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Executives

Harriet C. Fried - Senior Vice President - New York Office

Zhao Yang - Founder, Chairman, Chief Executive Officer and President

Patricia Niu - Chief Financial Officer and Principal Accounting Officer

Analysts

Tony Grillo

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Ailon Z. Grushkin - SMG Indium Resources Ltd.

MEMSIC (MEMS) Q4 2012 Earnings Call March 8, 2013 9:00 AM ET

Operator

Good day, ladies and gentlemen, and welcome to the MEMSIC Fourth Quarter 2012 Financial Results Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to introduce the chair of the conference call, Ms. Harriet Fried of LHA.

Harriet C. Fried

Thank you, everyone, for joining MEMSIC's conference call today. With us from management are Dr. Yang Zhao, Chairman and CEO; and Patricia Niu, Vice President of Finance and CFO.

This morning, the company released its fourth quarter financial results press release, which can be found in the Investor Relations section of the company's website. Before we begin, I'd like to provide the following cautionary remarks regarding forward-looking statements.

During the course of the call, the company will make various remarks about its future expectations, plans and prospects. These statements constitute forward-looking statements for purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factors of the company's Form 10-K and other filings with the SEC. To supplement the company's consolidated financial statements, the company is using EBITDA, a measure defined as a non-GAAP financial measure by the SEC. A reconciliation of these results to GAAP is attached to this morning's release.

With that introduction, I would like to turn the call over to Yang Zhao. Go ahead, please, Yang.

Zhao Yang

Thank you, Harriet. This is Yang Zhao. Thanks for joining us this morning to go over our fourth quarter 2012 results. I'd like to start today's call by reviewing the highlights of the numbers.

For the fourth quarter, net sales were $14.2 million, down about 1/3 from the last year's period. The revenue decrease resulted primarily from our magnetic sensor product line in the mobile market where we diversified away from a low margin business with a large mobile customer. The decrease was partially offset by a substantial increase in our consumer business. We have been allocating resources to focus on over 100 mobile and consumer customers in Asia, as well as major customers in Europe and North America. We believe that ultimately, the change in focus will enable us to build a stable, higher-quality customers based on the long-term stability. We did achieve an increase in gross margin this quarter even though we were on the low side of our revenue guidance range.

Now breaking down the revenue by product applications. Mobile phones totaled $6.3 million, a 53% decrease from Q4 2011. For the Q4 2012, the mobile phone market accounted for approximately 44% of the total sales. Other consumer applications totaled $2.9 million, an increase of almost 45% from Q4 2011. The increase was mainly due to sales increase for high-end digital camera applications in Japan and also the sales growth from new consumer applications, such as tablet computers. For the quarter, consumer applications accounted for over 20% of our total sales compared to 9% of total sales in the last year's period.

Sales from automotive applications were $2.6 million, a 21% decrease over the last year period. This decrease is primarily due to pulling by our customers in Q3 as a result of their internal planning issue. In other words, being stable in this automotive market. In Q4, 2012, automotive applications accounted for close to 19% of our total sales compared to about 15% in Q4 2011.

Sales from industrial and other application totaled $2.4 million or approximately 17% of the total sales in the fourth quarter. The sales were down about 11% from 2011 quarter. This drop mainly due to continuing phase-out of old system product we acquired earlier, as expected. Patricia will go over our quarterly financial results with you in more detail in a minute. Before we do that, I'd like to give you some highlights of our business.

On the business-optic side, overall, I'd like to emphasize our focus still on developing high-margin industrial and automotive business while we continue driving the mobile and the consumer business to reach a balance in short- and long-term goals. So we are forging ahead with our initiatives to increase the design wins in mobile, consumer, automotive and industrial market altogether.

Mobile market, especially the market in Great China and Korea, still presents us the biggest revenue opportunity for the next 2 years. Although we recognize the margin in mobile market is generally lower, our accelerometer and eCompass products will continue to be the biggest revenue driver for the next 24 months. We have the technology and capability to stay highly competitive in this market. We will continue to drive our product performance and costs through technology innovation.

For example, we're working on small, much more cost-effective eCompass and accelerometer right now. All of this new product will be introduced in 2013.

At the same time, we invest our long-term future in industrial and automotive market. As an integral part of our strategy, we have a good pipeline of new products under development. These new product will be introduced into market in 2013 and '14. This new product ranges from low cost and high performance IMU, high-performance flow modules to new sensory components. Although very slow by nature, we're confident our continuous effort will turn into stable, higher-margin business.

We are also investing sales and marketing resources to focus on North America and European Union. We recognize that the major market for our industrial business and automotive business will be in EU and North America.

Now Patricia will give you the details on our fourth quarter results and our guidance for the coming quarter. Patricia?

Patricia Niu

Thank you, Yang, and good morning, everyone. In the fourth quarter of 2012, we reported revenue of $14.2 million, a decrease of 6.6% sequentially and 33.9% year-over-year. Total revenue for the full year of 2012 was $63.8 million, a decrease of 6.4% from 2011. The revenue decrease was primarily due to a decrease in net sales of our magnetic sensor product to a major mobile phone manufacturer, partially offset by increase in sales to consumer applications.

Our gross profit for the quarter was $5.2 million, down 2.3% from the third quarter of 2012 and 32.6% from last year's fourth quarter. Gross profit for the fiscal year 2012 was $23.7 million, slightly down from $23.8 million from fiscal year 2011.

Gross margin percent in the fourth quarter improved to 36.6% from 35% in the third quarter of 2012 and from 35.9% in the fourth quarter of 2011. The sequential and year-over-year gross margin improvement was due to the decrease of our net sales to lower-margin mobile phone applications as a percentage of total sales, as well as our continuous cost reduction effort. Gross margin for fiscal year 2012 was 37.1%, as compared to 35% in the prior year. This gross margin increase validates our long-term strategy of trading rapid revenue growth for gross margin growth.

Our operating expenses, including a $0.6 million goodwill impairment charge in Q4 2012, totaled $7 million compared to $5.7 million in the prior quarter and $11.6 million in the 2011 quarter, which also included $4.5 million goodwill impairment charge. Before giving the effect to the goodwill impairment charge, operating expenses in the fourth quarter were up 10.9% sequentially and down 10.9% year-over-year. We again performed an annual impairment test for goodwill in December 2012, according to ASC Topic 350 and concluded that the remaining balance of goodwill of $0.6 million was fully impaired as of December 31, 2012.

Operating expenses for the fiscal year 2012 totaled $25 million -- $25.2 million compared to $31.9 million in the prior year. Included in operating expenses was goodwill impairment charge of $0.6 million in 2012 and $4.5 million in 2011, respectively.

Our research and development expense in the fourth quarter of 2012 was $2 million, increased 36.2% sequentially, although only 1% year-over-year. This increase was due to our investment in R&D resources to develop new sensor and systems solution products. As a result, as a percentage of total net sales, R&D expense for the fourth quarter of 2012 increased to 13.8% from 9.5% in the third quarter and 9.1% in the 2011 period. R&D expenses for fiscal year 2012 totaled $6.9 million or 10.8% of total revenue as compared to $8.6 million or 12.5% of total revenue in 2011.

The decrease in total year R&D expense was partly attributable to R&D subsidies from the Chinese government grant we applied in 2012 and the restructuring of R&D team at the end of last year. We will continue our R&D effort on new product designs and process improvements for new sensor products as well as on operating our system solution products. We expect our R&D spending to increase in 2013.

Our sales and marketing expenses were $1.3 million, down 1.6% sequentially and 37.7% year-over-year. The decrease was primarily due to a decrease in reduced commission expense related to lower sales to one major mobile phone manufacturer, as well as some cost savings from restructuring our sales and marketing department to focus more on developing new higher-margin applications and markets. Sales and marketing expenses as a percentage of total net sales for the quarter increased to 8.9% from 8.4% for the third quarter of 2012, but decreased from 9.4% for the 2011 period. Sales and marketing expenses for 2012 totaled $5.2 million, a decrease of 24.6% from fiscal year 2011.

Our general and administrative expense in the fourth quarter were $2.4 million, up slightly from $2.3 million from prior quarter and the 2011 quarter. G&A expenses as a percentage of total net sales for the quarter increased to 17.3% from 15.4% for the third quarter of 2012 and from 10.9% in the prior-year period.

G&A expenses for fiscal year 2012 totaled $9.4 million, an increase of 8% from 2011. This is primarily due to increase in headcounts in corporate quality and information systems, and administrative costs associated with the new manufacturing facility for the systems business unit.

Amortization expense, which is related to the acquired intangible assets and MEMSIC's internal developed patents was approximately $0.3 million in the fourth quarter of 2012, flat on a sequential basis and slightly below the prior-year quarter's $0.6 million -- $0.4 million. Amortization expense for the total year 2012 was $1.5 million as compared to $1.6 million in 2011.

Total operating loss was approximately $1.8 million for the fourth quarter and $1.5 million for the year. Before giving effect to the $0.6 million goodwill impairment charge, we incurred an operating loss of approximately $1.2 million in the fourth quarter of 2011 and $0.8 million for fiscal year 2012. Total other income was $0.5 million for the fourth quarter and $0.8 million for the year, consisting mainly of foreign exchange gain as well as interest income.

Our GAAP net loss was $1.4 million or $0.06 per diluted share for the fourth quarter of 2012 and $1 million or $0.04 per diluted share for fiscal year 2012. Before giving effect to the $0.6 million goodwill impairment charge, we incurred a net loss of $0.3 million -- $0.8 million or $0.03 per diluted share for the fourth quarter and a net loss of $0.3 million or $0.01 per share for the total year 2012. This compares to a net loss of $3.3 million or $0.14 per diluted share for the fourth quarter of 2011 and $6.1 million or $0.26 loss per diluted share for fiscal year 2011. Before giving effect to the $4.5 million goodwill impairment charge in 2011, we generated a net profit of $1.2 million or $0.05 per diluted share for the fourth quarter of 2011 and a net loss of $1.6 million or $0.07 per share for the year 2011.

Now turning to our balance sheet. Cash and cash equivalents were $27.3 million at the end of 2012, down from $51.9 million at year-end 2011. Net decrease in cash and cash equivalents was mainly due to the purchase of short-term investments. Our short-term investments consist primarily of bank certificate deposits, government and municipal bonds with maturities of 1 year or less. At the end of 2012, our short-term investments were $34.6 million, up from $6.8 million at year end 2011.

Our long-term investments, which consist of auction rate securities, were down to $2.5 million from $2.6 million at year-end 2011. The reduction reflected an additional temporary unrealized impairment loss of $100,000 recorded in other comprehensive income on the balance sheet in Q4 2012 based on evaluation analysis for the security. We evaluate the fair value of auction rate security on a quarterly basis.

Our accounts receivable were $4.8 million as of December 31, 2012, down from $6.1 million at year-end 2011. This decrease was primarily due to lower sales in December in 2012. Our average days sales outstanding in 2012 was 28 days as compared to 33 days in 2011. Inventory balance decreased to $9.8 million at the end of 2012 from $11.5 million at year-end 2011, and this decrease also reflects our lower sales forecast in Q4. Our long-term liabilities included the $16.4 million bank loan and a building liability of $8.1 million related to the construction cost of our new facility in Wuxi, China.

Now let me turn to our outlook for the first quarter of 2013. Our near-term revenue will continue to rely on mobile phone applications. Our first quarter of 2013 revenue will continue to be negatively impacted by the reduction in shipments to one major mobile phone manufacturer, the lower-than-expected revenue growth from the China mobile market and also Japan market year-end inventory correction. With these factors in mind, we anticipate revenue between $11 million to $12 million in the first quarter of 2013. We expect net loss to be $0.09 to $0.11 per diluted share. Average diluted share count for the 2013 first quarter was estimated to be approximately 24.5 million.

Now let me turn back to Yang. Yang?

Zhao Yang

Yes, thank you, Patricia. Before we start the Q&A, I want to mention that a Special Committee appointed by the Board of Directors is actively evaluating MEMSIC's strategic alternatives. As you know, we can't disclose any development, unless and until the Special Committee and Board of Directors approve a course of action. This is a deliberative process. We are pursuing it thoroughly and effective as possible.

So in today's Q&A, we will focus on MEMSIC's business and strategy. Patricia and I are happy to take questions on those topics now.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from Tony Grillo with Needham & Company.

Tony Grillo

I have a couple of quick questions, and I may have missed this, but how do you guys see sales and marketing trending going this year forward? And then also, did you mention a stock comp guidance?

Patricia Niu

Yes, I would take it. Sales and marketing expense in 2013 is expected to increase as we -- last year, we restructured the sales/marketing team, and we mainly increased our marketing resources and focusing on long -- higher-margin markets and higher-margin applications. We're also going to hire more salesperson in the U.S. and to focus on U.S. market and European markets. So we will expect sales and marketing expense to increase. And stock comp expense in total in 2012 is $1.3 million.

Tony Grillo

But -- I'm sorry, you didn't have a stock comp guidance for the next quarter?

Patricia Niu

No. We usually don't. Yes. The stock comp -- we didn't put in the guidance. It could be fairly flat from last year.

Tony Grillo

Okay. And then my second question would be, you guys mentioned on the last earnings call that you were looking forward to design wins in Europe and North America in this quarter. I'm just kind of wondering, did you guys see that? Or could you give me a little color on that.

Patricia Niu

Yang?

Zhao Yang

Yes, we have design win, and we have some shipment, too. We cannot disclose the customer name. It's a major company.

Operator

Our next question comes from Richard Shannon with Craig Hallum.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Maybe just the question, first, on the Special Committee work. And then maybe a few follow-on questions on your business. I guess I would've expected, given the fact the nonbinding offer was given at about 3 months or so ago from a bidder who probably knows the company pretty well, that we would've seen some sort of information or activity or resolution by now. Can you characterize the length of time that is expected for this review to take place? And give us a sense of anything that's going on?

Zhao Yang

Well, this process is still ongoing, and we cannot disclose any details. We certainly expected the process would be shorter than this, and unfortunately that's what's -- coming out here. I think the Special Committee tried to be very, very thorough and careful working through all these -- evaluating all the possibilities here. I think that's why it took longer than we expected.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. Can you state whether any other offers have emerged since this one back in November?

Zhao Yang

No, I cannot make any comment on that.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. All right. Fair enough. Let me jump in a couple of questions on your business here. I guess, Yang, when you look at your nonconsumer businesses, industrial and automotive, and I look at the numbers you reported for the fourth quarter and I see numbers that are lowest we've seen in a couple of years, I missed some of the commentary regarding what happened to the automotive space here. But maybe generally when you talk about both of those businesses, can you give us a sense of when we'll see an improvement in inflection point, starting to see sequential growth there on a sustainable basis and what would be the drivers for that kind of movement?

Zhao Yang

For being in the mobile phone or nonmobile...

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Non-mobile. The automotive and industrial as a category, if you can -- any details between the 2 would be great as well.

Zhao Yang

I think in the automotive customer, we have one major one here. We have a couple of small ones but they are insignificant. But the major one, things will stay flat kind of a thing, maybe a little bit decline in terms of the usage, right. Other than that, we are looking -- we're working on multiple automotive design and process right now, and they generally don't materialize in like a short time period. That's the nature of that. In terms of industrial, we have multiple customer, especially like a floor module -- we're all ready. The product is ready to be made and been completed, test filed. So there's not an issue on our side other than working on the customer side there's things are not under our control. But if you get over the hurdle, we will see some substantial growth. Right now, to be honest, we don't have a very clear picture in terms of the customer agenda -- schedule right now.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. So would that presume that the inflection point here in those collective areas might be at least 6 months out then as -- am I inferring correctly based on your last comment?

Zhao Yang

Yes. I think that's a very fair statement, yes.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. All right. Fair enough. A couple more questions here. Mobile phones, did I catch the number correct for the fourth quarter of $6.3 million?

Patricia Niu

Correct.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

And if my numbers are right here, that was actually an improvement from last quarter and also higher than the second quarter. Is that correct as well?

Zhao Yang

Yes. There's some increase in the fourth quarter in the China mobile market.

Patricia Niu

Yes.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. And I presume that you saw some decrease in your -- from this large -- single, large phone manufacturer. So sounds like your non-Korean revenues actually did quite well in the fourth quarter, is that fair?

Patricia Niu

Yes.

Zhao Yang

Yes, yes.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

So looking at your expectations for the first quarter, how do you expect this mobile phone category to go here? I mean, how much revenues are left from this large -- single, large customer that you had last year?

Patricia Niu

That one major customer revenue will continue to decrease in Q1, and the other customers from China market will also -- Q1 in the China market is a slower quarter due to the Chinese New Year and holiday. So we -- that's why the Q1 revenue expected forecast is lower than Q4.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. So most of the -- expected revenue decline is from the mobile phone category then?

Patricia Niu

Correct.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. In response to one of my previous questions, you said that you start to get some China mobile revenues in the fourth quarter. Any expectation that you're going to see an increase in or continuing improvement in the business from those customers, plus layering in some of those beyond the first quarter?

Zhao Yang

Yes, I think the later half of the year is the design process, and we should see quite good increase on that. Now that's mainly our focus. As I mentioned in my section, the mobile market, you like it or not, is still a major growth driver. We have the products right here already and the markets keep growing. So that's a market we cannot miss and that's where we're going to focus.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. I think you've mentioned in the order of 100 different customers you're either engaged with or have design wins in the China mobile market. Do you have any sense of how many of those -- what percentage of the opportunity might start ramping by, say, the middle of this year as an example, or pick a different time frame if you wish to do that? But give us a sense of when and how much we can see an improvement coming from this segment?

Zhao Yang

I would say third quarter given some time designing and working on that. We're in essentially almost every one. There is one issue we face in the market we should kind of -- less expected, is the adoption rate of the compass into the smartphone. As you know, the smartphone outside China is pretty much have 100% acceleration for the Compass, mainly driven by Samsung and Apple. But on the other side, in China market, I think right now it's only about a 15% adoption, even though the total smartphone volume grow very quickly. But I do expect from later half this year into next year, we'll gradually becoming nearly 100% adoption as the application grows. Especially, also the price also comes down and become a standard and that will grow. So I stay very optimistic in the longer term in terms of the market growth and also our product competitiveness.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. Maybe just a couple more questions from me and I'll jump off here. So you talked about your guidance for the first quarter. Maybe Patricia, can you give us a sense of what kind of implied gross margins you have in that guidance? And then also, where do you expect the cash balance to end this quarter?

Patricia Niu

The gross margin I expect to be flat from Q4, around the mid-30s. Cash will be -- I don't expect Q4 major cash out, but some -- because there will be a loss in Q4 and some small -- capital expenses on small equipment but not major in Q1. But we expected in total, [indiscernible] this year, we are going to have some cash spending on capital spending.

Richard C. Shannon - Craig-Hallum Capital Group LLC, Research Division

Okay. Got it. And my last question regarding your commentary on adding some sales efforts in North America and Europe, to what extent was this -- is this focused on the mobile or nonmobile customers? And if it's in mobile, when do you expect to see an impact from that effort?

Zhao Yang

Yes, I think we're equally focused on the mobile and the industrial. So North America and Europe has not been our major focus. We've been given the benefit of resources, and we remain focused on our battlefield in Asia, other than some industrial application. Now we want to be really -- have some major progress in there, and that's why we're actually bringing a lot of new marketing people here and we have a very good team now to focus on those markets.

Operator

Our next question comes from Ailon Grushkin with Nano Capital Fund.

Ailon Z. Grushkin - SMG Indium Resources Ltd.

I have a - we're seeing smartphone adoption in China ramp rather quickly now, and I'm surprised that we're not seeing it flow through to your revenue growth yet. You claim to have a fairly substantial share of the various manufacturers in China. Is it fair to characterize that you have -- that you sell to ZTE or Huawei or Lenovo or any of those guys?

Zhao Yang

I cannot be specific on the customers, but we -- the main issue here is the growth is in there but they don't use sensors. So most of them, the majority of them, don't use sensors. And that's why the adoption rate is -- for example, we have recently another very good customer we have a long-term relationship with, they're basically committed to us. We designed all the compass in the phone. So right before the production, their customer told them, "Take them out." So even though we have that customer loyal to stay with us, but we don't get a business from them. But I do think this is a temporary thing. As I mentioned earlier to Richard, I think my numbers may not be adequate, but it definitely is in the low range, like a 15% kind of around adoption rate, even though the numbers for those smartphones are very high in time today.

Ailon Z. Grushkin - SMG Indium Resources Ltd.

Are we expecting that they will start adding these sensors as we get closer to the third quarter or fourth quarter this year? Or is it just the low-end smartphones in China will never have these sensors?

Zhao Yang

No, I think they do. But I don't expect the low-end phones going to have -- going to use sensors 100%. But I do expect it going to grow. If you want me to have a guess, I can't be absolutely sure, but I think this might grow from 15% to 30% adoption by the end of the year. That will be my estimate based on my understanding of the market, but it doesn't mean that I will be accurate on that, but I do believe this will be growing. So we will see the improvement in adoption rate.

Ailon Z. Grushkin - SMG Indium Resources Ltd.

Okay. And as being a shareholder for a fair amount of time, we are getting very impatient. We feel like you've had over 3 or 4 years here to turn the company around and I don't know, the $4 right now seems like a very fair offer to take. So we urge the board to please make a decision rapidly.

Zhao Yang

Yes. I'll forward your opinion to our Special Committee.

Operator

I'm not showing any further questions at this time. I'd like to turn the conference back over to Yang for closing comments.

Zhao Yang

Well, thanks for the time today. I appreciate your participation. Looking forward to see you next time and also if you -- if more information about the work of our Special Committee becomes available for distribution, we will keep shareholders, employees and the business partner informed then. Thank you.

Operator

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

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