MEMSCAP – Q3 2019: Quarter Profitability Enabled by the Performance of the Avionics Business
25 Octobre 2019 - 7:30AM
Business Wire
Growth of the avionics business
Shift of orders in the optical
communications business partially compensated by the other
businesses of the custom products division
Quarterly sales at 3.0 million euros
Operating and net profits of +0.1 million
euros for the quarter
Positive quarterly EBITDA at +0.4 million
euros leading to cumulative 9-month EBITDA at +1.1 million
euros
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 third
quarter ending September 30, 2019.
Analysis of the consolidated income statement
Consolidated revenue for the third quarter of 2019 was 3.0
million euros (3.4 million US dollars) compared to 3.3 million
euros (3.8 million US dollars) for the third quarter of 2018.
Cumulative 9-month revenue at the end of September 2019 amounted to
9.6 million euros (10.8 million US dollars) versus 9.8 million
euros (11.7 million US dollars) at the end of September 2018.
Consolidated revenue distribution by market segment, over the
third quarter of 2019, is as follows:
Market segments / Revenue (M€) –
Non-audited
Q3 2019
%
Q3 2018
%
Aerospace
1.7
55%
1.5
45%
Optical communications / Adaptive
optics
0.5
15%
1.1
32%
Medical / Biomedical
0.4
15%
0.6
18%
Others
0.4
15%
0.1
5%
Total
3.0
100%
3.3
100%
Market segments / Revenue (M€) –
Non-audited
Q1 + Q2 + Q3 2019
%
Q1 + Q2 + Q3 2018
%
Aerospace
5.2
54%
4.8
49%
Optical communications / Adaptive
optics
2.5
26%
3.1
31%
Medical / Biomedical
1.2
12%
1.5
16%
Others
0.7
8%
0.4
4%
Total
9.6
100%
9.8
100%
(Any apparent discrepancies in totals are due to
rounding.)
The avionics business now accounts for more than 50% of the
consolidated sales and continued to grow in Q3, signing +12% in Q3
19 vs Q3 18 and +8% over the first nine months of the year vs the
same period of last year. During this quarter, the optical
communications business was impacted by a wait-and-see demand
marked by trade tensions between the United States of America and
China. However, this impact was partially offset by the increase in
other activities of the custom products division which reflects the
Group's ability to diversify its revenue sources in the face of an
uncertain international environment.
* * *
MEMSCAP’s consolidated earnings for the third quarter of 2019
are given within the following table:
In million euros –
Non-audited
Q1 2019
Q2 2019
Q3 2019
Q1 2018 (1)
Q2 2018 (1)
Q3 2018 (1)
Revenue
3.1
3.5
3.0
2.9
3.6
3.3
Standard products*
Custom products
2.1
1.0
2.1
1.4
2.1
0.9
1.9
1.0
2.3
1.3
2.0
1.3
Cost of revenue
(2.2)
(2.3)
(2.0)
(2.0)
(2.3)
(2.0)
Gross margin
0.9
1.2
1.0
0.9
1.3
1.3
% of revenue
30%
33%
34%
31%
36%
38%
Operating expenses**
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
(0.9)
Operating profit / (loss)
(0.1)
0.2
0.1
(0.1)
0.3
0.3
Financial profit / (loss)
(0.0)
(0.0)
0.1
(0.1)
0.0
(0.0)
Income tax expense
(0.0)
(0.0)
(0.1)
(0.0)
(0.1)
(0.1)
Net profit / (loss)
(0.1)
0.1
0.1
(0.2)
0.2
0.2
(Any apparent discrepancies in totals are due to rounding.) *
Including the dermo-cosmetic segment. ** Net of research &
development grants. (1) Financial items stated in column Q1 2018,
Q2 2018 et Q3 2018 were adjusted for restatements due to the
application of IFRS 16, mandatory from January 1st, 2019.
* * *
(Financial items related to FY 2018 were adjusted for
restatements due to the application of IFRS 16, mandatory from
January 1st, 2019.)
For the third quarter of 2019, the Group's gross margin rate
stood at 34% of consolidated sales compared to 38% for the third
quarter of 2018.
Operating expenses at 1.0 million euros in the third quarter of
2019 remained in line with the amounts reported over the previous
quarters.
As a result, the Group posted an operating profit of 0.1 million
euros in the third quarter of 2019 compared to an operating profit
of 0.3 million euros for the third quarter of 2018.
Considering the financial income, the Group's net profit
amounted to 0.1 million euros over the quarter, compared with 0.2
million euros for the third quarter of 2018. The tax expense of 0.1
million euros for the third quarters of 2019 and 2018 corresponded
to the change in deferred tax over the period with no impact on the
Group's cash position.
EBITDA for the third quarter of 2019 amounted to +0.4 million
euros compared to +0.7 million euros for the third quarter of 2018.
Cumulative 9-month EBITDA amounted to +1.1 million euros at the end
of September 2019 versus +1.5 million euros at the end of September
2018.
* * *
Analysis and perspectives
The third quarter of 2019 confirmed the robustness of the
Group's avionics business, representing more than 55% of the
quarterly consolidated revenue. Despite a wait-and-see demand in
the optical communications sector, MEMSCAP posted operating and net
profits of +0.1 million euros for the quarter and a positive EBITDA
of +0.4 million euros.
MEMSCAP pursues its strategy focused on avionics. medical and
optical communications segments as well as increasing the
flexibility of its production capabilities.
* * *
Q4 2019 Earnings: January 23, 2020.
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.
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/20191024005843/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
For more information, visit our website at:
www.memscap.com.
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