ZHUHAI, China, March 31, 2016 /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 full year ended
December 31, 2015.
Commenting on the fourth quarter results, Dr. Zhenyu Zhou, CEO of Actions Semiconductor said,
"Revenue in the fourth quarter came in at the high end of
expectations, primarily due to strong shipments of our latest
solutions for Bluetooth-enabled devices and HD video
boomboxes. In our application processor business, sluggish
global demand for consumer electronics adversely impacted shipments
of our tablet and OTT set-top box solutions. Smart product
SoCs, including our open source SoCs and reference design
platforms, still account for a small portion of our shipments but
are contributing favorably to gross margin.
"Reflecting on our performance in 2015, we entered the year with
a strategy to increase revenue, improve gross margin and reduce
expenses. Although market conditions and competition in
the tablet and OTT set-top box markets prohibited us from achieving
revenue growth in 2015, we were successful in establishing a
meaningful position in the Bluetooth audio and music market and
introducing a number of new products targeting profitable and
growing end markets. We also achieved a solid improvement in
gross margin and reduced R&D expenses without sacrificing our
ability to compete effectively.
"This year has gotten off to a turbulent start, with the
weakening global economy and slower growth in China contributing to what is expected to be
the largest slump in the technology sector since the global
recession. However, we still see opportunities for growth,
particularly in the Bluetooth and OTT set-top box markets, and we
will strive to increase revenue in the year ahead. We also
expect R&D expenditures in 2016 to be below 2015 levels," Dr.
Zhou concluded.
Fourth Quarter 2015 Results
All financial results are reported on a U.S. GAAP basis.
Revenue for the fourth quarter of 2015 was $11.9 million, as compared to revenue of
$13.0 million for the third quarter
of 2015, and $13.9 million for the
fourth quarter of 2014.
Actions Semiconductor reported gross profit in the fourth
quarter of $1.3 million, as compared with $3.5
million in the third quarter of 2015 and a gross loss of
$2.7 million in the fourth
quarter of 2014. Gross margin was 11.1% for the fourth
quarter of 2015, compared to gross margin of 26.6% for the third
quarter of 2015, and negative 19.2% for the fourth quarter of
2014. The quarter-over-quarter decrease in gross margin was
primarily the result of a write-down of certain slower moving
inventory which reduced gross margin by about 9%. In
the year ago period the Company recorded a significant inventory
write-down that reduced gross margin by nearly 30%.
Operating expenses in the fourth quarter of 2015 were $9.1
million, as compared to $16.4 million in the third
quarter of 2015 and $10.9 million in the fourth quarter
of 2014.
Research and development expenses were $6.4
million for the fourth quarter, as compared to $8.3
million in the third quarter of 2015 and $7.1
million in the fourth quarter of 2014. The
quarter-over-quarter and year-over-year decreases were mainly due
to higher mask expenses in each of the comparable periods.
General and administrative expenses were $2.3
million in the fourth quarter, as compared to $3.1
million in the third quarter of 2015 and $2.7
million in the fourth quarter of 2014. The Company
recorded $0.6 million in expenses
related to its Dutch auction tender offer in the third quarter of
2015.
Selling and marketing expenses were $0.5 million for
the fourth quarter, as compared to $0.5 million in the
third quarter of 2015 and $0.6
million in the fourth quarter of 2014.
Impairment of intangible assets was nil for the fourth quarter,
as compared to $4.5 million in the
third quarter of 2015 and $0.5
million in the fourth quarter of 2014.
Operating loss for the fourth quarter of 2015 was $6.5
million, as compared to the operating loss of $12.0
million in the third quarter of 2015 and the operating loss
of $13.3 million in the fourth quarter of 2014.
Other expense for the fourth quarter of 2015 was $1.3 million, due to an unrealized, non-cash
foreign exchange loss associated with the depreciation of the
Chinese RMB against the U.S. dollar, compared to other expense of
$1.8 million in the third quarter of
2015 and other expense of $1.1
million in the fourth quarter of 2014.
Interest income for the fourth quarter of 2015 was $1.1 million, down from $1.3 million in the third quarter of 2015 and
down from $1.7 million in the fourth
quarter of 2014. The year-over-year and quarter-over-quarter
decreases were due to lower cash and interest bearing securities
following Dutch auction tender offers in September 2015 and 2014.
Income tax credit was $0.2 million
for the fourth quarter of 2015, compared to income tax expense of
$0.1 million in the third quarter of
2015 and an income tax credit of $0.3
million in the fourth quarter of 2014.
Net loss attributable to Actions Semiconductor's shareholders
for the fourth quarter of 2015 was $7.2
million or $0.162 per basic
and diluted American Depositary Share ("ADS"). This compares
to net loss attributable to Actions Semiconductor's shareholders of
$12.6 million or $0.217 per basic and diluted ADS, for the third
quarter of 2015, and 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.
Full Year 2015 Results
Revenue for 2015 was $49.1
million, as compared to revenue of $50.3 million for 2014.
Gross profit for 2015 was $10.8
million, as compared with $4.1 million in
2014. Gross margin was 21.9% for 2015, compared to gross
margin of 8.1% for 2014. The year-over-year increase in gross
margin was primarily the result of significant write-downs of
inventory in 2014 that reduced gross margin by approximately
12%.
Operating expenses in 2015 were $45.1 million, as compared
to $44.4 million in 2014.
Research and development expenses were $28.8
million for 2015, as compared to $31.1 million in
2014. The year-over-year decrease was mainly due to higher mask
expenses in 2014. The Company expects full year R&D expenses in
2016 to be below 2015 levels.
General and administrative expenses were $9.6
million in 2015, as compared to $10.3 million in
2014. The Company recorded expenses related to its Dutch
auction tender offer in the third quarters of 2015 and 2014 of
$0.6 million and $0.5 million, respectively.
Selling and marketing expenses were $2.2 million for
2015, as compared to $2.2 million in 2014.
Impairment of intangible assets for 2015 was $4.5 million, as compared to $0.8 million for 2014. In the third quarter
of 2015, the Company recorded an impairment of certain intangible
assets based on management's best estimates of the market
conditions for tablets and OTT set-top boxes over the remaining
useful life of these assets.
Operating loss for 2015 was $30.5 million, as compared to
the operating loss of $39.5 million in 2014.
Other expense for 2015 was $3.0
million, as compared to other expense of $2.7 million in 2014.
Interest income for 2015 was $5.7
million, down from $9.6
million in 2014. The year-over-year decrease was due
to lower cash and interest bearing securities following Dutch
auction tender offers in September
2015 and 2014.
Income tax credit was $0.2 million
for 2015, compared to income tax credit of $1.8 million in 2014.
Net loss attributable to Actions Semiconductor's shareholders
for 2015 was $28.4 million or
$0.518 per basic and diluted
ADS. This compares to net loss attributable to Actions
Semiconductor's shareholders of $30.4
million, or $0.461 per basic
and diluted ADS, for 2014.
Financial Condition
The Company ended the fourth quarter of 2015 with $142.5 million in cash and cash equivalents,
together with time deposits, trading securities, marketable
securities and restricted deposits. Total current assets were
approximately $140.8 million, and the Company had
working capital of approximately $48.2
million and $81.0 million in short-term bank loans,
and total shareholder's equity was $155.7
million as of December 31, 2015.
Since the share repurchase program commenced in 2007, the
Company has invested approximately $113.4
million in repurchasing its ADSs and ordinary shares,
including $57.2 million representing
the equivalent of 24.0 million ADSs repurchased through Dutch
auction tender offers in September
2015 and 2014. As of December
31, 2015, the equivalent of approximately 49.0 million ADSs
were repurchased. As of December 31,
2015, total number of outstanding ordinary shares (including
ordinary shares represented by ADSs) was 265,824,928.
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 2016 to be in the range of $11.5 to $12.0 million. Traditionally the
first quarter of the year is 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. However, in the first quarter of 2016 the Company
expects revenue to be above year ago levels as a result of strong
demand for its latest solutions for Bluetooth-enabled devices and a
slight increase in shipments of its application processor
SoCs. For the full year, the Company expects challenging
conditions in the worldwide semiconductor industry to limit its
ability to increase revenue.
Conference Call Details
Actions Semiconductor's management will conduct an earnings
conference call offering prepared remarks on the fourth quarter and
full year 2015, new products, business outlook and other
matters. Although the management will not be conducting a
question and answer session during the call, the Company continues
to welcome written questions and comments from its
shareholders.
The teleconference and webcast is scheduled to begin at
8:00 a.m. Eastern Daylight Time, on
Thursday, March 31, 2016. To
participate in the live call, analysts and investors should dial
1-866-598-9332 (within U.S.) or 1-480-293-0664 (outside U.S.) at
least ten minutes prior to the call. The conference ID number
is 2066341. Actions Semiconductor will also offer a 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
April 10, 2016 by dialing
1-888-203-1112 (within U.S.) or 1-719-457-0820 (outside U.S.) and
entering access code 2066341.
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 the worldwide semiconductor market, the future
prospects for the Company's Bluetooth single chip 4.2 solutions,
ability to be successful in the OTT set-top box market, 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,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
36,262
|
|
46,564
|
|
78,177
|
Time
deposit
|
154
|
|
-
|
|
5
|
Restricted
deposits
|
65,255
|
|
70,482
|
|
51,590
|
Marketable
securities
|
13,519
|
|
13,635
|
|
38,384
|
Trading
securities
|
68
|
|
68
|
|
70
|
Accounts
receivable, net of allowance for doubtful accounts of $nil, $40,
and $558
as of December 31, 2015, September
30, 2015, and December 31, 2014,
respectively
|
4,826
|
|
4,675
|
|
2,832
|
Amount due
from a related party
|
1,226
|
|
1,516
|
|
1,650
|
Notes
receivable
|
-
|
|
-
|
|
161
|
Amount due
from an equity method investee
|
17
|
|
39
|
|
41
|
Inventories,
net of inventory written-down of $6,218, $5,300, and $7,718 as
of
December 31, 2015, September 30, 2015, and
December 31, 2014, respectively
|
12,076
|
|
16,691
|
|
13,970
|
Prepaid
expenses and other current assets
|
6,448
|
|
9,091
|
|
4,511
|
Income tax
recoverable
|
-
|
|
-
|
|
186
|
Deferred tax
assets
|
938
|
|
945
|
|
1,179
|
Total current
assets
|
140,789
|
|
163,706
|
|
192,756
|
|
|
|
|
|
|
Investments in
equity method investees
|
26,962
|
|
27,404
|
|
27,352
|
Other
investments
|
15,474
|
|
15,489
|
|
15,627
|
Restricted
deposits
|
27,221
|
|
16,600
|
|
-
|
Rental
deposits
|
56
|
|
57
|
|
54
|
Property,
plant and equipment, net
|
27,984
|
|
28,820
|
|
30,327
|
Land use
right
|
1,417
|
|
1,452
|
|
1,514
|
Acquired
intangible assets, net
|
9,055
|
|
9,001
|
|
16,459
|
Deposit paid
for acquisition of intangible assets
|
-
|
|
218
|
|
538
|
Deferred tax
assets
|
193
|
|
6
|
|
53
|
TOTAL
ASSETS
|
249,151
|
|
262,753
|
|
284,680
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
4,243
|
|
9,279
|
|
5,790
|
Amount due to
a related party
|
298
|
|
225
|
|
259
|
Accrued
expenses and other current liabilities
|
5,040
|
|
4,316
|
|
8,349
|
Short-term
bank loans
|
81,000
|
|
81,000
|
|
45,000
|
Other
liabilities
|
1,771
|
|
1,063
|
|
1,929
|
Income tax
payable
|
49
|
|
49
|
|
49
|
Deferred tax
liabilities
|
155
|
|
134
|
|
160
|
Total current
liabilities
|
92,556
|
|
96,066
|
|
61,536
|
|
|
|
|
|
|
Other
liabilities
|
-
|
|
912
|
|
-
|
Payable for
acquisition of intangible assets
|
197
|
|
155
|
|
155
|
Deferred tax
liabilities
|
715
|
|
767
|
|
919
|
Total
liabilities
|
93,468
|
|
97,900
|
|
62,610
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Ordinary
shares
|
1
|
|
1
|
|
1
|
Additional
paid-in capital
|
63,426
|
|
63,285
|
|
63,046
|
Treasury
Stock
|
(103,736)
|
|
(103,714)
|
|
(70,479)
|
Accumulated
other comprehensive income
|
31,863
|
|
33,965
|
|
36,937
|
Retained
earnings
|
164,163
|
|
171,349
|
|
192,598
|
Total Actions
Semiconductor Co., Ltd. shareholders' equity
|
155,717
|
|
164,886
|
|
222,103
|
Non-controlling
interest
|
(34)
|
|
(33)
|
|
(33)
|
Total
equity
|
155,683
|
|
164,853
|
|
222,070
|
TOTAL LIABILITIES
AND EQUITY
|
249,151
|
|
262,753
|
|
284,680
|
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,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
11,938
|
|
13,826
|
|
49,049
|
|
50,143
|
Semiconductor product testing services
|
|
5
|
|
36
|
|
91
|
|
117
|
|
|
11,943
|
|
13,862
|
|
49,140
|
|
50,260
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
(10,614)
|
|
(16,505)
|
|
(38,333)
|
|
(46,148)
|
Semiconductor product testing services
|
|
(2)
|
|
(18)
|
|
(39)
|
|
(46)
|
|
|
(10,616)
|
|
(16,523)
|
|
(38,372)
|
|
(46,194)
|
Gross profit
(loss)
|
|
1,327
|
|
(2,661)
|
|
10,768
|
|
4,066
|
Other operating
income
|
|
1,261
|
|
231
|
|
3,797
|
|
890
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
(6,357)
|
|
(7,066)
|
|
(28,804)
|
|
(31,124)
|
General and
administrative
|
|
(2,266)
|
|
(2,661)
|
|
(9,597)
|
|
(10,330)
|
Selling and
marketing
|
|
(495)
|
|
(601)
|
|
(2,217)
|
|
(2,175)
|
Impairment on
intangible assets
|
|
-
|
|
(535)
|
|
(4,467)
|
|
(820)
|
Total operating
expenses
|
|
(9,118)
|
|
(10,863)
|
|
(45,085)
|
|
(44,449)
|
Loss from
operations
|
|
(6,530)
|
|
(13,293)
|
|
(30,520)
|
|
(39,493)
|
Other (expense)
income
|
|
(1,289)
|
|
(1,085)
|
|
(2,989)
|
|
(2,736)
|
Dividend income from
an other investment
|
|
-
|
|
-
|
|
488
|
|
423
|
Other-than-temporary
impairment loss on investments
|
|
-
|
|
-
|
|
(117)
|
|
-
|
Interest
income
|
|
1,121
|
|
1,699
|
|
5,714
|
|
9,611
|
Interest
expense
|
|
(324)
|
|
(147)
|
|
(850)
|
|
(530)
|
Loss before income
taxes, equity in net (loss) income of
equity method investees and non-controlling interest
|
|
(7,022)
|
|
(12,826)
|
|
(28,274)
|
|
(32,725)
|
Income tax credit
(expense)
|
|
224
|
|
337
|
|
156
|
|
1,796
|
Equity in net (loss)
income of equity method investees
|
|
(388)
|
|
332
|
|
(317)
|
|
566
|
Net loss
|
|
(7,186)
|
|
(12,157)
|
|
(28,435)
|
|
(30,363)
|
Less: Net loss
attributable to non-controlling interest
|
|
1
|
|
1
|
|
1
|
|
2
|
Net loss attributable
to Actions Semiconductor Co., Ltd. Shareholders
|
|
(7,185)
|
|
(12,156)
|
|
(28,434)
|
|
(30,361)
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Actions Semiconductor Co., Ltd. Shareholders
|
|
|
|
|
|
|
|
|
Basic (per
share)
|
|
(0.027)
|
|
(0.034)
|
|
(0.086)
|
|
(0.077)
|
Diluted (per
share)
|
|
(0.027)
|
|
(0.034)
|
|
(0.086)
|
|
(0.077)
|
|
|
|
|
|
|
|
|
|
Basic (per
ADS)
|
|
(0.162)
|
|
(0.206)
|
|
(0.518)
|
|
(0.461)
|
Diluted (per
ADS)
|
|
(0.162)
|
|
(0.206)
|
|
(0.518)
|
|
(0.461)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
265,887,058
|
|
353,508,683
|
|
329,190,733
|
|
395,380,921
|
Diluted
|
|
265,887,058
|
|
353,508,683
|
|
329,190,733
|
|
395,380,921
|
|
|
|
|
|
|
|
|
|
Weighted-average ADS
used in computation :
|
|
|
|
|
|
|
|
|
Basic
|
|
44,314,510
|
|
58,918,114
|
|
54,865,122
|
|
65,896,820
|
Diluted
|
|
44,314,510
|
|
58,918,114
|
|
54,865,122
|
|
65,896,820
|
|
|
|
|
|
|
|
|
|
Note: Share-based
compensation recorded in each
|
|
|
|
|
|
|
|
|
expense
classification above is as follows:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
115
|
|
-
|
|
308
|
|
10
|
General and
administrative
|
|
16
|
|
-
|
|
27
|
|
5
|
Selling and
marketing
|
|
10
|
|
1
|
|
31
|
|
1
|
Cost of
revenues
|
|
2
|
|
28
|
|
16
|
|
28
|
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,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
Operating
activities:
|
|
|
|
|
|
Net loss
|
(7,186)
|
|
(28,435)
|
|
(30,363)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
of property, plant and equipment
|
454
|
|
1,904
|
|
1,949
|
Amortization
of land use right
|
8
|
|
36
|
|
36
|
Amortization
of acquired intangible assets
|
760
|
|
4,526
|
|
4,991
|
Utilization of
subsidy from local authorities of Zhuhai, the People's Republic of
China ("PRC")
|
-
|
|
(1,159)
|
|
-
|
Loss (Gain) on
disposal of property, plant and equipment
|
2
|
|
4
|
|
(1)
|
Loss on
disposal of intangible assets
|
-
|
|
-
|
|
420
|
Share of net
loss (income) of equity method investees
|
388
|
|
317
|
|
(564)
|
Share-based compensation
|
143
|
|
382
|
|
45
|
Deferred
tax
|
(228)
|
|
(147)
|
|
(3,576)
|
Impairment
loss recognised in respect of other investments
|
-
|
|
117
|
|
-
|
Impairment
loss recognised in respect of intangible assets
|
-
|
|
4,467
|
|
820
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
(171)
|
|
(2,030)
|
|
2,907
|
Amount due from a related party
|
290
|
|
424
|
|
(349)
|
Inventories
|
4,367
|
|
1,329
|
|
5,904
|
Amount due from an equity method investee
|
22
|
|
24
|
|
(3)
|
Prepaid expenses and other current assets
|
2,203
|
|
(3,080)
|
|
(750)
|
Accounts payable
|
(4,894)
|
|
(1,258)
|
|
(173)
|
Amount due to a related party
|
73
|
|
139
|
|
259
|
Accrued expenses and other current liabilities
|
943
|
|
(480)
|
|
(415)
|
Income tax recoverable
|
-
|
|
186
|
|
(122)
|
Income tax payable
|
-
|
|
-
|
|
1
|
Rental deposit (paid) received
|
-
|
|
(4)
|
|
5
|
Note Receivables
|
-
|
|
161
|
|
(161)
|
|
|
|
|
|
|
Net cash used in
operating activities
|
(2,826)
|
|
(22,577)
|
|
(19,140)
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Investment in
an equity method investee
|
-
|
|
-
|
|
(9,016)
|
Proceeds from
redemption of marketable securities
|
1,169
|
|
35,438
|
|
159,296
|
Purchase of
marketable securities
|
(573)
|
|
(10,151)
|
|
(54,290)
|
Proceeds from
disposal of property, plant and equipment
|
-
|
|
16
|
|
20
|
Purchase of
property, plant and equipment
|
(127)
|
|
(762)
|
|
(1,156)
|
Purchase of
intangible assets
|
(461)
|
|
(3,589)
|
|
(8,044)
|
(Increase)
decrease in time deposits
|
(154)
|
|
(184)
|
|
318
|
Deposit paid
for acquisition of intangible assets
|
-
|
|
-
|
|
(457)
|
Increase in
restricted deposits
|
(6,536)
|
|
(42,700)
|
|
(24,974)
|
Proceeds from
disposal of intangible assets
|
-
|
|
-
|
|
24
|
|
|
|
|
|
|
Net cash (used in)
provided by investing activities
|
(6,682)
|
|
(21,932)
|
|
61,721
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Advance
subsidy from local authorities of Zhuhai, the PRC
|
128
|
|
1,357
|
|
232
|
Distribution
of government grant to third party
|
(296)
|
|
(296)
|
|
-
|
Proceeds from
exercise of share-based awards
|
1
|
|
763
|
|
2,542
|
Repurchase of
ordinary shares
|
(23)
|
|
(34,020)
|
|
(28,902)
|
Raise of
short-term bank loans
|
-
|
|
36,000
|
|
31,500
|
Repayment of
short-term bank loans
|
-
|
|
-
|
|
(22,000)
|
Net cash (used in)
provided by financing activities
|
(190)
|
|
3,804
|
|
(16,628)
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(9,698)
|
|
(40,705)
|
|
25,953
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
46,564
|
|
78,177
|
|
53,263
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(604)
|
|
(1,210)
|
|
(1,039)
|
Cash and cash
equivalents at the end of the period
|
36,262
|
|
36,262
|
|
78,177
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/actions-semiconductor-reports-fourth-quarter-and-full-year-2015-results-300243971.html
SOURCE Actions Semiconductor Co., Ltd.