I need to cut out parts of a video (+ the associated audio, of course) to make a short clip. For example, take 2 minutes from one location, 3 minutes from another part of the video, 30 seconds from another location and join it all together to form one single clip. The format of the input video is mp4 (H.264 encoding, AFAICR).

Don't need very sophisticated merges or transitions from one part to the next, or sophisticated banners (text) on-screen, but some ability to do so would be a plus point.

I've done this with iMovie in the past, but where the original file was under 5MB/min of play time, the chopped-up version was over 11MB/min of play time, which to me seems really bad.

Is there a better/different way of doing this on OS X?

Looking for free (gratis) solutions.

OS: OS X 10.9.3