Actions Semiconductor Reports First Quarter 2015 Results

About Actions SemiconductorActions 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, 32-bit and 64-bit open-source SoCs and reference design platforms, 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 and gross margin.  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 March 31,


At December 31,


At March 31,



2015


2014


2014



(unaudited)


(audited)


(unaudited)


ASSETS







Current assets:







  Cash and cash equivalents

61,855


78,177


40,596


  Time deposit

5,632


5


322


  Restricted deposits

51,786


51,590


37,823


  Marketable securities

43,035


38,384


124,509


  Trading securities

72


70


73


  Accounts receivable, net of allowance for doubtful accounts of $68, $558 and $23
      as of March 31, 2015, December 31, 2014 and March 31, 2014, respectively

2,833


2,832


6,784


  Amount due from a related party

555


1,650


725


  Notes receivable

-


161


-


  Amount due from an equity method investee

48


41


42


  Inventories, net of inventory written-down of $6,942, $7,718 and $1,965 as of
     March 31, 2015, December 31, 2014 and March 31, 2014, respectively

14,978


13,970


25,308


  Prepaid expenses and other current assets

5,689


4,511


3,466


  Income tax recoverable

345


186


46


  Deferred tax assets

1,644


1,179


578


Total current assets

188,472


192,756


240,272









  Investments in equity method investees

27,323


27,352


17,779


  Other investments  

15,627


15,627


15,627


  Marketable securities

-


-


16,099


  Rental deposits

65


54


70


  Property, plant and equipment, net

29,929


30,327


31,142


  Land use right

1,505


1,514


1,542


  Acquired intangible assets, net

15,345


16,459


10,862


  Deposit paid for acquisition of intangible assets

547


538


380


  Deferred tax assets

49


53


93


TOTAL ASSETS

278,862


284,680


333,866









LIABILITIES AND EQUITY







Current liabilities:







  Accounts payable

6,633


5,790


9,992


  Amount due to a related party

162


259


-


  Accrued expenses and other current liabilities

7,148


8,349


5,024


  Short-term bank loans

45,000


45,000


40,500


  Other liabilities

1,929


1,929


1,331


  Income tax payable

49


49


49


  Deferred tax liabilities

314


160


417


Total current liabilities

61,235


61,536


57,313









  Other liabilities

-


-


370


  Payable for acquisition of intangible assets

155


155


-


  Deferred tax liabilities

883


919


3,493


Total liabilities

62,273


62,610


61,176









Equity:







  Ordinary shares

1


1


1


  Additional paid-in capital

63,051


63,046


63,007


  Treasury Stock

(70,964)


(70,479)


(44,423)


  Accumulated other comprehensive income

36,933


36,937


36,672


  Retained earnings

187,601


192,598


217,464


Total Actions Semiconductor Co., Ltd. shareholders' equity

216,622


222,103


272,721


Non-controlling interest

(33)


(33)


(31)


Total equity

216,589


222,070


272,690


TOTAL LIABILITIES AND EQUITY

278,862


284,680


333,866










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