Excluding US operations according to IFRS 5, Group's
consolidated quarterly revenue at 2.3 million euros (3.0 million
euros including sales from discontinued operations)
Finalisation of the FABLITE program expected in the 4th
quarter of 2022
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 second
quarter ending June 30, 2022.
Restructuring of the US operations / Analysis of the
consolidated income statement
As previously announced and as part of the progress of the
FABLITE program, the MEMSCAP Group has initiated the restructuring
phase of its US operations. This program is progressing according
to the management's plans and should be completed in the 4th
quarter of 2022.
In accordance with IFRS 5 “Non-current assets held for sale and
discontinued operations”, revenue from the US operations was
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 second quarter of 2022 excluding US
operations amounted to 2.3 million euros (2.4 million US dollars)
compared to 2.0 million euros (2.4 million US dollars) for the
second quarter of 2021. Including sales from discontinued
operations, consolidated revenue amounted to 3.0 million euros (3.2
million US dollars) over the second quarter of 2022.
Consolidated revenue distribution by market segment, over the
second quarter of 2022 and presented in accordance with IFRS 5, is
as follows:
Market segments / Revenue (In
million euros) – Non-audited
Q1 21 (Restated)
Q2 21 (Restated)
Q2 21 % (Restated)
Q1 22
Q2 22
Q2 22 %
Aerospace
0.9
1.4
71%
1.7
1.8
80%
Medical
1.2
0.6
27%
0.6
0.4
19%
Others
0.0
0.0
2%
0.0
0.0
1%
Total revenue from continuing
operations
2.2
2.0
100%
2.3
2.3
100%
Revenue from discontinued operations –
IFRS 5
(US operations)
0.6
0.6
--
0.4
0.7
--
(Any apparent discrepancies in totals are
due to rounding. In accordance with IFRS 5, items related to the
2021 financial year were restated in order to present comparative
information for discontinued operations.)
MEMSCAP’s consolidated earnings for the second quarter of 2022,
and presented in accordance with IFRS 5, are given within the
following table:
In million euros –
Non-audited
Q1 21 (Restated)
Q2 21 (Restated)
Q1 22
Q2 22
Revenue from continuing
operations
2.2
2.0
2.3
2.3
Cost of revenue
(1.1)
(1.2)
(1.4)
(1.4)
Gross margin
1.0
0.8
0.8
0.9
% of revenue
49%
39%
37%
38%
Operating expenses*
(0.8)
(0.7)
(0.8)
(0.9)
Operating profit /
(loss)
0.3
0.1
0.0
(0.0)
Financial profit / (loss)
(0.0)
(0.0)
(0.1)
0.2
Income tax expense
(0.0)
(0.0)
0.0
(0.0)
Net profit / (loss) from
continuing operations
0.3
0.0
(0.0)
0.1
Profit / (loss) after tax from
discontinued operations
(0.4)
(0.1)
(0.4)
(0.3)
Net profit / (loss)
(0.1)
(0.1)
(0.4)
(0.1)
(Any apparent discrepancies in totals are
due to rounding. In accordance with IFRS 5, items related to the
2021 financial year were restated in order to present comparative
information for discontinued operations.)
* Net of research & development
grants.
* * *
(In accordance with IFRS 5, items related to the 2021 financial
year were restated to present comparative information for
discontinued operations related to the Group’s US operations.)
In the wake of the first quarter of 2022, consolidated sales for
the second quarter of 2022 confirmed the strong recovery of the
avionics business, up +0.4 million euros (+26%) compared to the
second quarter of 2021.
The Group's gross margin rate stood at 38% of consolidated sales
compared to 39% for the second quarter of 2021 and 37% for the
first quarter of 2022.
The amount of operating expenses at 0.9 million euros for the
second quarter of 2022 is up compared to previous quarters. This
evolution resulted from an increased R&D activity.
The Group therefore reported consolidated operating earnings
from continuing operations at the breakeven point for the second
quarter of 2022 compared to a consolidated operating profit at 0.1
million euros for the second quarter of 2021. It should be noted
that the net foreign exchange gain related to continuing
operations, recorded in financial income, amounted to 0.2 million
euros for this quarter. The Group thus posted a quarterly net
profit from continuing operations of 0.1 million euros compared to
net earnings from continuing operations at the break-even point for
the second quarter of 2021.
EBITDA from continuing operations amounted to +0.4 million euros
for the second quarter of 2022. On June 30, 2022, the Group
reported available cash at 4.4 million euros (December 31, 2021:
5.3 million euros) including cash investments (Corporate bonds /
investment securities) recorded under non-current financial assets
for an amount of 1.0 million euros. In addition to this amount, the
available unused credit lines amounted to 0.4 million euros on June
30, 2022.
* * *
Analysis and perspectives
As previously mentioned, the Norwegian entity, including the
avionics and medical businesses of the Group, will become the
operational core of the MEMSCAP Group at the end of the
restructuring phase of the US operations. These activities over the
first two quarters of 2022 posted historically high levels of sales
thanks to the renewed momentum of the avionics business.
The ongoing FABLITE program should lead to a significant
improvement in the Group's operating profitability.
* * *
Half-year 2022 revenue and earnings: August 31, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220726005989/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
Memscap (EU:MEMS)
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