Actions Semiconductor Reports Third Quarter 2015 Results

Financial Condition

The Company ended the third quarter of 2015 with $147.3 million in cash and cash equivalents, together with time deposits, trading securities and marketable securities. Total current assets were approximately $163.7 million, and the Company had working capital of approximately $67.6 million and $81.0 million in short-term bank loans, and total shareholder's equity was 164.9 million as of September 30, 2015. 

Since the share repurchase program commenced in 2007, the Company has invested approximately $113.3 million in repurchasing its ADSs and ordinary shares, including $57.2 million representing the equivalent of 24.0 million ADSs repurchased through Dutch auction tender offers in September 2015 and 2014.  As of September 30, 2015, the equivalent of approximately 49.0 million ADSs were repurchased. As of September 30, 2015, total number of outstanding ordinary shares (including ordinary shares represented by ADSs) was 265,898,800.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.

Based on current market trends, the Company expects revenue in the fourth quarter of 2015 to be in the range of $11.0 to $12.0 million. The Company expects challenging conditions in the worldwide semiconductor industry to limit its ability to increase revenue for the next several quarters, and now expects full year revenue for 2015 to be slightly below 2014 levels.

Conference Call Details

Actions Semiconductor's management will conduct an earnings conference call offering prepared remarks on the third 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 Monday, November 30, 2015. To participate in the live call, analysts and investors should dial 1-888-401-4668 (within U.S.) or 1-719-457-2689 (outside U.S.) at least ten minutes prior to the call.  The conference ID number is 4912399. 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 December 10, 2015 by dialing 1-888-203-1112 (within U.S.) or 1-719-457-0820 (outside U.S.) and entering access code 4912399.

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 the worldwide semiconductor market, its Bluetooth single chip 4.0 solutions, 64-bit product enabled by 28nm process technology targeting various smart products and open-source SoCs and reference design platforms, 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
Email Contact            Email Contact
+1-310-528-3031                          +86-756-3392353*1018

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands of U.S. dollars)



At September 30,


At June 30,


At December 31,


2015


2015


2014


(unaudited)


(unaudited)


(audited)

ASSETS                                                                                                                                






Current assets:






  Cash and cash equivalents                                    

46,564


57,350


78,177

  Time deposit

-


-


5

  Restricted deposits

70,482


51,667


51,590

  Marketable securities

13,635


46,571


38,384

  Trading securities

68


72


70

  Accounts receivable, net of allowance for doubtful accounts of $40, $40, and $558
     as of September 30, 2015, June 30, 2015 and December 31, 2014, respectively

4,675


3,242


2,832

  Amount due from a related party

1,516


1,277


1,650

  Notes receivable

-


-


161

  Amount due from an equity method investee

39


53


41

  Inventories, net of inventory written-down of $5,300, $6,776, and $7,718 as of
    September 30, 2015, June 30, 2015 and December 31, 2014, respectively

16,691


15,571


13,970

  Prepaid expenses and other current assets

9,091


7,443


4,511

  Income tax recoverable

-


154


186

  Deferred tax assets

945


1,432


1,179

Total current assets

163,706


184,832


192,756







  Investments in equity method investees

27,404


27,215


27,352

  Other investments  

15,489


15,510


15,627

  Restricted deposits

16,600


-


-

  Rental deposits

57


58


54

  Property, plant and equipment, net

28,820


29,910


30,327

  Land use right

1,452


1,497


1,514

  Acquired intangible assets, net

9,001


14,537


16,459

  Deposit paid for acquisition of intangible assets

218


218


538

  Deferred tax assets

6


45


53

TOTAL ASSETS

262,753


273,822


284,680







LIABILITIES AND EQUITY






Current liabilities:






  Accounts payable

9,279


8,662


5,790

  Amount due to a related party

225


133


259

  Accrued expenses and other current liabilities

4,316


4,690


8,349

  Short-term bank loans

81,000


45,000


45,000

  Other liabilities

1,063


1,065


1,929

  Income tax payable

49


49


49

  Deferred tax liabilities

134


429


160

Total current liabilities

96,066


60,028


61,536







  Other liabilities

912


-


-

  Payable for acquisition of intangible assets

155


155


155

  Deferred tax liabilities

767


832


919

Total liabilities

97,900


61,015


62,610







Equity:






   Ordinary shares

1


1


1

   Additional paid-in capital

63,285


63,125


63,046

   Treasury Stock

(103,714)


(71,275)


(70,479)

   Accumulated other comprehensive income

33,965


37,074


36,937

   Retained earnings

171,349


183,915


192,598

Total Actions Semiconductor Co., Ltd. shareholders' equity

164,886


212,840


222,103

Non-controlling interest

(33)


(33)


(33)

Total equity

164,853


212,807


222,070

TOTAL LIABILITIES AND EQUITY

262,753


273,822


284,680


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