ZHUHAI, China, Nov. 30, 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 third quarter ended September 30, 2015.
Commenting on the third quarter results, Dr. Zhenyu Zhou, CEO of Actions Semiconductor said,
"Revenue in the third quarter came in at the low end of
expectations, primarily due to a global slowdown in demand for
smartphones, tablets and other consumer electronics. Two of our key
target markets, tablets and China's open market for OTT set-top boxes,
both experienced a decline in shipments during the quarter.
Although we saw a third consecutive quarter gross margin
improvement, our bottom line was impacted by a write-down of
intangible assets, along with mask expenses associated with the
latest chipset in the 28nm series product family, expenses from the
Dutch auction tender offer and non-cash expenses related to the
devaluation of the Chinese Renminbi relative to the US dollar.
"On a positive note, we continued to see new design wins for our
Bluetooth 4.2 solutions for speakers and other Bluetooth enabled
audio devices along with stronger than anticipated sales of video
boomboxes and other traditional multimedia products. Consumer
demand for smart connected devices remains strong, and volumes of
our smart product solutions, including our open source SoCs and
reference design platforms, continue to ramp.
"As we approach year end, the worldwide semiconductor industry
has now experienced slower growth and has not seen the typical ramp
in sales leading up to the holiday season. In addition, the
PRC government recently imposed a new policy on the OTT set-top box
market that is negatively impacting demand. We expect these factors
to limit our ability to increase revenue for the next several
quarters. As a result, we now expect revenue for the full
year to be slightly below 2014 levels. However, we are
encouraged by the success of our Bluetooth solutions and are
hopeful that strong consumer demand for smart products will drive
adoption of our latest 64-bit chipset based on 28nm process
technology, along with our open source SoCs and reference design
platforms in the year ahead," Dr. Zhou concluded.
Third Quarter 2015 Results
All financial results are reported on a U.S. GAAP basis.
Revenue for the third quarter of 2015 was $13.0 million, as compared to revenue of
$13.7 million for the second quarter
of 2015, and $13.1 million for the
third quarter of 2014.
Actions Semiconductor reported gross profit in the third quarter
of $3.5 million, as compared with $3.5 million in
the second quarter of 2015 and $1.9 million in the third
quarter of 2014. Gross margin was 26.6% for the third quarter
of 2015, compared to gross margin of 25.7% for the second quarter
of 2015, and 14.6% for the third quarter of 2014. The
quarter-over-quarter increase in gross margin reflects the
contribution of higher margin smart product SoCs in the product
mix. 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 third quarter of 2015 were $16.4
million, as compared to $10.1 million in the second
quarter of 2015 and $14.4 million in the third quarter of
2014.
Research and development expenses were $8.3
million for the third quarter, as compared to $7.3
million in the second quarter of 2015 and $10.7
million in the third quarter of 2014. The quarter-over-quarter
increase was due to mask expenses related to the latest chipset in
the Company's 28nm series product family. The year-over-year
decrease was mainly due to higher mask expenses in the year ago
period associated with new 28nm chipsets and lower headcount in the
current quarter. The Company expects full year R&D expenses in
2015 to be below 2014 levels.
General and administrative expenses were $3.1
million in the third quarter, as compared to $2.2
million in the second quarter of 2015 and $3.1
million in the third quarter of 2014. The Company
recorded expenses related to Dutch auction tender offers in the
third quarters of 2015 and 2014 of $0.6
million and $0.5 million,
respectively.
Selling and marketing expenses were $0.5 million for
the third quarter, as compared to $0.6 million in the
second quarter of 2015 and $0.6
million in the third quarter of 2014.
Impairment of intangible assets for the third quarter of 2015
was $4.5 million, compared to nil in
the second quarter of 2015 and nil in the third quarter of
2014. The impairment was 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 the third quarter of 2015 was $12.0
million, as compared to the operating loss of $5.1
million in second quarter of 2015 and the operating loss
of $12.4 million in the third quarter of 2014.
Other expense for the third quarter of 2015 was $1.8 million, due to an unrealized, non-cash
foreign exchange loss associated with the rapid depreciation of the
Chinese RMB against the U.S. dollar, compared to other income of
$0.1 million in the second quarter of
2015 and other income of $0.8 million
in the third quarter of 2014.
Interest income for the third quarter of 2015 was $1.3 million, down from $1.7 million in the second quarter of 2015 and
down from $2.0 million in the third
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 expense was $0.1
million for the third quarter of 2015, compared to income
tax expense of $0.5 million in the
second quarter of 2015 and an income tax credit of $0.4 million in the third quarter of 2014.
Net loss attributable to Actions Semiconductor's shareholders
for the third quarter of 2015 was $12.6
million or $0.217 per basic
and diluted American Depositary Share ("ADS"). This compares
to net loss attributable to Actions Semiconductor's shareholders of
$3.7 million or $0.063 per basic and diluted ADS, for the second
quarter of 2015, and 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.
Financial Condition
The Company ended the third quarter of 2015 with $147.3 million in cash and cash equivalents,
together with time deposits, trading securities and marketable
securities. Total current assets were
approximately $163.7 million, and the Company had
working capital of approximately $67.6
million and $81.0 million in short-term bank loans,
and total shareholder's equity was 164.9 million as
of September 30, 2015.
Since the share repurchase program commenced in 2007, the
Company has invested approximately $113.3
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 September
30, 2015, the equivalent of approximately 49.0 million ADSs
were repurchased. As of September 30,
2015, total number of outstanding ordinary shares (including
ordinary shares represented by ADSs) was 265,898,800.
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 fourth quarter of 2015 to be in the range of $11.0 to $12.0 million. The Company expects
challenging conditions in the worldwide semiconductor industry to
limit its ability to increase revenue for the next several
quarters, and now expects full year revenue for 2015 to be slightly
below 2014 levels.
Conference Call Details
Actions Semiconductor's management will conduct an earnings
conference call offering prepared remarks on the third 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
Monday, November 30, 2015. To
participate in the live call, analysts and investors should dial
1-888-401-4668 (within U.S.) or 1-719-457-2689 (outside U.S.) at
least ten minutes prior to the call. The conference ID number
is 4912399. 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
December 10, 2015 by dialing
1-888-203-1112 (within U.S.) or 1-719-457-0820 (outside U.S.) and
entering access code 4912399.
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, its Bluetooth
single chip 4.0 solutions, 64-bit product enabled by 28nm process
technology targeting various smart products and open-source SoCs
and reference design platforms, 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 September 30,
|
|
At June
30,
|
|
At December 31,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
46,564
|
|
57,350
|
|
78,177
|
Time deposit
|
-
|
|
-
|
|
5
|
Restricted deposits
|
70,482
|
|
51,667
|
|
51,590
|
Marketable securities
|
13,635
|
|
46,571
|
|
38,384
|
Trading securities
|
68
|
|
72
|
|
70
|
Accounts receivable, net of allowance
for doubtful accounts of $40, $40,
and $558
as of
September 30, 2015, June 30, 2015 and December 31, 2014,
respectively
|
4,675
|
|
3,242
|
|
2,832
|
Amount due from a related
party
|
1,516
|
|
1,277
|
|
1,650
|
Notes receivable
|
-
|
|
-
|
|
161
|
Amount due from an equity method
investee
|
39
|
|
53
|
|
41
|
Inventories, net of inventory
written-down of $5,300, $6,776, and $7,718 as of
September 30,
2015, June 30, 2015 and December 31, 2014, respectively
|
16,691
|
|
15,571
|
|
13,970
|
Prepaid expenses and other current
assets
|
9,091
|
|
7,443
|
|
4,511
|
Income tax recoverable
|
-
|
|
154
|
|
186
|
Deferred tax assets
|
945
|
|
1,432
|
|
1,179
|
Total current
assets
|
163,706
|
|
184,832
|
|
192,756
|
|
|
|
|
|
|
Investments in equity method
investees
|
27,404
|
|
27,215
|
|
27,352
|
Other investments
|
15,489
|
|
15,510
|
|
15,627
|
Restricted deposits
|
16,600
|
|
-
|
|
-
|
Rental deposits
|
57
|
|
58
|
|
54
|
Property, plant and equipment,
net
|
28,820
|
|
29,910
|
|
30,327
|
Land use right
|
1,452
|
|
1,497
|
|
1,514
|
Acquired intangible assets,
net
|
9,001
|
|
14,537
|
|
16,459
|
Deposit paid for acquisition of
intangible assets
|
218
|
|
218
|
|
538
|
Deferred tax assets
|
6
|
|
45
|
|
53
|
TOTAL
ASSETS
|
262,753
|
|
273,822
|
|
284,680
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
|
9,279
|
|
8,662
|
|
5,790
|
Amount due to a related
party
|
225
|
|
133
|
|
259
|
Accrued expenses and other current
liabilities
|
4,316
|
|
4,690
|
|
8,349
|
Short-term bank loans
|
81,000
|
|
45,000
|
|
45,000
|
Other liabilities
|
1,063
|
|
1,065
|
|
1,929
|
Income tax payable
|
49
|
|
49
|
|
49
|
Deferred tax liabilities
|
134
|
|
429
|
|
160
|
Total current
liabilities
|
96,066
|
|
60,028
|
|
61,536
|
|
|
|
|
|
|
Other liabilities
|
912
|
|
-
|
|
-
|
Payable for acquisition of intangible
assets
|
155
|
|
155
|
|
155
|
Deferred tax liabilities
|
767
|
|
832
|
|
919
|
Total
liabilities
|
97,900
|
|
61,015
|
|
62,610
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Ordinary shares
|
1
|
|
1
|
|
1
|
Additional paid-in
capital
|
63,285
|
|
63,125
|
|
63,046
|
Treasury Stock
|
(103,714)
|
|
(71,275)
|
|
(70,479)
|
Accumulated other comprehensive
income
|
33,965
|
|
37,074
|
|
36,937
|
Retained earnings
|
171,349
|
|
183,915
|
|
192,598
|
Total Actions
Semiconductor Co., Ltd. shareholders' equity
|
164,886
|
|
212,840
|
|
222,103
|
Non-controlling
interest
|
(33)
|
|
(33)
|
|
(33)
|
Total
equity
|
164,853
|
|
212,807
|
|
222,070
|
TOTAL LIABILITIES
AND EQUITY
|
262,753
|
|
273,822
|
|
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
|
|
Nine months ended
|
|
Nine months ended
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip
products
|
|
12,997
|
|
13,084
|
|
37,111
|
|
36,317
|
Semiconductor product testing
services
|
|
40
|
|
27
|
|
86
|
|
81
|
|
|
13,037
|
|
13,111
|
|
37,197
|
|
36,398
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
System-on-a-chip
products
|
|
(9,553)
|
|
(11,188)
|
|
(27,719)
|
|
(29,633)
|
Semiconductor product testing
services
|
|
(19)
|
|
(11)
|
|
(37)
|
|
(38)
|
|
|
(9,572)
|
|
(11,199)
|
|
(27,756)
|
|
(29,671)
|
Gross
profit
|
|
3,465
|
|
1,912
|
|
9,441
|
|
6,727
|
Other operating
income
|
|
950
|
|
30
|
|
2,536
|
|
659
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
(8,315)
|
|
(10,667)
|
|
(22,447)
|
|
(24,057)
|
General and administrative
|
|
(3,060)
|
|
(3,130)
|
|
(11,798)
|
|
(7,954)
|
Selling and marketing
|
|
(539)
|
|
(556)
|
|
(1,722)
|
|
(1,574)
|
Impairment on intangible
assets
|
|
(4,467)
|
|
-
|
|
-
|
|
-
|
Total operating
expenses
|
|
(16,381)
|
|
(14,353)
|
|
(35,967)
|
|
(33,585)
|
Loss from
operations
|
|
(11,966)
|
|
(12,411)
|
|
(23,990)
|
|
(26,199)
|
Other (expenses)
income
|
|
(1,795)
|
|
846
|
|
(1,700)
|
|
(1,651)
|
Dividend income from
an other investment
|
|
-
|
|
-
|
|
488
|
|
423
|
Other-than-temporary
impairment loss on an other investment
|
|
-
|
|
-
|
|
(117)
|
|
-
|
Interest
income
|
|
1,273
|
|
2,029
|
|
4,593
|
|
7,912
|
Interest
expense
|
|
(193)
|
|
(87)
|
|
(526)
|
|
(383)
|
Loss before income
taxes, equity in net income
of
equity
method investees and non-controlling interest
|
|
(12,681)
|
|
(9,623)
|
|
(21,252)
|
|
(19,898)
|
Income tax (expense)
credit
|
|
(93)
|
|
353
|
|
(68)
|
|
1,459
|
Equity in net income
of equity method investees
|
|
208
|
|
27
|
|
71
|
|
234
|
Net loss
|
|
(12,566)
|
|
(9,243)
|
|
(21,249)
|
|
(18,205)
|
Add: Net loss
attributable to non-controlling interest
|
|
-
|
|
-
|
|
-
|
|
-
|
Net loss attributable to Actions Semiconductor Co., Ltd. Shareholders
|
|
(12,566)
|
|
(9,243)
|
|
(21,249)
|
|
(18,205)
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Actions Semiconductor Co., Ltd. Shareholders
|
|
|
|
|
|
|
|
|
Basic (per
share)
|
|
(0.036)
|
|
(0.023)
|
|
(0.061)
|
|
(0.044)
|
Diluted (per
share)
|
(0.036)
|
|
(0.023)
|
|
(0.061)
|
|
(0.044)
|
|
|
|
|
|
|
|
|
|
Basic (per
ADS)
|
|
(0.217)
|
|
(0.137)
|
|
(0.364)
|
|
(0.267)
|
Diluted (per
ADS)
|
|
(0.217)
|
|
(0.137)
|
|
(0.364)
|
|
(0.267)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
348,102,892
|
|
403,462,431
|
|
350,523,838
|
|
409,491,710
|
Diluted
|
|
348,102,892
|
|
403,462,431
|
|
350,523,838
|
|
409,491,710
|
|
|
|
|
|
|
|
|
|
Weighted-average ADS
used in computation :
|
|
|
|
|
|
|
|
|
Basic
|
|
58,017,149
|
|
67,243,739
|
|
58,420,640
|
|
68,248,618
|
Diluted
|
|
58,017,149
|
|
67,243,739
|
|
58,420,640
|
|
68,248,618
|
|
|
|
|
|
|
|
|
|
Note: Share-based
compensation recorded in each
|
|
|
|
|
|
|
|
|
expense
classification above is as follows:
|
|
|
|
|
|
|
|
|
Research and development
|
|
130
|
|
3
|
|
193
|
|
10
|
General and administrative
|
|
11
|
|
1
|
|
11
|
|
5
|
Selling and marketing
|
|
14
|
|
-
|
|
21
|
|
-
|
Cost of revenues
|
|
5
|
|
-
|
|
14
|
|
-
|
ACTIONS
SEMICONDUCTOR CO., LTD.
|
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
(in thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
Nine months ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
Net Loss
|
(12,566)
|
|
(21,249)
|
|
(18,205)
|
Adjustments to
reconcile net loss to net cash provided by
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
Depreciation
of property, plant and equipment
|
510
|
|
1,450
|
|
1,462
|
Allowance for
doubtful accounts receivable
|
-
|
|
-
|
|
379
|
Amortization
of land use right
|
9
|
|
28
|
|
27
|
Amortization
of acquired intangible assets
|
1,278
|
|
3,766
|
|
4,138
|
Utilization of
subsidy from local authorities of Zhuhai, the People's Republic of
China ("PRC")
|
(24)
|
|
(1,159)
|
|
-
|
Loss (gain) on
disposal of property, plant and equipment
|
2
|
|
2
|
|
(3)
|
Write down of
inventories
|
-
|
|
-
|
|
2,189
|
Loss on
disposal of intangible assets
|
-
|
|
-
|
|
415
|
Share of net
income of equity method investees
|
(255)
|
|
(118)
|
|
(234)
|
Share-based
compensation
|
160
|
|
239
|
|
16
|
Deferred
taxes
|
142
|
|
81
|
|
(3,277)
|
Dividend
income from an other investment
|
-
|
|
-
|
|
(423)
|
Other-than-temporary impairment loss recognised in respect of other
investments
|
-
|
|
117
|
|
-
|
Impairment
loss recognised in respect of intangible assets
|
4,467
|
|
4,467
|
|
-
|
Dividend
received
|
-
|
|
-
|
|
425
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
(1,450)
|
|
(1,859)
|
|
862
|
Amount due from a related party
|
(239)
|
|
134
|
|
269
|
Amount due from an equity method investee
|
14
|
|
2
|
|
(8)
|
Inventories
|
(1,450)
|
|
(3,038)
|
|
(4,858)
|
Prepaid expenses and other current assets
|
(2,372)
|
|
(5,283)
|
|
369
|
Accounts payable
|
778
|
|
3,636
|
|
(815)
|
Accrued expenses and other current liabilities
|
(307)
|
|
(1,423)
|
|
(1,350)
|
Amount due to a related party
|
196
|
|
66
|
|
-
|
Income tax recoverable
|
154
|
|
186
|
|
(88)
|
Rental deposit (paid) received
|
-
|
|
(4)
|
|
5
|
Note Receivables
|
-
|
|
161
|
|
-
|
Net cash used in
operating activities
|
(10,953)
|
|
(19,798)
|
|
(18,705)
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Investment in
an equity method investee
|
-
|
|
-
|
|
(9,016)
|
Proceeds from
redemption of marketable securities
|
34,269
|
|
34,269
|
|
153,277
|
Purchase of
marketable securities
|
(1,438)
|
|
(9,578)
|
|
(53,384)
|
Proceeds from
disposal of property, plant and equipment
|
16
|
|
16
|
|
20
|
Purchase of
property, plant and equipment
|
(143)
|
|
(635)
|
|
(1,090)
|
Purchase of
intangible assets
|
(340)
|
|
(3,128)
|
|
(5,438)
|
Increase in
restricted deposits
|
(36,088)
|
|
(36,164)
|
|
(11,885)
|
(Increase)
decrease in time deposits
|
-
|
|
(30)
|
|
162
|
Deposit paid
for acquisition of intangible assets
|
-
|
|
-
|
|
(349)
|
Proceeds from
disposal of intangible assets
|
-
|
|
-
|
|
24
|
Net cash (used in)
provided by investing activities
|
(3,724)
|
|
(15,250)
|
|
72,321
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Advance
subsidy from local authorities of Zhuhai, the PRC
|
960
|
|
1,229
|
|
232
|
Proceeds from
exercise of share based awards
|
45
|
|
762
|
|
2,410
|
Repurchase of
ordinary shares
|
(32,484)
|
|
(33,997)
|
|
(28,461)
|
Raise of
short-term bank loans
|
36,000
|
|
36,000
|
|
10,000
|
Repayment of
short-term bank loans
|
-
|
|
-
|
|
(12,000)
|
Net cash provided by
(used in) financing activities
|
4,521
|
|
3,994
|
|
(27,819)
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(10,156)
|
|
(31,054)
|
|
25,797
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
57,350
|
|
78,177
|
|
53,263
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(630)
|
|
(559)
|
|
(540)
|
Cash and cash
equivalents at the end of the period
|
46,564
|
|
46,564
|
|
78,520
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/actions-semiconductor-reports-third-quarter-2015-results-300185146.html
SOURCE Actions Semiconductor Co., Ltd.