MEMSCAP Q2 2017: Consolidated Revenue at EUR.2.8 Million
July 26 2017 - 1:30AM
Business Wire
Continued sales growth in the aerospace
segment now representing 56% of the quarterly revenue
Regulatory News:
MEMSCAP (Paris:MEMS) (NYSE Euronext: MEMS), the leading provider
of innovative solutions based on MEMS (micro-electro-mechanical
systems) technology, today announced its earnings for the second
quarter ending June 30, 2017.
Consolidated revenue for the second quarter of 2017 was 2.8
million euros (3.1 million US dollars) similar to the second
quarter of 2016 at 2.8 million euros (3.2 million US dollars) and
in line with the Group’s expectations. In the second quarter of
2017, MEMSCAP continued to benefit from solid sales in the
aerospace segment, which rose by more than 9% in the first half of
2017 compared to the first half of 2016. This increase offset a
moderate demand on the optical communications market of the Group's
US subsidiary.
Consolidated revenue distribution by market segment, over the
second quarter of 2017, is as follows:
Market Segments
Revenue (M€) %
Aerospace 1.6 56% Optical Communications / Adaptive
Optics 0.5 19% Medical / Biomedical 0.5
16% Mass Market & Others 0.2 9% Total
2.8 100%
(Any apparent discrepancies in totals are due to rounding.)
MEMSCAP’s consolidated earnings for the second quarter of 2017
are given by the following table:
In million euros – Non audited
Q1 17 Q2
17 Q2 16 Revenue 2.9 2.8 2.8
- Standard Products*
2.0
1.9
1.8
- Custom Products
0.9
0.9
1.0
Cost of revenue (2.1) (2.0) (1.9) Gross margin 0.8 0.8 0.9 % of
revenue 26% 28% 32% Operating expenses** (1.1) (1.0) (1.0)
Operating profit / (loss) (0.3) (0.3) (0.1) Financial profit /
(loss) -- -- 0.1 Income tax expense -- -- -- Net profit / (loss)
(0.3) (0.3) 0.0
(Any apparent discrepancies in totals are due to
rounding.)* Including the dermo-cosmetic segment.** Net
of research & development grants.
* * *
The Group's gross margin rate was 28% of consolidated sales,
impacted by the level of activity in the Custom Products division
(US subsidiary). The gross margin for the second quarter of 2017
thus amounts to 0.8 million euros, identical to the first quarter
of 2017, compared to 0.9 million euros for the second quarter of
2016.
Operating expenses amounted to 1.0 million euros, fairly in line
with the previous quarters. Consequently, MEMSCAP reported
operating and net losses at 0.3 million euros for the second
quarter of 2017, same level than the first quarter of 2017,
compared to an operating loss at 0.1 million euros and break-even
net earnings for the second quarter of 2016.
* * *
As previously announced, MEMSCAP has initiated in 2017 the
transformation of its industrial organization in order to increase
significantly the flexibility of the Group's production capacities.
This program is progressing according to the Company’s plans. In
line with its strategy focused on the high-added-value segments of
aerospace, medical and optical communications, the Group is
continuing its disengagement from low-margin services in favor of
the development of its activities backed by its own intellectual
property.
Though this evolution impacts the profitability of MEMSCAP at
the beginning of the financial year 2017, it should enable the
Group to benefit from a marked increase in its margin levels over
the coming years.
* * *
Half-year 2017 revenue and earnings: August 31, 2017
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 (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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version on businesswire.com: http://www.businesswire.com/news/home/20170725006143/en/
MEMSCAPYann Cousinet, Ph: +33 (0) 4 76 92 85 00CFOEmail:
yann.cousinet@memscap.com
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