ZHUHAI, China, May 12, 2015 /PRNewswire/ -- Actions
Semiconductor Co., Ltd. (Nasdaq: ACTS) ("Actions Semiconductor" or
"the Company"), one of China's
leading fabless semiconductor companies that provides comprehensive
portable multimedia and mobile internet system-on-a-chip (SoC)
solutions for portable consumer electronics, today reported its
financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Results
All financial results are reported on a U.S. GAAP basis.
Revenue for the first quarter of 2015 was $10.5 million, as compared to revenue of
$13.9 million for the fourth quarter
of 2014, and $11.3 million for the
first quarter of 2014.
Actions Semiconductor reported gross profit in the first quarter
of $2.5 million, as compared with negative $2.7 million in the fourth quarter of 2014
and $2.6 million in the first quarter of 2014.
Gross profit for the first quarter of 2015 benefited from sales of
certain lower-margin, slower moving inventories which were
written-down in the second half of 2014. Gross margin was 23.5% for
the first quarter of 2015, compared to gross margin of negative
19.2% for the fourth quarter of 2014, and 23.1% for the first
quarter of 2014. Gross margin continued to be impacted by
fierce competition in the tablet market.
Operating expenses in the first quarter of 2015 were $9.5
million, as compared to $10.9 million in the fourth
quarter of 2014 and $9.2 million in the first quarter of
2014. Research and development expenses were $6.8
million for the first quarter, as compared to $7.1
million in the fourth quarter of 2014 and $6.8
million in the first quarter of 2014. General and
administrative expenses were $2.0 million in the first
quarter, as compared to $2.7 million in the fourth
quarter of 2014 and $2.0 million in the first quarter of
2014. Selling and marketing expenses were $0.6
million for the first quarter, as compared to $0.6
million in the fourth quarter of 2014 and $0.4 million in the first quarter of 2014.
Impairment on intangible assets was nil in the first quarter, as
compared to $0.5 million in the
fourth quarter of 2014 and nil in the first quarter of 2014.
Operating loss for the first quarter of 2015 was $7.0
million, as compared to the operating loss of $13.3
million in fourth quarter of 2014 and the operating loss
of $6.1 million in the first quarter of 2014.
Interest income for the first quarter of 2015 was $1.6 million, down from $1.7 million in the fourth quarter of 2014 and
$3.1 million in the first quarter of
2014. The year-over-year decrease was due to lower cash and
interest bearing securities following the Dutch auction tender
offer in September 2014.
Net loss attributable to Actions Semiconductor's shareholders
for the first quarter of 2015 was $5.0
million or $0.085 per basic
and diluted American Depositary Share ("ADS"). This compares
to net loss attributable to Actions Semiconductor's shareholders of
$12.2 million or $0.206 per basic and diluted ADS, for the fourth
quarter of 2014, and net loss attributable to Actions
Semiconductor's shareholders of $5.5
million or $0.080 per basic
and diluted ADS, for the first quarter of 2014.
"Revenue in the first quarter came in at the mid-range of our
expectations. Overall demand was slow, primarily due to the
Chinese New Year holiday, which
causes a slowdown in production by consumer electronics
manufacturers in China, and softer
demand for tablets, which currently account for the largest
proportion of our application processor shipments, as the worldwide
tablet market experienced a year-over-year decline in shipments for
the second consecutive quarter. Our multimedia business
exceeded expectations, thanks to strong demand for our Bluetooth
4.0 solutions for speakers and boomboxes and an abatement in the
supply shortage from our wafer foundry," stated Dr. Zhenyu Zhou, CEO of Actions
Semiconductor.
"We entered 2015 armed with a portfolio of leading edge new
products that address a wide range of new and profitable
markets. We expect our new single chip Bluetooth 4.0 solution
for boomboxes, speakers, headphones and related products to be the
driving force in our multimedia business. We have two new chipsets
based on 28nm process technology targeting branded tablets, OTT
set-top boxes and other cloud connected devices. We began
shipping our 28nm based 32-bit quad-core solution to the tablet and
OTT set-top box markets in the first quarter and expect a
significant volume increase in the second quarter and beyond. Our
high performance 64-bit SoC is attracting strong customer interest
and design wins and is expected to make meaningful contributions to
revenue and gross profit in the second half of 2015. We are also
supporting the open source intelligent hardware community for
Android and Linux with the launch of 32-bit and 64-bit open-source
SoCs S500 and S900 and reference design platforms, which we believe
will drive development of differentiated new products for various
cloud connected devices. We believe these new products will support
revenue growth of 20% to 25% and good margin improvement in 2015,"
Dr. Zhou concluded.
Financial Condition
The Company ended the first quarter of 2015 with $162.4 million in cash and cash equivalents,
together with time deposits, trading securities and marketable
securities. Total current assets were approximately $188.5
million, and the Company had working capital of
approximately $127.2 million and $45.0
million in short-term bank loans as of March 31,
2015.
Since the share repurchase program commenced in 2007, the
Company has invested approximately $80.0
million in repurchasing its ADSs and ordinary shares,
including $25.0 million representing
the equivalent of 10.0 million ADSs repurchased through a Dutch
auction tender offer in September 2014. As of March 31, 2015, the equivalent of approximately
34.3 million ADSs were repurchased. As of March 31, 2015, total number of outstanding
ordinary shares (including ordinary shares represented by ADSs) was
351,667,139.
Business Outlook
The following statements are based upon management's current
expectations. These statements are forward-looking, and actual
results may differ materially. The Company undertakes no obligation
to update these statements.
Based on current market trends, the Company expects revenue in
the second quarter of 2015 to be in the range of $13.0 to $14.0 million. The Company expects
shipments of its newly launched products to ramp quickly in the
upcoming quarter and accelerate in the second half of 2015.
Conference Call Details
Actions Semiconductor's management will conduct an earnings
conference call offering prepared remarks on the first quarter of
fiscal year 2015, new products, business outlook and other
matters. While the Company continues
to welcome written questions and comments from its shareholders,
the management will not be conducting a question and answer session
during the call.
The teleconference and webcast is scheduled to begin at
8:00 a.m. Eastern Time, on
Tuesday, May 12, 2015. To participate
in the live call, analysts and investors should dial 1-888-468-2440
(within U.S.) or 1-719-325-2494 (outside U.S.) at least ten minutes
prior to the call. The conference ID number is 7788731. Actions
Semiconductor will also offer a live and archived webcast of the
conference call, accessible from the "Investor Relations" section
of the Company's website at www.actions-semi.com. An audio
replay of the call will be available to investors through
May 23, 2015 by dialing
1-888-203-1112 (within U.S.) or 1-719-457-0820 (outside U.S.) and
entering access code 7788731.
About Actions SemiconductorActions Semiconductor is one
of China's leading fabless
semiconductor companies that provides comprehensive portable
multimedia and mobile internet system-on-a-chip (SoC) solutions for
portable consumer electronics. Actions Semiconductor products
include SoCs, firmware, software, solution development kits, as
well as detailed specifications of other required components.
Actions Semiconductor also provides total product and technology
solutions that allow customers to quickly introduce new portable
consumer electronics to the mass market in a cost effective way.
The Company is headquartered in Zhuhai, China, with offices in Shanghai, Shenzhen, Hong
Kong and Taipei. For more
information, please visit the Actions Semiconductor website at
http://www.actions-semi.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
Statements contained in this release that are not historical
facts are forward-looking statements, as that term is defined in
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include statements concerning the
outlook for its new products enabled by 28nm process technology and
64-bit CPU for tablets and high-end OTT set-top boxes, 32-bit and
64-bit open-source SoCs and reference design platforms, and new
single chip SoC for Bluetooth boomboxes, customer acceptance of the
Actions Semiconductor's new products and corresponding increases in
market share, Actions Semiconductor's belief that it is positioned
to capture some upside from its new products and Actions
Semiconductor's future expectations with respect to revenue and
gross margin. Actions Semiconductor uses words like
"believe," "anticipate," "intend," "estimate," "expect," "project"
and similar expressions to identify forward-looking statements,
although not all forward-looking statements contain these words.
These forward-looking statements are estimates reflecting current
assumptions, expectations and projections about future events and
involve significant risks, both known and unknown, uncertainties
and other factors that may cause Actions Semiconductor's actual
performance, financial condition or results of operations to be
materially different from those suggested by the forward-looking
statements including, among others, customers' cancellation or
modification of their orders; our failure to accurately forecast
demand for our products; the loss of, or a significant reduction in
orders from, any of our significant customers; fluctuations in our
operating results; our inability to develop and sell new products;
defects in or failures of our products; the expense and uncertainty
involved in our customer design-win efforts; the financial
viability of the distributors of our products; consumer demand;
worldwide economic and political conditions; fluctuations in our
costs to manufacture our products; our reliance on third parties to
manufacture, test, assemble and ship our products; our ability to
retain and attract key personnel; our ability to compete with our
competitors; and our ability to protect our intellectual property
rights and not infringe the intellectual property rights of others.
Other factors that may cause our actual results to differ from
those set forth in the forward-looking statements contained in this
press release and that may affect our prospects in general are
described in our filings with the Securities and Exchange
Commission, including our most recently filed Forms F-1, 20-F and
6-Ks. Other unknown or unpredictable factors also could have
material adverse effects on Actions Semiconductor's future results,
performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this press release may not occur. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date stated, or if no date is stated, as
of the date of this press release. Except as required by law,
Actions Semiconductor undertakes no obligation and does not intend
to update or revise any forward-looking statement to reflect
subsequent events or changed assumptions or circumstances.
|
Investor
Contacts:
|
|
|
Elaine Ketchmere,
CFA
|
Ally Xie, CA,
CPA
|
|
Compass Investor
Relations
|
Actions
Semiconductor
|
|
eketchmere@compass-ir.com
|
investor.relations@actions-semi.com
|
|
+1-310-528-3031
|
+86-756-3392353*1018
|
|
|
|
|
|
|
|
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
|
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
|
|
(in thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
At March 31,
|
|
At December 31,
|
|
At March 31,
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
(unaudited)
|
|
(audited)
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
61,855
|
|
78,177
|
|
40,596
|
|
|
Time deposit
|
5,632
|
|
5
|
|
322
|
|
|
Restricted deposits
|
51,786
|
|
51,590
|
|
37,823
|
|
|
Marketable securities
|
43,035
|
|
38,384
|
|
124,509
|
|
|
Trading securities
|
72
|
|
70
|
|
73
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $68, $558 and $23
as
of March 31, 2015, December 31, 2014 and March 31, 2014,
respectively
|
2,833
|
|
2,832
|
|
6,784
|
|
|
Amount due from a related
party
|
555
|
|
1,650
|
|
725
|
|
|
Notes receivable
|
-
|
|
161
|
|
-
|
|
|
Amount due from an equity method
investee
|
48
|
|
41
|
|
42
|
|
|
Inventories, net of inventory
written-down of $6,942, $7,718 and $1,965 as of
March 31,
2015, December 31, 2014 and March 31, 2014, respectively
|
14,978
|
|
13,970
|
|
25,308
|
|
|
Prepaid expenses and other current
assets
|
5,689
|
|
4,511
|
|
3,466
|
|
|
Income tax recoverable
|
345
|
|
186
|
|
46
|
|
|
Deferred tax assets
|
1,644
|
|
1,179
|
|
578
|
|
|
Total current
assets
|
188,472
|
|
192,756
|
|
240,272
|
|
|
|
|
|
|
|
|
|
Investments in equity method
investees
|
27,323
|
|
27,352
|
|
17,779
|
|
|
Other investments
|
15,627
|
|
15,627
|
|
15,627
|
|
|
Marketable securities
|
-
|
|
-
|
|
16,099
|
|
|
Rental deposits
|
65
|
|
54
|
|
70
|
|
|
Property, plant and equipment,
net
|
29,929
|
|
30,327
|
|
31,142
|
|
|
Land use right
|
1,505
|
|
1,514
|
|
1,542
|
|
|
Acquired intangible assets,
net
|
15,345
|
|
16,459
|
|
10,862
|
|
|
Deposit paid for acquisition of
intangible assets
|
547
|
|
538
|
|
380
|
|
|
Deferred tax assets
|
49
|
|
53
|
|
93
|
|
|
TOTAL
ASSETS
|
278,862
|
|
284,680
|
|
333,866
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
6,633
|
|
5,790
|
|
9,992
|
|
|
Amount due to a related
party
|
162
|
|
259
|
|
-
|
|
|
Accrued expenses and other current
liabilities
|
7,148
|
|
8,349
|
|
5,024
|
|
|
Short-term bank loans
|
45,000
|
|
45,000
|
|
40,500
|
|
|
Other liabilities
|
1,929
|
|
1,929
|
|
1,331
|
|
|
Income tax payable
|
49
|
|
49
|
|
49
|
|
|
Deferred tax liabilities
|
314
|
|
160
|
|
417
|
|
|
Total current
liabilities
|
61,235
|
|
61,536
|
|
57,313
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
-
|
|
-
|
|
370
|
|
|
Payable for acquisition of intangible
assets
|
155
|
|
155
|
|
-
|
|
|
Deferred tax liabilities
|
883
|
|
919
|
|
3,493
|
|
|
Total
liabilities
|
62,273
|
|
62,610
|
|
61,176
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Ordinary shares
|
1
|
|
1
|
|
1
|
|
|
Additional paid-in
capital
|
63,051
|
|
63,046
|
|
63,007
|
|
|
Treasury Stock
|
(70,964)
|
|
(70,479)
|
|
(44,423)
|
|
|
Accumulated other comprehensive
income
|
36,933
|
|
36,937
|
|
36,672
|
|
|
Retained earnings
|
187,601
|
|
192,598
|
|
217,464
|
|
|
Total Actions
Semiconductor Co., Ltd. shareholders' equity
|
216,622
|
|
222,103
|
|
272,721
|
|
|
Non-controlling
interest
|
(33)
|
|
(33)
|
|
(31)
|
|
|
Total
equity
|
216,589
|
|
222,070
|
|
272,690
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
278,862
|
|
284,680
|
|
333,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
|
|
CONSOLIDATED
CONDENSED STATEMENT OF OPERATIONS
|
|
|
(in thousands of
U.S. dollars, except number of shares and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip
products
|
|
10,447
|
|
13,826
|
|
11,285
|
|
|
Semiconductor product testing
services
|
|
30
|
|
36
|
|
27
|
|
|
|
10,477
|
|
13,862
|
|
11,312
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip
products
|
|
(8,006)
|
|
(16,505)
|
|
(8,678)
|
|
|
Semiconductor product testing
services
|
|
(11)
|
|
(18)
|
|
(18)
|
|
|
|
(8,017)
|
|
(16,523)
|
|
(8,696)
|
|
|
Gross profit
(loss)
|
|
2,460
|
|
(2,661)
|
|
2,616
|
|
|
Other operating
income
|
|
60
|
|
231
|
|
479
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
(6,845)
|
|
(7,066)
|
|
(6,776)
|
|
|
General and administrative
|
|
(2,049)
|
|
(2,661)
|
|
(2,037)
|
|
|
Selling and marketing
|
|
(594)
|
|
(601)
|
|
(384)
|
|
|
Impairment on intangible
assets
|
|
-
|
|
(535)
|
|
-
|
|
|
Total operating
expenses
|
|
(9,488)
|
|
(10,863)
|
|
(9,197)
|
|
|
Loss from
operations
|
|
(6,968)
|
|
(13,293)
|
|
(6,102)
|
|
|
Other income
(expense)
|
|
16
|
|
(1,085)
|
|
(2,504)
|
|
|
Interest
income
|
|
1,646
|
|
1,699
|
|
3,080
|
|
|
Interest
expense
|
|
(163)
|
|
(147)
|
|
(137)
|
|
|
Loss before income
taxes, equity in net (loss) income of
equity method investees and
non-controlling interest
|
|
(5,469)
|
|
(12,826)
|
|
(5,663)
|
|
|
Income tax
credit
|
|
499
|
|
337
|
|
165
|
|
|
Equity in net (loss)
income of equity method investees
|
|
(27)
|
|
332
|
|
3
|
|
|
Net loss
|
|
(4,997)
|
|
(12,157)
|
|
(5,495)
|
|
|
Less: Net loss
attributable to non-controlling interest
|
|
-
|
|
1
|
|
-
|
|
|
Net loss attributable
to Actions Semiconductor Co., Ltd. Shareholders
|
|
(4,997)
|
|
(12,156)
|
|
(5,495)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Actions Semiconductor Co., Ltd. Shareholders
|
|
|
|
|
|
|
|
|
Basic (per
share)
|
|
(0.014)
|
|
(0.034)
|
|
(0.013)
|
|
|
Diluted (per
share)
|
|
(0.014)
|
|
(0.034)
|
|
(0.013)
|
|
|
|
|
|
|
|
|
|
|
Basic (per
ADS)
|
|
(0.085)
|
|
(0.206)
|
|
(0.080)
|
|
|
Diluted (per
ADS)
|
|
(0.085)
|
|
(0.206)
|
|
(0.080)
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
352,379,927
|
|
353,508,683
|
|
411,501,170
|
|
|
Diluted
|
|
352,379,927
|
|
353,508,683
|
|
411,501,170
|
|
|
|
|
|
|
|
|
|
|
Weighted-average ADS
used in computation :
|
|
|
|
|
|
|
|
|
Basic
|
|
58,729,988
|
|
58,918,114
|
|
68,583,528
|
|
|
Diluted
|
|
58,729,988
|
|
58,918,114
|
|
68,583,528
|
|
|
|
|
|
|
|
|
|
|
Note: Share-based
compensation recorded in each
|
|
|
|
|
|
|
|
|
expense classification above is as
follows:
|
|
|
|
|
|
|
|
|
Research and development
|
|
5
|
|
-
|
|
4
|
|
|
General and administrative
|
|
-
|
|
-
|
|
2
|
|
|
Selling and marketing
|
|
|
|
1
|
|
-
|
|
|
Cost of revenues
|
|
-
|
|
28
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
(in thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
(4,997)
|
|
(12,157)
|
|
(5,495)
|
|
|
Adjustments to reconcile net loss to net cash provided by
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and
equipment
|
|
475
|
|
487
|
|
503
|
|
|
Allowance for doubtful accounts
receivable
|
|
490
|
|
179
|
|
-
|
|
|
Amortization of land use
right
|
|
9
|
|
9
|
|
9
|
|
|
Amortization of acquired intangible
assets
|
|
1,228
|
|
1,138
|
|
1,138
|
|
|
(Reversal of) write down of
inventories
|
|
(776)
|
|
3,971
|
|
-
|
|
|
Loss (gain) on disposal of property,
plant and equipment
|
|
-
|
|
2
|
|
(3)
|
|
|
Loss on disposal of intangible
assets
|
|
-
|
|
5
|
|
-
|
|
|
Share of net loss (gain) of equity
method investees
|
|
27
|
|
(332)
|
|
(3)
|
|
|
Share-based compensation
|
|
5
|
|
29
|
|
6
|
|
|
Deferred taxes
|
|
(343)
|
|
(299)
|
|
(179)
|
|
|
Impairment loss recognised in respect
of intangible assets
|
|
-
|
|
535
|
|
-
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(491)
|
|
1,487
|
|
(1,046)
|
|
|
Amount due from a related
party
|
|
1,095
|
|
(618)
|
|
576
|
|
|
Inventories
|
|
(232)
|
|
4,602
|
|
(5,468)
|
|
|
Amount due from an equity
method investee
|
|
(7)
|
|
5
|
|
(4)
|
|
|
Prepaid expenses and other
current assets
|
|
(1,178)
|
|
(1,120)
|
|
415
|
|
|
Accounts payable
|
|
833
|
|
901
|
|
4,058
|
|
|
Accrued expenses and other
current liabilities
|
|
(1,214)
|
|
935
|
|
(1,232)
|
|
|
Amount due to a related
party
|
|
(97)
|
|
-
|
|
-
|
|
|
Income tax
recoverable
|
|
(159)
|
|
(34)
|
|
19
|
|
|
Income tax
payable
|
|
-
|
|
1
|
|
-
|
|
|
Rental deposit
paid
|
|
(11)
|
|
-
|
|
(11)
|
|
|
Notes Receivable
|
|
161
|
|
(161)
|
|
-
|
|
|
Net cash used in
operating activities
|
|
(5,182)
|
|
(435)
|
|
(6,717)
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from redemption of marketable
securities
|
|
-
|
|
6,019
|
|
41,432
|
|
|
Purchase of marketable
securities
|
|
(4,649)
|
|
(906)
|
|
(39,284)
|
|
|
Proceeds from disposal of property,
plant and equipment
|
|
-
|
|
-
|
|
18
|
|
|
Purchase of property, plant and
equipment
|
|
(76)
|
|
(66)
|
|
(483)
|
|
|
Purchase of intangible
assets
|
|
(111)
|
|
(2,606)
|
|
(20)
|
|
|
Increase in restricted
deposits
|
|
(195)
|
|
(13,089)
|
|
(11,021)
|
|
|
(Increase) decrease in time
deposits
|
|
(5,627)
|
|
156
|
|
-
|
|
|
Deposit paid for acquisition of
intangible assets
|
|
-
|
|
(108)
|
|
(240)
|
|
|
Proceeds from disposal of intangible
assets
|
|
-
|
|
-
|
|
24
|
|
|
Net cash used in
investing activities
|
|
(10,658)
|
|
(10,600)
|
|
(9,574)
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from exercise of share
option
|
|
147
|
|
132
|
|
757
|
|
|
Repurchase of ordinary
shares
|
|
(632)
|
|
(441)
|
|
(1,061)
|
|
|
Raise of short-term bank
loans
|
|
-
|
|
21,500
|
|
10,000
|
|
|
Repayment of short-term bank
loans
|
|
-
|
|
(10,000)
|
|
(5,000)
|
|
|
Net cash (used in)
provided by financing activities
|
|
(485)
|
|
11,191
|
|
4,696
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
(16,325)
|
|
156
|
|
(11,595)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
|
78,177
|
|
78,520
|
|
53,263
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
3
|
|
(499)
|
|
(1,072)
|
|
|
Cash and cash
equivalents at the end of the period
|
|
61,855
|
|
78,177
|
|
40,596
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/actions-semiconductor-reports-first-quarter-2015-results-300081676.html
SOURCE Actions Semiconductor Co., Ltd.