Excluding US operations according to IFRS 5,
Group's consolidated quarterly revenue at 2.3 million euros
Operating and net earnings excluding US
operations according to IFRS 5 at the break-even point
Positive EBITDA at 0.2 million euros
excluding US activities according to IFRS 5
Regulatory News:
MEMSCAP (NYSE Euronext: MEMS), the leading provider of
innovative solutions based on MEMS (micro-electro-mechanical
systems) technology, today announced its earnings for the first
quarter ending March 31, 2022.
Launch of the restructuring of the US operations / Analysis
of the consolidated income statement
As part of the progress of the Fablite plan, the MEMSCAP Group
has initiated the restructuring phase of the US operations.
Several options are considered, including the possibility of the
sale of the US industrial operations. In accordance with IFRS 5
“Non-current assets held for sale and discontinued operations”,
revenue from the US operations is excluded from revenue from
continuing operations and included in the consolidated income
statement via the loss after tax from discontinued operations.
Consolidated revenue for the first quarter of 2022 excluding US
operations amounted to 2.3 million euros (2.6 million US dollars)
compared to 2.2 million euros (2.6 million US dollars) for the
first quarter of 2021.
Consolidated revenue distribution by market segment, over the
first quarter of 2022 and presented in accordance with IFRS 5, is
as follows:
Market segments / Revenue (In
million euros) – Non-audited
Q1 21
%
Q1 22
%
Aerospace
0.9
42%
1.7
74%
Medical
1.2
57%
0.6
25%
Others
0.0
1%
0.0
1%
Total revenue from continuing
operations
2.2
100%
2.3
100%
Revenue from US operations (Discontinued
operations) – IFRS 5
0.6
--
0.4
--
(Any apparent discrepancies in totals are due to rounding.)
MEMSCAP’s consolidated earnings for the first quarter of 2022,
and presented in accordance with IFRS 5, are given within the
following table:
In million euros –
Non-audited
Q1 21
Q1 22
Revenue from continuing
operations
2.2
2.3
Cost of revenue
(1.1)
(1.4)
Gross margin
1.0
0.8
% of revenue
49%
37%
Operating expenses*
(0.8)
(0.8)
Operating profit /
(loss)
0.3
0.0
Financial profit / (loss)
(0.0)
(0.1)
Income tax expense
(0.0)
0.0
Net profit / (loss) from
continuing operations
0.3
(0.0)
Profit / (loss) after tax from
discontinued operations
(0.4)
(0.4)
Net profit / (loss)
(0.1)
(0.4)
(Any apparent discrepancies in totals are due to rounding.)
* Net of research & development grants.
* * *
(The following financial data are restated according to IFRS 5 –
Excluding US operations)
Consolidated sales for the first quarter of 2022 confirmed the
recovery of the avionics business, up +0.8 million euros (+87%)
compared to the first quarter of 2021. The evolution of the
business volumes relating to the medical business (down -0.7
million euros) resulted in particular from the annual delivery
schedules marked by high delivery levels in the first quarter of
2021.
The Group's gross margin rate stood at 37% of consolidated sales
compared to 49% for the first quarter of 2021, notably resulting
from the change in the sales mix during the first quarter of
2022.
The amount of operating expenses at 0.8 million euros for the
first quarter of 2022 was similar to the first quarter of 2021.
The Group therefore reported consolidated operating and net
earnings from continuing operations at the breakeven point for the
first quarter of 2022 compared to consolidated operating and net
profit from continuing operations at 0.3 million euros for the
first quarter of 2021.
EBITDA from continuing operations amounted to +0.2 million euros
for the first quarter of 2022 compared to +0.5 million euros for
the first quarter of 2021.
* * *
Analysis and perspectives
At the end of the restructuring phase of the US operations, the
Norwegian entity, including the avionics and medical businesses of
the Group, will become the operational core of the MEMSCAP Group.
Its activities in the first quarter of 2022 posted the highest
level of quarterly sales since the second quarter of 2018, i.e. 14
consecutive quarters, thanks to the momentum of the avionics
business.
These ongoing restructuring operations should lead to a
significant improvement in the Group's operating profitability.
* * *
MEMSCAP general shareholders’ meeting: May 31, 2022.
Q2 2022 earnings: July 27, 2022.
About MEMSCAP
MEMSCAP is the leading provider of innovative
micro-electro-mechanical systems (MEMS)-based solutions.
MEMSCAP’s products and solutions include components, component
designs (IP), manufacturing and related services.
For more information, visit our website at:
www.memscap.com.
MEMSCAP is listed on Euronext Paris ™ - Segment C - ISIN:
FR0010298620 - MEMS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220426006176/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
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