2002: Consolidating, Rationalising and Diversifiing for a 2003 Return to Growth.Business Editors GRENOBLE Grenoble (grənô`blə), city (1990 pop. 153,973), capital of Isère dept., SE France, on the Isère River at the foot of the Alps. It is the hydroelectric center of France and has an important nuclear-research center. , France--(BUSINESS WIRE)--March 20, 2003 MEMSCAP (Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] :MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. )-- MEMSCAP presents its 2002 yearly accounts: consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net result of (27,8) million euros for consolidated revenue of 5,7 million euros, shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of 70,4 million euros and cash and cash equivalent of 22,5 million euros without taking into account additional 11 millions euros that can drawn down from the lease contract. MEMSCAP (Euronext:MEMS), the leading provider of innovative solutions based on MEMS technology (micro-electro-mechanical systems Micro-electro-mechanical systems (MEMS) Systems that couple micromechanisms with microelectronics. Such systems are also referred to as microsystems, and the coupling of micromechanisms with microelectronics is also termed micromechatronics. ) (MEMS), today announces its yearly accounts for the fiscal year ending December December: see month. 31, 2002. Consolidated revenue for year 2002 amounted to 5,7 million euros (6 US million dollars). Revenue for fourth quarter compared to previous quarters showed significant progress and MEMSCAP expects this trend to hold through the year 2003. As detailed in the chart below, operational result for fiscal year 2002 amounts to (28,6) million euros and the net consolidated result amounts to (27,8) million euros. This result includes 4,8 million euros corresponding to the start-up Start-up The earliest stage of a new business venture. cost of the Bernin Manufacturing facility, that had been postponed from the 2001 yearly accounts and the half year accounts ending June June: see month. 30, 2002. Those figures take into account two months of Cronos Cronos swallowed his children at birth; they lived again when he was forced by Zeus to disgorge them. [Gk. Myth.: EB (1963) VI, 747] See : Cannibalism Cronos (former JDS Uniphase JDS Uniphase Corporation (JDSU) NASDAQ: JDSU is a company that manufactures and designs products for fiber optic communication and test equipment. It is headquartered in Milpitas, California, USA. MEMS Unit) activity, including the costs of transition and integration to MEMSCAP, that comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise the operational costs of a 13 people team that ensured the transition up to January January: see month. 20, 2002. In million Euros 2001 2002 ------------------------------------------------------- Revenue 9,8 5,7 ------------------------------------------------------- Operational Result (3,0) (28,6) ------------------------------------------------------- Net Result (0,2) (27,8) ------------------------------------------------------- Shareholder's Equity 93,0 70,4 ------------------------------------------------------- During this fiscal year, R&D costs went from 5,6 million euros in 2001 up to 9,5 millions euros in 2002 leading the patent portfolio to grow from 73 patents on December 31, 2001 up to 175 patents on December 31, 2002. Furthermore this R&D activity has enabled the commercialisation of innovative products with a high market potential, such as the CTP CTP (cytidine triphosphate): see cytosine. (1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step. 3100 pressure sensor A pressure sensor measures the pressure, typically of gases or fluids. Pressure is an expression of the force required to stop a gas or fluid from expanding, and is usually stated in terms of force per unit area. A pressure sensor generates a signal related to the pressure imposed. for aerospace, the new high-K See High-K/Metal Gate. material for the semi-conductor industry and the Skin Station for the cosmetic cosmetic /cos·met·ic/ (koz-met´ik) 1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. and biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. care industry. On December 31, 2002, the company shareholders' equity amounted to 70,4 million euros, or 1,08 euro per share. Total cash amounted to 22,5 million euros including cash and cash equivalent and financial fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → under freezed mutual funds (SICAV SICAV Société d'Investissement à Capital Variable ). This cash can, at any time, by decision of the company, be raised up to 33,5 million euros (0,51 euro per share) by drawing down the remaining part of an already concluded lease. During this fiscal year, MEMSCAP went through a rationalisation Noun 1. rationalisation - (psychiatry) a defense mechanism by which your true motivation is concealed by explaining your actions and feelings in a way that is not threatening rationalization and a diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of its activities and resources by: -- Integrating its acquisitions (Capto AS and Cronos, former unit of JDS Uniphase), -- Diversifying its products, its client base and its markets, -- Reducing its operating costs, and initialising the reduction of its headcounts. "MEMSCAP has adapted itself to the constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. of a fiddle market by establishing its presence on new business segments," states Jean Michel Jean Michel (died 1501) was a French dramatic poet of the fifteenth century known for revising and enlarging "the Mystery of the Passion" composed by Arnoul Gréban. There are three Michels mentioned in connection with this work. Karam, Chief Executive Officer of MEMSCAP. "The work accomplished throughout 2002 enables us to confidently start this new year." About MEMSCAP MEMSCAP is the leading provider of innovative micro-electro-mechanical systems (MEMS)-based solutions. MEMSCAP solutions include components, component designs (IP), CAD CAD: see computer-aided design. (Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. design tools, manufacturing and related services. MEMSCAP customers include Fortune 500 businesses, major research institutes and universities. The company's shares are traded on Euronext under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors MEMS (Euroclear Euroclear One of two principal clearing houses for securities traded in the Euromarkets. Notes: The other principal clearing house is Clearstream, formerly the Centrale de Livraison de Valuers Mobilieres (CEDEL). France code: 7939), where MEMSCAP belongs to the Next Economy segment, to the SBF SBF Studium Biblicum Franciscanum (Franciscan School of Biblical Investigations; Jerusalem, Israel) SBF Small Block Ford (automotive engine) SBF Single Black Female SBF Société des Bourses Francaises 250 and ITCAC50 indexes. More information on the company's products and services can be obtained at http://www.memscap.com.
MEMSCAP, S.A.
CONSOLIDATED BALANCE SHEET
(in thousands of euros)
Proforma
31 31 31
December December December
2002 2001 2001
------------------------------
EUR EUR EUR
Assets
Fixed Assets
Goodwill 5 229 5 229 -
Intangible fixed assets 2 491 593 476
Tangible fixed assets 68 175 37 843 36 047
Financial fixed asets 9 049 - -
------------------------------
84 944 43 665 36 523
------------------------------
Current Assets
Inventories 1 733 1 493 356
Accounts receivable and related
accounts 6 309 9 751 7 569
Other debtors 4 855 12 904 11 948
Cash and cash equivalent 13 719 42 947 50 884
------------------------------
26 616 67 095 70 757
------------------------------
Total Assets 111 560 110 760 107 280
==============================
Liabilities and Shareholders' Equity
Shareholders' Equity
Capital 3 251 2 691 2 691
Additional paid-in capital 98 674 93 674 93 674
Retained earnings (30 828) (3 931) (2 953)
Cumulative translation adjustment (683) (247) (383)
------------------------------
70 414 92 187 93 029
------------------------------
Provisions for risks and badwill 4 843 - -
Liabilities
Borrowings and financial liabilities 26 614 442 213
Accounts payable 7 215 14 420 12 667
Other liabilities and associates
accounts 2 474 3 711 1 371
------------------------------
36 303 18 573 14 251
------------------------------
Total Liabilities and Shareholders'
Equity 111 560 110 760 107 280
==============================
MEMSCAP, S.A.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of euros)
Year ended 31 December
------------------------------------
Proforma
2002 2001 2001
------------------------------------
EUR EUR EUR
Revenues 5 713 17 816 9 834
Cost of sales (13 616) (4 673) (839)
------------------------------------
Profit /(Loss) Margin (7 903) 13 143 8 995
------------------------------------
Operating expenses:
Research and development expenses (9 500) (5 624) (5 576)
Selling and marketing expenses (4 268) (4 844) (3 994)
General and administrative
expenses (6 956) (5 007) (2 424)
------------------------------------
Total operating expenses (20 724) (15 475) (11 994)
------------------------------------
Operational result (28 627) (2 332) (2 999)
------------------------------------
Interest expenses (1 157) (602) (39)
Interest income 471 2 476 2 441
Foreign exchange gain (loss) (721) 364 384
------------------------------------
Net income (loss) before tax
benefit (30 034) (94) (213)
------------------------------------
Corporate tax 2 775 (517) -
Net income (loss) before
acquisition goodwill
amortization (27 259) (611) (213)
------------------------------------
Goodwill amortization (581) (581) -
Net income (loss) (27 840) (1 192) (213)
====================================
Net earning (loss) per share (0,50) (0,02) (0,01)
Number of shares 56 000 038 51 803 443 51 803 443
Net diluted earning (loss) per
share (0,50) (0,02) (0,01)
Number of shares fully diluted 56 000 038 51 803 443 51 803 443
MEMSCAP, S.A.
CONSOLIDATED CASH FLOWS
(in thousands of euros)
2002 2001
------------------------
EUR EUR
Cash flows from operating activities:
Net income (loss) (27 840) (213)
Suppression of non monetary elements:
Amortization and depreciation 2 421 960
Capital gain and loss Write off 179 -
Cash increase (decrease) on:
Accounts receivable 3 551 (6 819)
Inventories (131) (351)
Other accounts receivable, prepayments
and accrued income 10 428 (11 316)
Accounts payable (7 302) 12 473
Accrued expenses and other debts (1 343) (93)
------------------------
Cash flows from operating activities (20 037) (5 359)
------------------------
Cash flows from investments activities:
Tangible fixed assets acquisition (26 100) (35 627)
Intangible fixed assets acquisition (426) (731)
Financial fixed assets acquisition (8 802) -
Capital gain 295 -
Impact of consolidation perimeter (7 676) -
------------------------
Cash flows from investments activities (42 709) (36 358)
------------------------
Cash flows from financing activities:
Lease contract 26 586 -
Lease reimbursement (984) -
Exercise of BSPCE 1 -
Capital increase 148 83 276
------------------------
Cash flows from financing activities 25 751 83 276
------------------------
Effect of exchange rate on C&C
equivalent (334) (330)
------------------------
Variation of C&C equivalent (37 329) 41 229
========================
C&C equival. Beginning of period (1) 50 884 9 655
------------------------
C&C equival. End of period (1) 13 555 50 884
========================
(1) Excluding 8.802 K EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. freezed mutual funds (SICAV) presented as financial fixed assets and 11.047 K EUR that can be drawn down from lease contract. |
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