MEMSCAP Q3 2017: Solid Aerospace & Medical Activities / Lower Sales on Optical Communications Segment
25 Oktober 2017 - 7:30AM
Business Wire
Sequential sales increase expected over the
4th quarter of 2017
Regulatory News:
MEMSCAP (Paris:MEMS), the leading provider of innovative
solutions based on MEMS (micro-electro-mechanical systems)
technology, today announced its earnings for the third quarter
ending September 30, 2017.
Analysis of the consolidated income statement
Consolidated revenue for the third quarter of 2017 was 2.4
million euros (2.8 million US dollars) compared to 2.8 million
euros (3.1 million US dollars) for the third quarter of 2016 and
the second quarter of 2017. As in previous quarters, the solid
performance of the avionics and medical segments, which rose by
more than 15% in the first nine months of the financial year 2017,
partially offset a moderate demand in the optical communications
market of the Group's US subsidiary.
Consolidated revenue distribution by market segment, over the
third quarter of 2017, is as follows:
Market Segments
Revenue (M€) %
Aerospace 1.3 55% Optical Communications / Adaptive
Optics 0.5 20% Medical / Biomedical 0.4 16% Mass Market &
Others 0.2 9% Total
2.4 100%
(Any apparent discrepancies in totals are due to rounding.)
MEMSCAP’s consolidated earnings for the third quarter of 2017
are given by the following table:
In million euros – Non audited
Q1 17 Q2 17 Q3 17 Q3 16 Revenue 2.9 2.8
2.4 2.8
- Standard Products*
- Custom Products
2.0
0.9
1.9
0.9
1.6
0.8
1.6
1.2
Cost of revenue (2.1) (2.0) (1.7) (1.9) Gross margin 0.8 0.8 0.6
0.8 % of revenue 26% 28% 27% 30% Operating expenses** (1.1) (1.0)
(0.9) (0.8) Operating profit / (loss) (0.3) (0.3) 0.3 0.0 Financial
profit / (loss) 0.0 (0.0) (0.0) 0.0 Income tax expense (0.0) (0.0)
(0.0) 0.0 Net profit / (loss) (0.3) (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 for the third quarter of 2017 was
27% of the quarterly consolidated sales versus 28% for the previous
quarter and 30% for the third quarter of 2016. This gross margin
rate was still affected by the level of activity in the Custom
Products division (US subsidiary). The consolidated gross margin
amounted to 0.6 million euros for the third quarter of 2017
compared to 0.8 million euros for second quarter of 2017 and the
third quarter of 2016.
The amount of the operating expenses during the third quarter of
2017, net of research & development grants, amounted to 0.9
million euros and was fairly similar the previous quarters.
Consequently, MEMSCAP reported operating and net losses at 0.3
million euros for the third quarter of 2017, same level than the
second quarter of 2017, compared to break-even operating and net
earnings for the third 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 over
the financial year 2017, it should enable the Group to benefit from
a marked increase in its margin levels over the coming years.
Considering its current order backlog, MEMSCAP expects a
sequential increase of its sales over the fourth quarter of
2017.
* * *
Q4 2017 revenue and earnings: January 26, 2018
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/20171024006059/en/
MEMSCAPYann Cousinet, Ph: +33 (0) 4 76 92 85 00CFOEmail:
yann.cousinet@memscap.com
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