutions based on MEMS (micro-electro-mechanical
systems) technology, announced today its earnings for the third
quarter ending September 30, 2010.
Group net profitability confirmed
Revenue for this third 2010 quarter is 3.5 million euros (4.5
million US dollars), compared to 2.2 million euros (3.1 million US
dollars) for the third quarter 2009, thus an increase of the
quarterly revenue by 60% in euro and 44% in US dollars.
Benefiting from a strong growth in all its market segments, MEMSCAP
revenue for the first 9 months of the year totaled 9.9 million
euros (12.9 million US dollars), compared to 6.8 million euros (9.2
million US dollars) for the same period in 2009, thus a growth of
45% in euros and 40% in US dollars.
Consolidated revenue distribution by market segment, over the third
quarter is as follows:
The Group gross margin rate for the third quarter is 43% of the
revenue, increasing by 14 points compared to the third quarter
2009.
Operating profit for this quarter is 0.3 million euros, compared to
an operating loss of (0.6) million euros over the third quarter
2009.
Consolidated net profit for this third quarter is 0.3 million
euros, representing 8% of consolidated revenue, compared to a net
loss of (0.9) million euros for the third quarter 2009.
This quarterly profit allows MEMSCAP to show profit for the
continuing operations over the first 9 months of the fiscal
year.
MEMSCAP group consolidated earnings for the third quarter 2010 are
given by the following table:
* Gain / (Loss) related to the INTUISKIN activities sold on May
26, 2010.
As announced in the half year financial statements at June 30,
2010, the US subsidiary has finalized during this quarter the
centralization of all its operations (including R&D,
production, sales & marketing), within a single site, in order
to maximize efficiency and eliminate non-productive expenses.
Following to this move, MEMSCAP has finalized the sale of the
left-unused building. This sale has directly generated a 1.2
million euros debt reduction, without any significant impact on the
Group earnings.
Positive trend continuing
« Q3 2010 earnings confirm the positive trend previously
observed. We have generated 0.3 million euros of net profit and 0.6
million euros of EBITDA » stated Jean Michel Karam, Chairman
& CEO of MEMSCAP. « In the fourth quarter, we expect to
continue to benefit from a significant growth in our addressed
markets, specifically the optical communications and the aerospace
businesses ».
Q4 2010 Earnings: January 28, 2011.
About MEMSCAP
MEMSCAP is the leading provider of innovative
micro-electro-mechanical systems (MEMS)-based solutions. MEMSCAP
standard and custom products and solutions include components,
component designs (IP), manufacturing and related services. MEMSCAP
customers include Fortune 500 businesses, major research institutes
and universities. The company’s shares are traded on the Eurolist
of NYSE Euronext Paris S.A (ISIN: FR0010298620-MEMS). More
information on the company’s products and services can be obtained
at www.memscap.com.
Contacts
MEMSCAP
Yann Cousinet
CFO
Ph: +33 4 76 92 85 00
Email: yann.cousinet@memscap.com
