Actions Semiconductor Reports Fourth Quarter and Full Year 2014 Results

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


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