ZHUHAI, China, Aug. 14, 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 second quarter ended June 30, 2015.
Commenting on the second quarter results, Dr. Zhenyu Zhou, CEO of Actions Semiconductor said,
"Revenue in the second quarter came in at the high end of our
expectations and we achieved a meaningful improvement in gross
margin. Sales of our multimedia products performed well, driven by
strong demand for our Bluetooth 4.0 solutions for Bluetooth enabled
audio and other related products as well as stronger than
anticipated sales of our video boombox solutions and other
traditional multimedia products. In our application processor
business, conditions in the worldwide tablet market remained
challenging, reflecting a maturing market fraught with intense
competition. Although demand for smart devices such as virtual
reality devices, netbooks, digital signage, POS machines and smart
micro-projectors is strong, volumes of our 32-bit and 64-bit smart
product SoCs based on 28 nm process technology have ramped more
slowly than anticipated due to longer design and qualification
times for some of these products.
"Looking ahead, we continue to anticipate revenue growth for the
full year 2015, but at a slower pace than our previous
expectations. Our Bluetooth solutions, led by our new single
chip Bluetooth 4.0 SoC for Bluetooth enabled audio and related
products are rapidly gaining market share with healthy growth in
volume. We will expand our presence in this fast growing market
with our upcoming Bluetooth 4.0 headset solution. We remain
confident that strong consumer demand will continue to drive
adoption of our latest 32-bit and 64-bit chipsets based on 28 nm
process technology for smart products such as digital signage,
virtual reality devices and netbooks based on popular operating
systems. We believe the open source intelligent hardware community
will play an important role in the development of diversified smart
products in the IoT market, and our new ActDuino 32-bit S500 and
ActDuino 64-bit S900 open source SoCs and reference design
platforms for Android and Linux target a wide range of leading edge
smart connected products," Dr. Zhou concluded.
Second Quarter 2015 Results
All financial results are reported on a U.S. GAAP basis.
Revenue for the second quarter of 2015 was $13.7 million, as compared to revenue of
$10.5 million for the first quarter
of 2015, and $12.0 million for the
second quarter of 2014.
Actions Semiconductor reported gross profit in the second
quarter of $3.5 million, as compared with $2.5
million in the first quarter of 2015 and $2.2
million in the second quarter of 2014. Gross margin was 25.7%
for the second quarter of 2015, compared to gross margin of 23.5%
for the first quarter of 2015, and 18.4% for the second quarter of
2014. In the year ago period the Company recorded a write-down of
certain slower moving inventory which reduced gross margin by about
7%.
Operating expenses in the second quarter of 2015 were $10.1
million, as compared to $9.5 million in the first quarter
of 2015 and $10.0 million in the second quarter of
2014.
Research and development expenses were $7.3
million for the second quarter, as compared to $6.8
million in the first quarter of 2015 and $6.6
million in the second quarter of 2014. The year-over-year and
quarter-over-quarter increases were mainly related to mask expenses
associated with OTT set-top box and tablet SoCs. The Company
expects full year R&D expenses in 2015 to be below 2014
levels.
General and administrative expenses were $2.2
million in the second quarter, as compared to $2.0
million in the first quarter of 2015 and $2.8
million in the second quarter of 2014. The
quarter-over-quarter increase was due to normal seasonal
fluctuations. The year-over-year decrease was related to a
write-off of impaired intangible assets and an increase in
consultant fees in the year ago period.
Selling and marketing expenses were $0.6 million for
the second quarter, as compared to $0.6 million in the
first quarter of 2015 and $0.6
million in the second quarter of 2014.
Operating loss for the second quarter of 2015 was $5.1
million, as compared to the operating loss of $7.0
million in first quarter of 2015 and the operating loss
of $7.7 million in the second quarter of 2014.
Dividend income was $0.5 million
for the second quarter of 2015, compared to nil for the first
quarter of 2015, and $0.4 million for
the second quarter of 2014. The quarter-over-quarter increase was
due to cash dividends received from a cost-method investee
company.
Interest income for the second quarter of 2015 was $1.7 million, up from $1.6
million in the first quarter of 2015 and down from
$2.8 million in the second 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.
Income tax expense was $0.5
million for the second quarter of 2015, compared to an
income tax credit of $0.5 million in
the first quarter of 2015 and an income tax credit of $0.9 million in the second quarter of 2014.
Net loss attributable to Actions Semiconductor's shareholders
for the second quarter of 2015 was $3.7
million or $0.063 per basic
and diluted American Depositary Share ("ADS"). This compares to net
loss attributable to Actions Semiconductor's shareholders of
$5.0 million or $0.085 per basic and diluted ADS, for the first
quarter of 2015, and net loss attributable to Actions
Semiconductor's shareholders of $3.5
million or $0.050 per basic
and diluted ADS, for the second quarter of 2014.
Financial Condition
The Company ended the second quarter of 2015 with $155.7 million in cash and cash equivalents,
together with time deposits, trading securities and marketable
securities. Total current assets were approximately $184.8
million, and the Company had working capital of
approximately $124.8 million and $45.0
million in short-term bank loans as of June 30, 2015.
Since the share repurchase program commenced in 2007, the
Company has invested approximately $80.9
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 June 30, 2015, the
equivalent of approximately 34.9 million ADSs were repurchased. As
of June 30, 2015, total number of
outstanding ordinary shares (including ordinary shares represented
by ADSs) was 350,821,721.
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 third quarter of 2015 to be in the range of $13.0 to $14.0 million. The Company continues to
anticipate revenue growth for the full year 2015 but at a slower
pace than previously expected due to declining demand in tablet
market and longer than anticipated design and qualification times
for SoCs targeting other types of smart devices and hardware.
Conference Call Details
Actions Semiconductor's management will conduct an earnings
conference call offering prepared remarks on the second quarter of
fiscal 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 Time, on
Friday, August 14, 2015. To
participate in the live call, analysts and investors should dial
1-888-455-2260 (within U.S.) or 1-719-457-2645 (outside U.S.) at
least ten minutes prior to the call. The conference ID number is
5696193. 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 August 23, 2015 by dialing 1-888-203-1112 (within
U.S.) or 1-719-457-0820 (outside U.S.) and entering access code
5696193.
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 Bluetooth single chip 4.0 solutions, 32-bit and
64-bit products enabled by 28nm process technology targeting
various smart products, 32-bit and 64-bit open-source SoCs and
reference design platforms, the Company's ability to expand its
presence in the Bluetooth 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 June
30,
|
|
At March 31,
|
|
At December 31,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
57,350
|
|
61,855
|
|
78,177
|
Time
deposit
|
-
|
|
5,632
|
|
5
|
Restricted
deposits
|
51,667
|
|
51,786
|
|
51,590
|
Marketable
securities
|
46,571
|
|
43,035
|
|
38,384
|
Trading
securities
|
72
|
|
72
|
|
70
|
Accounts
receivable, net of allowance for doubtful accounts of $40, $68 and
$558
as of June 30, 2015, March 31, 2015
and December 31, 2014, respectively
|
3,242
|
|
2,833
|
|
2,832
|
Amount due
from a related party
|
1,277
|
|
555
|
|
1,650
|
Notes
receivable
|
-
|
|
-
|
|
161
|
Amount due
from an equity method investee
|
53
|
|
48
|
|
41
|
Inventories,
net of inventory written-down of $6,776, $6,942 and $7,718 as
of
June 30, 2015, March 31, 2015 and
December 31, 2014, respectively
|
15,571
|
|
14,978
|
|
13,970
|
Prepaid
expenses and other current assets
|
7,443
|
|
5,689
|
|
4,511
|
Income tax
recoverable
|
154
|
|
345
|
|
186
|
Deferred tax
assets
|
1,432
|
|
1,644
|
|
1,179
|
Total current
assets
|
184,832
|
|
188,472
|
|
192,756
|
|
|
|
|
|
|
Investments in
equity method investees
|
27,215
|
|
27,323
|
|
27,352
|
Other
investments
|
15,510
|
|
15,627
|
|
15,627
|
Rental
deposits
|
58
|
|
65
|
|
54
|
Property,
plant and equipment, net
|
29,910
|
|
29,929
|
|
30,327
|
Land use
right
|
1,497
|
|
1,505
|
|
1,514
|
Acquired
intangible assets, net
|
14,537
|
|
15,345
|
|
16,459
|
Deposit paid
for acquisition of intangible assets
|
218
|
|
547
|
|
538
|
Deferred tax
assets
|
45
|
|
49
|
|
53
|
TOTAL
ASSETS
|
273,822
|
|
278,862
|
|
284,680
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
8,662
|
|
6,633
|
|
5,790
|
Amount due to
a related party
|
133
|
|
162
|
|
259
|
Accrued
expenses and other current liabilities
|
4,690
|
|
7,148
|
|
8,349
|
Short-term
bank loans
|
45,000
|
|
45,000
|
|
45,000
|
Other
liabilities
|
1,065
|
|
1,929
|
|
1,929
|
Income tax
payable
|
49
|
|
49
|
|
49
|
Deferred tax
liabilities
|
429
|
|
314
|
|
160
|
Total current
liabilities
|
60,028
|
|
61,235
|
|
61,536
|
|
|
|
|
|
|
Payable for
acquisition of intangible assets
|
155
|
|
155
|
|
155
|
Deferred tax
liabilities
|
832
|
|
883
|
|
919
|
Total
liabilities
|
61,015
|
|
62,273
|
|
62,610
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Ordinary
shares
|
1
|
|
1
|
|
1
|
Additional
paid-in capital
|
63,125
|
|
63,051
|
|
63,046
|
Treasury
Stock
|
(71,275)
|
|
(70,964)
|
|
(70,479)
|
Accumulated
other comprehensive income
|
37,074
|
|
36,933
|
|
36,937
|
Retained
earnings
|
183,915
|
|
187,601
|
|
192,598
|
Total Actions
Semiconductor Co., Ltd. shareholders' equity
|
212,840
|
|
216,622
|
|
222,103
|
Non-controlling
interest
|
(33)
|
|
(33)
|
|
(33)
|
Total
equity
|
212,807
|
|
216,589
|
|
222,070
|
TOTAL LIABILITIES
AND EQUITY
|
273,822
|
|
278,862
|
|
284,680
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
(in thousands of U.S.
dollars, except number of shares and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Six months ended
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
13,667
|
|
11,948
|
|
24,114
|
|
23,233
|
Semiconductor product testing services
|
|
16
|
|
27
|
|
46
|
|
54
|
|
|
13,683
|
|
11,975
|
|
24,160
|
|
23,287
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip products
|
|
(10,160)
|
|
(9,767)
|
|
(18,166)
|
|
(18,445)
|
Semiconductor product testing services
|
|
(7)
|
|
(9)
|
|
(18)
|
|
(27)
|
|
|
(10,167)
|
|
(9,776)
|
|
(18,184)
|
|
(18,472)
|
Gross
profit
|
|
3,516
|
|
2,199
|
|
5,976
|
|
4,815
|
Other operating
income
|
|
1,526
|
|
150
|
|
1,586
|
|
629
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
(7,287)
|
|
(6,614)
|
|
(14,132)
|
|
(13,390)
|
General and
administrative
|
|
(2,222)
|
|
(2,787)
|
|
(4,271)
|
|
(4,824)
|
Selling and
marketing
|
|
(589)
|
|
(634)
|
|
(1,183)
|
|
(1,018)
|
Total operating
expenses
|
|
(10,098)
|
|
(10,035)
|
|
(19,586)
|
|
(19,232)
|
Loss from
operations
|
|
(5,056)
|
|
(7,686)
|
|
(12,024)
|
|
(13,788)
|
Other income
(expenses)
|
|
79
|
|
7
|
|
95
|
|
(2,497)
|
Dividend income from
an other investment
|
|
488
|
|
423
|
|
488
|
|
423
|
Other-than-temporary
impairment loss on an other investment
|
|
(117)
|
|
-
|
|
(117)
|
|
-
|
Interest
income
|
|
1,674
|
|
2,803
|
|
3,320
|
|
5,883
|
Interest
expense
|
|
(170)
|
|
(159)
|
|
(333)
|
|
(296)
|
Loss before income
taxes, equity in net
|
|
(3,102)
|
|
(4,612)
|
|
(8,571)
|
|
(10,275)
|
(loss) income
of equity method investees
|
|
|
|
|
|
|
|
|
and
non-controlling interest
|
|
|
|
|
|
|
|
|
Income tax (expense)
credit
|
|
(474)
|
|
941
|
|
25
|
|
1,106
|
Equity in net (loss)
income of equity method investees
|
|
(110)
|
|
204
|
|
(137)
|
|
207
|
Net loss
|
|
(3,686)
|
|
(3,467)
|
|
(8,683)
|
|
(8,962)
|
Add: Net loss
attributable to non-controlling interest
|
|
-
|
|
-
|
|
-
|
|
-
|
Net loss attributable
to Actions Semiconductor Co., Ltd. Shareholders
|
(3,686)
|
|
(3,467)
|
|
(8,683)
|
|
(8,962)
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Actions Semiconductor Co., Ltd. Shareholders
|
|
|
|
|
|
|
|
Basic (per
share)
|
|
(0.011)
|
|
(0.008)
|
|
(0.025)
|
|
(0.022)
|
Diluted (per
share)
|
|
(0.011)
|
|
(0.008)
|
|
(0.025)
|
|
(0.022)
|
|
|
|
|
|
|
|
|
|
Basic (per
ADS)
|
|
(0.063)
|
|
(0.050)
|
|
(0.148)
|
|
(0.130)
|
Diluted (per
ADS)
|
|
(0.063)
|
|
(0.050)
|
|
(0.148)
|
|
(0.130)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
351,135,694
|
|
413,599,856
|
|
351,754,379
|
|
412,556,305
|
Diluted
|
|
351,135,694
|
|
413,599,856
|
|
351,754,379
|
|
412,556,305
|
|
|
|
|
|
|
|
|
|
Weighted-average ADS
used in computation :
|
|
|
|
|
|
|
|
|
Basic
|
|
58,522,616
|
|
68,933,309
|
|
58,625,730
|
|
68,759,384
|
Diluted
|
|
58,522,616
|
|
68,933,309
|
|
58,625,730
|
|
68,759,384
|
|
|
|
|
|
|
|
|
|
Note: Share-based
compensation recorded in each
|
|
|
|
|
|
|
|
|
expense
classification above is as follows:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
58
|
|
3
|
|
63
|
|
7
|
General and
administrative
|
|
-
|
|
2
|
|
-
|
|
4
|
Selling and
marketing
|
|
7
|
|
-
|
|
7
|
|
-
|
Cost of
revenues
|
|
9
|
|
-
|
|
9
|
|
-
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
(in thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
Six months ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
Operating
activities:
|
|
|
|
|
|
Net Loss
|
(3,686)
|
|
(8,683)
|
|
(8,962)
|
Adjustments to
reconcile net loss to net cash provided by
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
Depreciation of property, plant and equipment
|
465
|
|
940
|
|
1,005
|
Allowance for
doubtful accounts receivable
|
-
|
|
-
|
|
185
|
Amortization
of land use right
|
10
|
|
19
|
|
18
|
Amortization
of acquired intangible assets
|
1,260
|
|
2,488
|
|
2,361
|
Utilization of
subsidy from local authorities of Zhuhai, the
People's
|
|
|
|
|
|
Republic of China (the"PRC")
|
(1,135)
|
|
(1,135)
|
|
-
|
Gain on
disposal of property, plant and equipment
|
-
|
|
-
|
|
(3)
|
Loss on
disposal of intangible assets
|
-
|
|
-
|
|
415
|
Share of net
loss (income) of equity method investees
|
110
|
|
137
|
|
(207)
|
Share-based compensation
|
74
|
|
79
|
|
11
|
Deferred
taxes
|
282
|
|
(61)
|
|
(2,989)
|
Dividend
income from an other investment
|
(488)
|
|
(488)
|
|
(423)
|
Other-than-temporary impairment loss on an other
investment
|
117
|
|
117
|
|
-
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
(408)
|
|
(409)
|
|
352
|
Amount due from a related party
|
(722)
|
|
373
|
|
564
|
Amount due from an equity method investee
|
(5)
|
|
(12)
|
|
(5)
|
Inventories
|
(580)
|
|
(1,588)
|
|
(7,423)
|
Prepaid expenses and other current assets
|
(1,733)
|
|
(2,911)
|
|
44
|
Accounts payable
|
2,025
|
|
2,858
|
|
1,343
|
Accrued expenses and other current liabilities
|
98
|
|
(1,116)
|
|
(1,380)
|
Amount due to a related party
|
(33)
|
|
(130)
|
|
-
|
Income tax recoverable
|
191
|
|
32
|
|
(20)
|
Rental deposit received (paid)
|
7
|
|
(4)
|
|
(2)
|
Notes Receivable
|
-
|
|
161
|
|
-
|
Net cash used in
operating activities
|
(4,151)
|
|
(9,333)
|
|
(15,116)
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Dividend
income from an other investment
|
488
|
|
488
|
|
-
|
Investment in
an equity method investee
|
-
|
|
-
|
|
(9,016)
|
Proceeds from
redemption of marketable securities
|
-
|
|
-
|
|
95,322
|
Purchase of
marketable securities
|
(3,491)
|
|
(8,140)
|
|
(48,394)
|
Proceeds from
disposal of property, plant and equipment
|
-
|
|
-
|
|
19
|
Purchase of
property, plant and equipment
|
(416)
|
|
(492)
|
|
(783)
|
Purchase of
intangible assets
|
(2,677)
|
|
(2,788)
|
|
(5,279)
|
Decrease
(increase) in restricted deposits
|
119
|
|
(76)
|
|
(5,720)
|
Decrease
(increase) in time deposit
|
5,597
|
|
(30)
|
|
-
|
Deposit paid
for acquisition of intangible assets
|
-
|
|
-
|
|
(349)
|
Proceeds from
disposal of intangible assets
|
-
|
|
-
|
|
24
|
Net cash (used in)
provided by investing activities
|
(380)
|
|
(11,038)
|
|
25,824
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Advance
subsidy from local authorities of Zhuhai, the PRC
|
269
|
|
269
|
|
-
|
Proceeds from
exercise of share based awards
|
570
|
|
717
|
|
1,653
|
Repurchase of
ordinary shares
|
(881)
|
|
(1,513)
|
|
(2,589)
|
Raise of
short-term bank loans
|
-
|
|
-
|
|
10,000
|
Repayment of
short-term bank loans
|
-
|
|
-
|
|
(11,000)
|
Net cash used in
financing activities
|
(42)
|
|
(527)
|
|
(1,936)
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(4,573)
|
|
(20,898)
|
|
8,772
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
61,855
|
|
78,177
|
|
53,263
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
68
|
|
71
|
|
(1,147)
|
Cash and cash
equivalents at the end of the period
|
57,350
|
|
57,350
|
|
60,888
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/actions-semiconductor-reports-second-quarter-2015-results-300128650.html
SOURCE Actions Semiconductor Co., Ltd.