Actions Semiconductor Reports First Quarter 2015 Results

  









ACTIONS SEMICONDUCTOR CO., LTD.


CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands of U.S. dollars)












Three months ended


Three months ended


Three months ended




March 31,


December 31,


March 31,




2015


2014


2014




(unaudited)


(unaudited)


(unaudited)


Operating activities:








Net loss


(4,997)


(12,157)


(5,495)


Adjustments to reconcile net loss to net cash provided by








  Operating activities:








  Depreciation of property, plant and equipment


475


487


503


  Allowance for doubtful accounts receivable


490


179


-


  Amortization of land use right


9


9


9


  Amortization of acquired intangible assets


1,228


1,138


1,138


  (Reversal of) write down of inventories


(776)


3,971


-


  Loss (gain) on disposal of property, plant and equipment 


-


2


(3)


  Loss on disposal of intangible assets


-


5


-


  Share of net loss (gain) of equity method investees


27


(332)


(3)


  Share-based compensation


5


29


6


  Deferred taxes


(343)


(299)


(179)


  Impairment loss recognised in respect of intangible assets


-


535


-


  Changes in operating assets and liabilities:








    Accounts receivable


(491)


1,487


(1,046)


    Amount due from a related party


1,095


(618)


576


    Inventories


(232)


4,602


(5,468)


    Amount due from an equity method investee


(7)


5


(4)


    Prepaid expenses and other current assets


(1,178)


(1,120)


415


    Accounts payable


833


901


4,058


    Accrued expenses and other current liabilities


(1,214)


935


(1,232)


    Amount due to a related party


(97)


-


-


    Income tax recoverable


(159)


(34)


19


    Income tax payable


-


1


-


    Rental deposit paid


(11)


-


(11)


    Notes Receivable


161


(161)


-


Net cash used in operating activities


(5,182)


(435)


(6,717)










Investing activities:








  Proceeds from redemption of marketable securities


-


6,019


41,432


  Purchase of marketable securities


(4,649)


(906)


(39,284)


  Proceeds from disposal of property, plant and equipment


-


-


18


  Purchase of property, plant and equipment


(76)


(66)


(483)


  Purchase of intangible assets


(111)


(2,606)


(20)


  Increase in restricted deposits


(195)


(13,089)


(11,021)


  (Increase) decrease in time deposits


(5,627)


156


-


  Deposit paid for acquisition of intangible assets


-


(108)


(240)


  Proceeds from disposal of intangible assets


-


-


24


Net cash used in investing activities


(10,658)


(10,600)


(9,574)










Financing activities:








  Proceeds from exercise of share option


147


132


757


  Repurchase of ordinary shares


(632)


(441)


(1,061)


  Raise of short-term bank loans


-


21,500


10,000


  Repayment of short-term bank loans


-


(10,000)


(5,000)


Net cash (used in) provided by financing activities


(485)


11,191


4,696










Net (decrease) increase in cash and cash equivalents


(16,325)


156


(11,595)










Cash and cash equivalents at the beginning of the period


78,177


78,520


53,263










Effect of exchange rate changes on cash


3


(499)


(1,072)


Cash and cash equivalents at the end of the period


61,855


78,177


40,596











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