Actions Semiconductor Reports Second Quarter 2015 Results

 

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)








Three months ended


Six months ended


Six months ended


June 30,


June 30,


June 30,


2015


2015


2014


(unaudited)


  (unaudited)  


  (unaudited)  

Operating activities:






Net Loss

(3,686)


(8,683)


(8,962)

Adjustments to reconcile net loss to net cash provided by






  Operating activities:






  Depreciation of property, plant and equipment

465


940


1,005

  Allowance for doubtful accounts receivable

-


-


185

  Amortization of land use right

10


19


18

  Amortization of acquired intangible assets

1,260


2,488


2,361

  Utilization of subsidy from local authorities of Zhuhai, the People's 






    Republic of China (the"PRC")

(1,135)


(1,135)


-

  Gain on disposal of property, plant and equipment 

-


-


(3)

  Loss on disposal of intangible assets

-


-


415

  Share of net loss (income) of equity method investees

110


137


(207)

  Share-based  compensation

74


79


11

  Deferred taxes

282


(61)


(2,989)

  Dividend income from an other investment

(488)


(488)


(423)

  Other-than-temporary impairment loss on an other investment

117


117


-

  Changes in operating assets and liabilities:






    Accounts receivable

(408)


(409)


352

    Amount due from a related party

(722)


373


564

    Amount due from an equity method investee

(5)


(12)


(5)

    Inventories

(580)


(1,588)


(7,423)

    Prepaid expenses and other current assets

(1,733)


(2,911)


44

    Accounts payable

2,025


2,858


1,343

    Accrued expenses and other current liabilities

98


(1,116)


(1,380)

    Amount due to a related party

(33)


(130)


-

    Income tax recoverable

191


32


(20)

    Rental deposit received (paid) 

7


(4)


(2)

    Notes Receivable

-


161


-

Net cash used in operating activities

(4,151)


(9,333)


(15,116)







Investing activities:






  Dividend income from an other investment

488


488


-

  Investment in an equity method investee

-


-


(9,016)

  Proceeds from redemption of marketable securities

-


-


95,322

  Purchase of marketable securities

(3,491)


(8,140)


(48,394)

  Proceeds from disposal of property, plant and equipment

-


-


19

  Purchase of property, plant and equipment

(416)


(492)


(783)

  Purchase of intangible assets

(2,677)


(2,788)


(5,279)

  Decrease (increase) in restricted deposits

119


(76)


(5,720)

  Decrease (increase) in time deposit

5,597


(30)


-

  Deposit paid for acquisition of intangible assets

-


-


(349)

  Proceeds from disposal of intangible assets

-


-


24

Net cash (used in) provided by investing activities

(380)


(11,038)


25,824







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

269


269


-

  Proceeds from exercise of share based awards

570


717


1,653

  Repurchase of ordinary shares

(881)


(1,513)


(2,589)

  Raise of short-term bank loans

-


-


10,000

  Repayment of short-term bank loans

-


-


(11,000)

Net cash used in financing activities

(42)


(527)


(1,936)







Net (decrease) increase in cash and cash equivalents

(4,573)


(20,898)


8,772







Cash and cash equivalents at the beginning of the period

61,855


78,177


53,263







Effect of exchange rate changes on cash

68


71


(1,147)

Cash and cash equivalents at the end of the period

57,350


57,350


60,888


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