Actions Semiconductor Reports Second Quarter 2015 Results

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


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