Actions Semiconductor Reports Third Quarter 2015 Results

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)








Three months ended


Nine months ended


Nine months ended


September 30,


September 30,


September 30,


2015


2015


2014


(unaudited)


  (unaudited) 


  (unaudited) 







Operating activities:






Net Loss

(12,566)


(21,249)


(18,205)

Adjustments to reconcile net loss to net cash provided by






  Operating activities:






  Depreciation of property, plant and equipment

510


1,450


1,462

  Allowance for doubtful accounts receivable

-


-


379

  Amortization of land use right

9


28


27

  Amortization of acquired intangible assets

1,278


3,766


4,138

  Utilization of subsidy from local authorities of Zhuhai, the People's Republic of China ("PRC")

(24)


(1,159)


-

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

2


2


(3)

  Write down of inventories

-


-


2,189

  Loss on disposal of intangible assets

-


-


415

  Share of net income of equity method investees

(255)


(118)


(234)

  Share-based compensation

160


239


16

  Deferred taxes

142


81


(3,277)

  Dividend income from an other investment

-


-


(423)

  Other-than-temporary impairment loss recognised in respect of other investments

-


117


-

  Impairment loss recognised in respect of intangible assets

4,467


4,467


-

  Dividend received

-


-


425

  Changes in operating assets and liabilities:






    Accounts receivable

(1,450)


(1,859)


862

    Amount due from a related party

(239)


134


269

    Amount due from an equity method investee

14


2


(8)

    Inventories

(1,450)


(3,038)


(4,858)

    Prepaid expenses and other current assets

(2,372)


(5,283)


369

    Accounts payable

778


3,636


(815)

    Accrued expenses and other current liabilities

(307)


(1,423)


(1,350)

    Amount due to a related party

196


66


-

    Income tax recoverable

154


186


(88)

    Rental deposit (paid) received

-


(4)


5

    Note Receivables

-


161


-

Net cash used in operating activities

(10,953)


(19,798)


(18,705)







Investing activities:






  Investment in an equity method investee

-


-


(9,016)

  Proceeds from redemption of marketable securities

34,269


34,269


153,277

  Purchase of marketable securities

(1,438)


(9,578)


(53,384)

  Proceeds from disposal of property, plant and equipment

16


16


20

  Purchase of property, plant and equipment

(143)


(635)


(1,090)

  Purchase of intangible assets

(340)


(3,128)


(5,438)

  Increase in restricted deposits

(36,088)


(36,164)


(11,885)

  (Increase) decrease in time deposits

-


(30)


162

  Deposit paid for acquisition of intangible assets

-


-


(349)

  Proceeds from disposal of intangible assets

-


-


24

Net cash (used in) provided by investing activities

(3,724)


(15,250)


72,321







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

960


1,229


232

  Proceeds from exercise of share based awards

45


762


2,410

  Repurchase of ordinary shares

(32,484)


(33,997)


(28,461)

  Raise of short-term bank loans

36,000


36,000


10,000

  Repayment of short-term bank loans

-


-


(12,000)

Net cash provided by (used in) financing activities

4,521


3,994


(27,819)







Net (decrease) increase in cash and cash equivalents

(10,156)


(31,054)


25,797







Cash and cash equivalents at the beginning of the period

57,350


78,177


53,263







Effect of exchange rate changes on cash

(630)


(559)


(540)

Cash and cash equivalents at the end of the period

46,564


46,564


78,520







To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/actions-semiconductor-reports-third-quarter-2015-results-300185146.html

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