ZHUHAI, China, Feb. 3,
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
fourth quarter and year ended December 31,
2014.
All financial results are reported on a U.S. GAAP basis.
Revenue for the fourth quarter of 2014 was $13.9 million, as compared to revenue of
$13.1 million for the third quarter
of 2014, and $17.6 million for the
fourth quarter of 2013.
Revenue for the year ended December 31,
2014 was $50.3 million, compared to $69.4
million for the year ended December 31, 2013.
Net loss attributable to Actions Semiconductor's shareholders
for the fourth quarter of 2014 was $12.2
million or $0.206 per basic
and diluted American Depositary Share ("ADS"). This compares to net
loss attributable to Actions Semiconductor's shareholders of
$9.2 million or $0.137 per basic and diluted ADS, for the third
quarter of 2014, and net loss attributable to Actions
Semiconductor's shareholders of $0.8
million or $0.012 per basic
and diluted ADS, for the fourth quarter of 2013.
Net loss attributable to Actions Semiconductor's shareholders
for the year ended December 31, 2014 was $30.4
million or $0.461 per basic and diluted ADS. This
compares to a net income attributable to Actions Semiconductor's
shareholders of $0.1
million or $0.002 per basic and diluted ADS, for the
year ended December 31, 2013.
Actions Semiconductor reported gross margin of negative 19.2%
for the fourth quarter of 2014, compared to gross margin of 14.6%
for the third quarter of 2014, and 22.2% for the fourth quarter of
2013. Gross margin was impacted by fierce competition in the tablet
market and a significant inventory write-down that reduced margin
by nearly 30%. The Company ended the fourth quarter with
$168.2 million in cash and cash
equivalents, together with time deposits, trading securities and
marketable securities.
Since the share repurchase program commenced in 2007, the
Company has invested approximately $79.4
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 December 31, 2014,
the equivalent of approximately 33.9 million ADSs were
repurchased.
"In the fourth quarter of 2014, revenue came in toward the low
end of our expectations, primarily due to the lingering effects of
a supply shortage of wafers for multimedia products from our
foundry, along with relatively flat demand and persistent, intense
competition in the worldwide tablet market. Negative gross margin,
along with a non-cash impairment charge of intangibles related to
the reorganization of our corporate structure contributed to the
loss for the quarter," stated Dr. Zhenyu
Zhou, CEO of Actions Semiconductor.
"As our financial performance demonstrates, 2014 was a
challenging year for Actions. Despite these challenges, we were
steadfast in our commitment to invest in our future and expect to
generate strong results in the year ahead. We are optimistic the
recent launches of two new chipsets based on 28 nm process
technology, including our ultra-high performance 64-bit, quad-core
solution, the ATM9009, will allow us to compete more effectively in
the application processor market including the tablet market, the
OTT set-top box market and other cloud connected device market.
These value-added application processor markets will move Actions
beyond tablets into new and profitable growth markets. In our
multimedia business, Bluetooth will be the driving force in 2015
and beyond. We expect our newly launched single-chip Bluetooth 4.0
solution for boomboxes, speakers, headphones and related products
will establish Actions as a significant player in the rapidly
growing Bluetooth voice and music market."
"Supported by these recent product launches, we are targeting
revenue growth of 20% to 25% and a good margin improvement in 2015.
We will also focus on cost control, with the goal of reducing
operating expenses from 2014 levels," Dr. Zhou concluded.
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 first quarter of 2015 to be in the range of $9.5 to $11.5 million. The Company's newly
launched products are not expected to contribute to first quarter
results, as sales volumes will begin to ramp in the second quarter
of 2015. In addition, the first quarter of the year is
traditionally the seasonally slowest quarter due to the
Chinese New Year holiday, which
causes a slowdown in production by consumer electronics
manufacturers in China for
approximately three to four weeks.
Conference Call Details
Actions Semiconductor's fourth quarter of fiscal year 2014
teleconference and webcast is scheduled to begin at 8:00 a.m. Eastern Time, on Tuesday, February 3, 2015. To participate in the
live call, analysts and investors should dial 1-888-299-7209
(within U.S.) or 1-719-325-2464 (outside U.S.) at least ten minutes
prior to the call. The conference ID number is 9195995. 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 February 13, 2015 by dialing 1-888-203-1112
(within U.S.) or 1-719-457-0820 (outside U.S.) and entering access
code 9195995.
About Actions Semiconductor
Actions 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 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.
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 December
31,
|
|
At September 30,
|
|
At December 31,
|
|
2014
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
78,177
|
|
78,520
|
|
53,263
|
|
Time
deposit
|
5
|
|
161
|
|
347
|
|
Restricted
deposits
|
51,590
|
|
38,985
|
|
27,161
|
|
Marketable
securities
|
38,384
|
|
43,520
|
|
126,607
|
|
Trading
securities
|
70
|
|
74
|
|
74
|
|
Accounts
receivable, net of allowance for doubtful accounts of $558, $379
and $nil as of December 31, 2014, September 30, 2014 and December
31, 2013, respectively
|
2,832
|
|
4,520
|
|
5,782
|
|
Amount due
from a related party
|
1,650
|
|
1,032
|
|
1,301
|
|
Notes
receivable
|
161
|
|
-
|
|
-
|
|
Amount due
from an equity method investee
|
41
|
|
46
|
|
38
|
|
Inventories,
net of inventory written-down of $7,718, $3,747 and $1,558 as
of December 31, 2014, September 30, 2014 and December 31,
2013, respectively
|
13,970
|
|
22,806
|
|
20,278
|
|
Prepaid
expenses and other current assets
|
4,511
|
|
3,563
|
|
3,972
|
|
Income tax
recoverable
|
186
|
|
154
|
|
67
|
|
Deferred tax
assets
|
1,179
|
|
848
|
|
416
|
|
Total current
assets
|
192,756
|
|
194,229
|
|
239,306
|
|
|
|
|
|
|
|
Investments in
equity method investees
|
27,352
|
|
27,061
|
|
17,843
|
|
Other
investments
|
15,627
|
|
15,639
|
|
15,648
|
|
Marketable
securities
|
-
|
|
-
|
|
17,139
|
|
Rental
deposits
|
54
|
|
55
|
|
61
|
|
Property,
plant and equipment, net
|
30,327
|
|
31,183
|
|
31,896
|
|
Land use
right
|
1,514
|
|
1,545
|
|
1,588
|
|
Acquired
intangible assets, net
|
16,459
|
|
17,684
|
|
12,218
|
|
Deposit paid
for acquisition of intangible assets
|
538
|
|
430
|
|
145
|
|
Deferred tax
assets
|
53
|
|
85
|
|
99
|
|
TOTAL
ASSETS
|
284,680
|
|
287,911
|
|
335,943
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
6,049
|
|
5,170
|
|
6,016
|
|
Accrued
expenses and other current liabilities
|
8,349
|
|
9,680
|
|
6,127
|
|
Short-term
bank loans
|
45,000
|
|
33,500
|
|
35,500
|
|
Other
liabilities
|
1,929
|
|
1,728
|
|
1,362
|
|
Income tax
payable
|
49
|
|
49
|
|
49
|
|
Deferred tax
liabilities
|
160
|
|
108
|
|
343
|
|
Total current
liabilities
|
61,536
|
|
50,235
|
|
49,397
|
|
|
|
|
|
|
|
Other
liabilities
|
-
|
|
229
|
|
412
|
|
Payable for
acquisition of intangible assets
|
155
|
|
-
|
|
-
|
|
Deferred tax
liabilities
|
919
|
|
958
|
|
3,589
|
|
Total
liabilities
|
62,610
|
|
51,422
|
|
53,398
|
|
Equity:
|
|
|
|
|
|
|
Ordinary
shares
|
1
|
|
1
|
|
1
|
|
Additional
paid-in capital
|
63,046
|
|
63,017
|
|
63,001
|
|
Treasury
Stock
|
(70,479)
|
|
(70,170)
|
|
(44,119)
|
|
Accumulated
other comprehensive income
|
36,937
|
|
38,919
|
|
40,734
|
|
Retained
earnings
|
192,598
|
|
204,754
|
|
222,959
|
|
Total Actions Semiconductor Co., Ltd. shareholders' equity
|
222,103
|
|
236,521
|
|
282,576
|
|
Non-controlling
interest
|
(33)
|
|
(32)
|
|
(31)
|
|
Total
equity
|
222,070
|
|
236,489
|
|
282,545
|
|
TOTAL LIABILITIES
AND EQUITY
|
284,680
|
|
287,911
|
|
335,943
|
|
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
|
|
Year ended
|
|
Year ended
|
|
|
December
31,
|
|
December
31,
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Third-parties:
|
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
10,425
|
|
15,095
|
|
40,932
|
|
64,617
|
|
Semiconductor product testing services
|
|
36
|
|
29
|
|
117
|
|
135
|
|
|
10,461
|
|
15,124
|
|
41,049
|
|
64,752
|
|
Related-parties:
|
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
3,401
|
|
2,451
|
|
9,211
|
|
4,639
|
|
Total
revenues
|
|
13,862
|
|
17,575
|
|
50,260
|
|
69,391
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Third-parties:
|
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
(12,920)
|
|
(11,567)
|
|
(37,743)
|
|
(44,324)
|
|
Semiconductor product testing services
|
|
(18)
|
|
(13)
|
|
(46)
|
|
(58)
|
|
|
(12,938)
|
|
(11,580)
|
|
(37,789)
|
|
(44,382)
|
|
Related-parties:
|
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
(3,585)
|
|
(2,094)
|
|
(8,405)
|
|
(3,583)
|
|
Total cost of
revenues
|
|
(16,523)
|
|
(13,674)
|
|
(46,194)
|
|
(47,965)
|
|
Gross (loss)
profit
|
|
(2,661)
|
|
3,901
|
|
4,066
|
|
21,426
|
|
Other operating
income
|
|
231
|
|
1,517
|
|
890
|
|
2,170
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
(7,066)
|
|
(6,086)
|
|
(31,123)
|
|
(25,994)
|
|
General and
administrative
|
|
(2,661)
|
|
(2,547)
|
|
(10,330)
|
|
(8,764)
|
|
Selling and
marketing
|
|
(601)
|
|
(614)
|
|
(2,175)
|
|
(2,057)
|
|
Impairment on
intangible assets
|
|
(535)
|
|
-
|
|
(820)
|
|
-
|
|
Total operating
expenses
|
|
(10,863)
|
|
(9,247)
|
|
(44,448)
|
|
(36,815)
|
|
Loss from
operations
|
|
(13,293)
|
|
(3,829)
|
|
(39,492)
|
|
(13,219)
|
|
Other (expense)
income
|
|
(1,085)
|
|
779
|
|
(2,736)
|
|
2,336
|
|
Dividend income from
an other investment
|
|
-
|
|
-
|
|
423
|
|
493
|
|
Other-than-temporary
impairment loss on investments
|
|
-
|
|
(681)
|
|
-
|
|
(681)
|
|
Interest
income
|
|
1,699
|
|
3,241
|
|
9,611
|
|
12,358
|
|
Interest
expense
|
|
(147)
|
|
(146)
|
|
(530)
|
|
(498)
|
|
(Loss) income before
income taxes, equity in net income (loss) of
equity method investees and non-controlling interest
|
|
(12,826)
|
|
(636)
|
|
(32,724)
|
|
789
|
|
Income tax credit
(expense)
|
|
337
|
|
(108)
|
|
1,796
|
|
(403)
|
|
Equity in net income
(loss) of equity method investees
|
|
332
|
|
(82)
|
|
566
|
|
(264)
|
|
Net (loss)
income
|
|
(12,157)
|
|
(826)
|
|
(30,362)
|
|
122
|
|
Less: Net loss
attributable to non-controlling interest
|
|
1
|
|
1
|
|
1
|
|
2
|
|
Net (loss) income
attributable to Actions Semiconductor Co., Ltd.
Shareholders
|
|
(12,156)
|
|
(825)
|
|
(30,361)
|
|
124
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Actions Semiconductor Co., Ltd.
Shareholders
|
|
|
|
|
|
|
|
|
|
Basic (per
share)
|
|
(0.034)
|
|
(0.002)
|
|
(0.077)
|
|
0.000
|
|
Diluted (per
share)
|
|
(0.034)
|
|
(0.002)
|
|
(0.077)
|
|
0.000
|
|
|
|
|
|
|
|
|
|
|
Basic (per
ADS)
|
|
(0.206)
|
|
(0.012)
|
|
(0.461)
|
|
0.002
|
|
Diluted (per
ADS)
|
|
(0.206)
|
|
(0.012)
|
|
(0.461)
|
|
0.002
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computation:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
353,508,683
|
|
412,162,575
|
|
395,380,921
|
|
412,103,255
|
|
Diluted
|
|
353,508,683
|
|
412,162,575
|
|
395,380,921
|
|
425,415,011
|
|
|
|
|
|
|
|
|
|
|
Weighted-average ADS
used in computation :
|
|
|
|
|
|
|
|
|
|
Basic
|
|
58,918,114
|
|
68,693,763
|
|
65,896,820
|
|
68,683,876
|
|
Diluted
|
|
58,918,114
|
|
68,693,763
|
|
65,896,820
|
|
70,902,502
|
|
|
|
|
|
|
|
|
|
|
Note: Share-based
compensation recorded in each
|
|
|
|
|
|
|
|
|
|
expense
classification above is as follows:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
-
|
|
74
|
|
10
|
|
347
|
|
General and
administrative
|
|
-
|
|
25
|
|
5
|
|
79
|
|
Selling and
marketing
|
|
1
|
|
3
|
|
1
|
|
17
|
|
Cost of
revenues
|
|
28
|
|
-
|
|
28
|
|
49
|
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in thousands of
U.S. dollars)
|
|
Three months ended
|
|
Year ended
|
|
Year ended
|
|
December
31,
|
|
December 31,
|
|
December 31,
|
|
2014
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
Operating
activities:
|
|
|
|
|
|
|
Net (loss)
income
|
(12,157)
|
|
(30,362)
|
|
122
|
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation
of property, plant and equipment
|
487
|
|
1,949
|
|
2,072
|
|
Amortization
of land use right
|
9
|
|
36
|
|
36
|
|
Amortization
of acquired intangible assets
|
1,138
|
|
4,991
|
|
3,480
|
|
Allowance for
doubtful accounts receivable
|
179
|
|
558
|
|
-
|
|
Utilization of
subsidy from local authorities of Zhuhai, the People's Republic of
China ("PRC")
|
-
|
|
-
|
|
(1,068)
|
|
Write down of
inventories
|
3,971
|
|
6,160
|
|
-
|
|
Gain (Loss) on
disposal of property, plant and equipment
|
2
|
|
(1)
|
|
-
|
|
Loss on
disposal of intangible assets
|
5
|
|
420
|
|
-
|
|
Share of net
(income) loss of equity method investees
|
(330)
|
|
(564)
|
|
264
|
|
Share-based compensation
|
29
|
|
45
|
|
492
|
|
Deferred
tax
|
(299)
|
|
(3,576)
|
|
279
|
|
Dividend
income from an other investment
|
-
|
|
(423)
|
|
(493)
|
|
Impairment loss recognised in respect of other investments
|
-
|
|
-
|
|
681
|
|
Impairment loss recognised in respect of intangible assets
|
535
|
|
820
|
|
-
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
1,487
|
|
2,349
|
|
195
|
|
Amount due from a related party
|
(618)
|
|
(349)
|
|
(961)
|
|
Inventories
|
4,602
|
|
(256)
|
|
(7,821)
|
|
Amount due from an equity method investee
|
5
|
|
(3)
|
|
41
|
|
Prepaid expenses and other current assets
|
(1,122)
|
|
(753)
|
|
922
|
|
Accounts payable
|
901
|
|
86
|
|
(2,198)
|
|
Accrued expenses and other current liabilities
|
935
|
|
(415)
|
|
(3,717)
|
|
Income tax recoverable
|
(34)
|
|
(122)
|
|
123
|
|
Income tax payable
|
1
|
|
1
|
|
2
|
|
Rental deposit received (paid)
|
-
|
|
5
|
|
(11)
|
|
Note Receivables
|
(161)
|
|
(161)
|
|
-
|
|
Dividend received
|
-
|
|
425
|
|
-
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
(435)
|
|
(19,140)
|
|
(7,560)
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
Investment in
an equity method investee
|
-
|
|
(9,016)
|
|
(3,712)
|
|
Proceeds from
redemption of marketable securities
|
6,019
|
|
159,296
|
|
112,966
|
|
Purchase of
marketable securities
|
(906)
|
|
(54,290)
|
|
(113,329)
|
|
Proceeds from
disposal of property, plant and equipment
|
-
|
|
20
|
|
41
|
|
Purchase of
property, plant and equipment
|
(66)
|
|
(1,156)
|
|
(706)
|
|
Purchase of
intangible assets
|
(2,606)
|
|
(8,044)
|
|
(4,134)
|
|
Decrease
(increase) in time deposits
|
156
|
|
318
|
|
(340)
|
|
Deposit paid
for acquisition of intangible assets
|
(108)
|
|
(457)
|
|
(145)
|
|
Increase in
restricted deposits
|
(13,089)
|
|
(24,974)
|
|
(16,819)
|
|
Proceeds from
disposal of intangible assets
|
-
|
|
24
|
|
-
|
|
|
|
|
|
|
|
Net cash (used in)
provided by investing activities
|
(10,600)
|
|
61,721
|
|
(26,178)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
Advance
subsidy from local authorities of Zhuhai, the PRC
|
-
|
|
232
|
|
714
|
|
Proceeds from
exercise of share-based awards
|
132
|
|
2,542
|
|
3,041
|
|
Repurchase of
ordinary shares
|
(441)
|
|
(28,902)
|
|
(4,853)
|
|
Raise of
short-term bank loans
|
21,500
|
|
31,500
|
|
15,000
|
|
Repayment of
short-term bank loans
|
(10,000)
|
|
(22,000)
|
|
-
|
|
Net cash provided by
(used in) financing activities
|
11,191
|
|
(16,628)
|
|
13,902
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
156
|
|
25,953
|
|
(19,836)
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
78,520
|
|
53,263
|
|
71,336
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(499)
|
|
(1,039)
|
|
1,763
|
|
Cash and cash
equivalents at the end of the period
|
78,177
|
|
78,177
|
|
53,263
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/actions-semiconductor-reports-fourth-quarter-and-full-year-2014-results-300029792.html
SOURCE Actions Semiconductor Co., Ltd.