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23.03.2012 07:30:00
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MEMSCAP Announces Its Earnings for Fiscal Year 2011 and Confirms the Positive Trend Initiated in Q4 2011
Regulatory News:
Memscap (Paris:MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, today announced its earnings for fiscal year 2011 ending December 31, 2011.
Analysis of the consolidated income statement
Matching previous quarterly press releases, revenue for fiscal year 2011 amounted to EUR 10.0 million (US$ 13.9 million) compared to EUR 13.0 million (US$ 17.3 million) for fiscal year 2010. Consolidated revenue distribution by market segment, over fiscal year 2011, is as follows:
| Market segments | Revenue (M€) | % | ||||||
| Aerospace | 4.4 | 44% | ||||||
| Optical Communications / Adaptive Optics | 2.4 | 24% | ||||||
| Medical / Biomedical | 2.3 | 23% | ||||||
| Other Applications | 0.9 | 9% | ||||||
| Total | 10.0 | 100% | ||||||
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(Any apparent discrepancies in totals are due to rounding.) |
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After a strong growth of sales volumes in 2010, the Group experienced in fiscal year 2011 a decrease of its revenue by 23% compared to last year. This evolution was mainly due to a temporary slowdown of the demand in the market segment of optical communications which resulted from inventory reduction by the major system vendors over the first 9 months of fiscal year 2011. The fourth quarter of 2011 was thus marked by a sharp upturn in Group sales in this sector, resulting in a quarterly consolidated revenue of EUR 3.0 million (US$ 4.1 million). This sales volume is substantially identical to the consolidated revenue observed during the fourth quarter of 2010.
The decline in sales volumes during fiscal year 2011 led to an unfavorable volume effect on the production structure of the Group. The gross margin rate for fiscal year 2011 stood at 26.8% versus 39.5% in 2010. At the end of December 2011, consolidated gross margin amounted to EUR 2.7 million versus EUR 5.2 million for fiscal year 2010.
This unfavorable effect was however limited by the control of the operating expenses. Operating expenses in 2011 amounted to EUR 4.7 million versus EUR 5.4 million for fiscal 2010. The evolution of the operating expenses, -13.5% compared to 2010, is mainly due to the continuation of cost reduction programs aiming at the increase of the Group industrial productivity. The operating loss for fiscal year 2011 amounted to EUR (1.9) million versus operations at break-even level for fiscal year 2010.
The financial loss for fiscal year 2011 amounted to EUR (0.2) million versus a financial income at break-even level for fiscal year 2010. No deferred income tax profit was accounted in 2011 and 2010.
Net loss from continuing operations amounted to EUR (2.0) million against net income from continuing operations at breakeven during fiscal year 2010. It is reminded that in 2010, the loss related to the INTUISKIN division amounted to EUR (0.4) million for the 5-month period from January 1st, 2010 to May 26th, 2010 (the effective date of the sale of the INTUISKIN division).
Net loss for fiscal year 2011 integrating discontinued operations amounted to EUR (2.0) million versus a net loss of EUR (0.4) million in 2010. Basic earnings per share of the consolidated entity is (0.43) euro for 2011 versus (0.08) euro for 2010 euro. Basic earnings per share from continuing operations is (0.43) euro for 2011 versus 0.00 euro for 2010.
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Consolidated cash flow evolution |
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| In million euros | 2011 | 2010 | ||||||
| Consolidated cash flow: | ||||||||
| Operating cash flow | 0.6 | 0.7 | ||||||
| Investing cash flow | (1.1) | (0.7) | ||||||
| Financing cash flow | 0.1 | (0.6) | ||||||
| Net foreign exchange difference | -- | (0.1) | ||||||
| Net consolidated cash flow | (0.4) | (0.7) | ||||||
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(Any apparent discrepancies in totals are due to rounding.) |
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Despite the decline of the Group's sales over the first 9 months of fiscal year 2011, cash flow generated from operating activities, EUR 0.6 million, remains in line with the level observed in 2010, EUR 0.7 million. This evolution is mainly due to the control of the consolidated working capital requirement.
Cash flow consumed by investing activities amounted to EUR 1.1 million (2010: EUR 0.7 million) and included up to 0.5 million of capitalized development costs in accordance with the continuation of the research & development programs of the Group (2010: EUR 0.4 million) and acquisitions of industrial equipments for EUR 0.4 million.
Moreover, the management of the Group's financing structure resulted in a positive cash flow of EUR 0.1 million for fiscal year 2011.
Available liquidities, including cash and non-current financial assets, amounted to EUR 1.7 million at December 31, 2011 versus EUR 2.2 million at December 31, 2010. At December 31, 2011, the available unused credit lines amounted to EUR 0.3 million (2010: EUR 0.2 million).
Perspectives
At December 31, 2011, the consolidated shareholders’ equity amounted to EUR 17.3 million. This position has been strengthened with an additional EUR 1.2 million following the success of the capital increase with preferential subscription rights finalized on February 7, 2012.
This transaction enables MEMSCAP to increase the intensity and the scope of its commercial and technical developments in 2012. Consequently, the Group expects the trend initiated during the fourth quarter of 2011 to continue over 2012.
Shareholders meeting: June 28, 2012
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) and belong to the CAC small, CAC Mid & Small, CAC All-Tradable and CAC All-Share indexes. More information on the company's products and services can be obtained at www.memscap.com.
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CONSOLIDATED BALANCE SHEET |
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at 31 December 2011 |
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31-Dec |
31-Dec |
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€ 000 |
€ 000 |
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| Assets | |||||||||||||||
| Non-current assets | |||||||||||||||
| Property, plant and equipment | 3 813 | 4 067 | |||||||||||||
| Goodwill and intangible assets | 9 516 | 9 306 | |||||||||||||
| Available-for-sale financial assets | 2 983 | 2 725 | |||||||||||||
| Other non-current financial assets | -- | 3 | |||||||||||||
| Deferred tax asset | 1 201 | 1 170 | |||||||||||||
| 17 513 | 17 271 | ||||||||||||||
| Current assets | |||||||||||||||
| Inventories | 3 476 | 3 723 | |||||||||||||
| Trade and other receivables | 2 703 | 3 514 | |||||||||||||
| Income tax receivable | 30 | 56 | |||||||||||||
| Prepayments | 283 | 222 | |||||||||||||
| Other current financial assets | -- | 67 | |||||||||||||
| Cash and short-term deposits | 640 | 1 213 | |||||||||||||
| 7 132 | 8 795 | ||||||||||||||
| Total assets | 24 645 | 26 066 | |||||||||||||
| Equity and Liabilities | |||||||||||||||
| Equity | |||||||||||||||
| Issued capital | 9 431 | 9 428 | |||||||||||||
| Share premium | 12 703 | 12 701 | |||||||||||||
| Treasury shares | (140) | (99) | |||||||||||||
| Retained earnings | (3 780) | (2 085) | |||||||||||||
| Foreign currency translation | (937) | (1 057) | |||||||||||||
| 17 277 | 18 888 | ||||||||||||||
| Non-current liabilities | |||||||||||||||
| Interest-bearing loans and borrowings | 2 455 | 2 361 | |||||||||||||
| Other non-current liabilities | 75 | 172 | |||||||||||||
| Employee benefit liability | 275 | 462 | |||||||||||||
| 2 805 | 2 995 | ||||||||||||||
| Current liabilities | |||||||||||||||
| Trade and other payables | 3 104 | 2 757 | |||||||||||||
| Interest-bearing loans and borrowings | 1 159 | 1 260 | |||||||||||||
| Other current liabilities | 207 | 116 | |||||||||||||
| Provisions | 93 | 50 | |||||||||||||
| 4 563 | 4 183 | ||||||||||||||
| Total liabilities | 7 368 | 7 178 | |||||||||||||
| Total equity and liabilities | 24 645 | 26 066 | |||||||||||||
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CONSOLIDATED INCOME STATEMENT |
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For the year ended 31 December 2011 |
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| 2011 | 2010 | ||||||||||||||
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€ 000 |
€ 000 |
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| Continuing operations | |||||||||||||||
| Sales of goods and services | 10 023 | 13 042 | |||||||||||||
| Revenue | 10 023 | 13 042 | |||||||||||||
| Cost of sales | (7 335) | (7 888) | |||||||||||||
| Gross profit | 2 688 | 5 154 | |||||||||||||
| Other income | 137 | 288 | |||||||||||||
| Research and development expenses | (1 681) | (2 130) | |||||||||||||
| Selling and distribution costs | (801) | (761) | |||||||||||||
| Administrative expenses | (2 196) | (2 520) | |||||||||||||
| Operating profit / (loss) | (1 853) | 31 | |||||||||||||
| Finance costs | (335) | (215) | |||||||||||||
| Finance income | 144 | 200 | |||||||||||||
| Profit / (loss) from continuing operations before tax | (2 044) | 16 | |||||||||||||
| Income tax expense | -- | -- | |||||||||||||
| Profit / (loss) from continuing operations | (2 044) | 16 | |||||||||||||
| Discontinued operations | |||||||||||||||
| Gain / (loss) after tax from discontinued operations | -- | (404) | |||||||||||||
| Profit / (loss) for the year | (2 044) | (388) | |||||||||||||
| Earnings per share: | |||||||||||||||
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- Basic, for profit / (loss) for the year attributable to ordinary
equity |
€ (0,43) |
€ (0,08) |
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- Diluted, for profit / (loss) for the year attributable to
ordinary equity |
€ (0,43) |
€ (0,08) |
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| Earnings per share for continuing operations: | |||||||||||||||
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- Basic, for profit / (loss) from continuing operations
attributable to |
€ (0,43) |
€ (0,00) |
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- Diluted, for profit / (loss) from continuing operations
attributable to |
€ (0,43) |
€ (0,00) |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
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For the year ended 31 December 2011 |
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| 2011 | 2010 | ||||||||||||||
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€ 000 |
€ 000 |
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| Profit / (loss) for the year | (2 044) |
(388) |
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| Net (loss) / gain on available-for-sale financial assets | 245 | -12 | |||||||||||||
| Exchange differences on translation of foreign operations | 120 | 827 | |||||||||||||
| Income tax effect | -- | -- | |||||||||||||
| Other comprehensive income for the year, net of tax | 365 | 815 | |||||||||||||
| Total comprehensive income for the year, net of tax | (1 679) | 427 | |||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the year ended 31 December 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(In thousands euros, except for |
Number |
Issued |
Share |
Treasury |
Retained |
Foreign |
Total |
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| €000 | €000 | €000 | €000 | €000 | €000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| At 1 January 2010 | 4 713 970 | 9 428 | 26 108 | (114) | (15 250) | (1 884) | 18 288 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net (loss) / gain on available-for-sale financial assets | -- | -- | -- | -- | (12) | -- | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | -- | -- | -- | -- | -- | 827 | 827 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Total income and expense for the year recognised directly in |
-- |
-- |
-- |
-- |
(12) |
827 |
815 |
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| Loss for the year | -- | -- | -- | -- | (388) | -- | (388) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total income and expense for the year | -- | -- | -- | -- | (400) | 827 | 427 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued operations | -- | -- | (4 408) | -- | 4 408 | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings offset with share premium | -- | -- | (8 999) | -- | 8 999 | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury shares | -- | -- | -- | 15 | -- | -- | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based payment | -- | -- | -- | -- | 158 | -- | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||
| At 31 December 2010 | 4 713 970 | 9 428 | 12 701 | (99) | (2 085) | (1 057) | 18 888 | ||||||||||||||||||||||||||||||||||||||||||||||||
| At 1 January 2011 | 4 713 970 | 9 428 | 12 701 | (99) | (2 085) | (1 057) | 18 888 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net (loss) / gain on available-for-sale financial assets | -- | -- | -- | -- | 245 | -- | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | -- | -- | -- | -- | -- | 120 | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||
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Total income and expense for the year recognised directly in |
-- |
-- |
-- |
-- |
245 |
120 |
365 |
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| Loss for the year | -- | -- | -- | -- | (2 044) | -- | (2 044) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total income and expense for the year | -- | -- | -- | -- | (1 799) | 120 | (1 679) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options and warrants | 1 379 | 3 | 2 | -- | -- | -- | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury shares | -- | -- | -- | (41) | -- | -- | (41) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based payment | -- | -- | -- | -- | 104 | -- | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||
| At 31 December 2011 | 4 715 349 | 9 431 | 12 703 | (140) | (3 780) | (937) | 17 277 | ||||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED CASH FLOW STATEMENT | |||||||||||||||
| For the year ended 31 December 2011 | |||||||||||||||
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2011 |
2010 |
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| €000 | €000 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Profit / (loss) after tax from continuing operations | (2 044) | 16 | |||||||||||||
| Profit / (loss) after tax from discontinued operations | -- | (404) | |||||||||||||
| Net profit / (loss) for the year | (2 044) | (388) | |||||||||||||
| Non cash items written back: | |||||||||||||||
| Amortization and depreciation | 1 097 | 1 283 | |||||||||||||
| Capital gain or loss on disposal of fixed assets | 24 | (13) | |||||||||||||
| Other non financial activities | 74 | 102 | |||||||||||||
| Accounts receivable | 818 | (1 027) | |||||||||||||
| Inventories | 296 | 465 | |||||||||||||
| Other debtors | 132 | 59 | |||||||||||||
| Accounts payable | 394 | 372 | |||||||||||||
| Other liabilities | (164) | (154) | |||||||||||||
| Total net cash flows from operating activities | 627 | 699 | |||||||||||||
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Cash flows from investing activities: |
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| Proceeds from sale of property, plant, equipment and intangible assets | 2 | 11 | |||||||||||||
| Purchase of fixed assets | (981) | (534) | |||||||||||||
| Proceeds from sale/ (purchase) of financial assets | (138) | (45) | |||||||||||||
| Net outflow from sale of a subsidiary, net of cash disposed | -- | (138) | |||||||||||||
| Total net cash flows from investing activities | (1 117) | (706) | |||||||||||||
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Cash flows from financing activities: |
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| Proceeds from borrowings | 632 | -- | |||||||||||||
| Repayment of borrowings | (403) | (470) | |||||||||||||
| Payment of finance lease liabilities | (113) | (112) | |||||||||||||
| Sale / (purchase) of treasury shares | (41) | 15 | |||||||||||||
| Decrease / (increase) in restricted cash | 23 | (23) | |||||||||||||
| Net proceeds from exercise of stock options and warrants | 5 | -- | |||||||||||||
| Total net cash flows from financing activities | 103 | (590) | |||||||||||||
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Net foreign exchange difference |
(18) |
(74) |
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| Increase / (decrease) in net cash and cash equivalents | (405) | (671) | |||||||||||||
| Opening cash and cash equivalents balance | 433 | 1 104 | |||||||||||||
| Closing cash and cash equivalents balance | 28 | 433 | |||||||||||||
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