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Actions Semiconductor Reports Second Quarter 2014 Results

ZHUHAI, China, Aug. 15, 2014 /PRNewswire/ -- Actions Semiconductor Co., Ltd. (Nasdaq: ACTS) ("Actions Semiconductor" or "the Company"), 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, today reported its financial results for the second quarter ended June 30, 2014.

All financial results are reported on a U.S. GAAP basis.

Revenue for the second quarter of 2014 was $12.0 million, as compared to revenue of $11.3 million for the first quarter of 2014, and $18.5 million for the second quarter of 2013.

Net loss attributable to Actions Semiconductor's shareholders for the second quarter of 2014 was $3.5 million or $0.050 per basic and diluted American Depositary Share ("ADS"). This compares to net loss attributable to Actions Semiconductor's shareholders of $5.5 million or $0.080 per basic and diluted ADS, for the first quarter of 2014, and net income attributable to Actions Semiconductor's shareholders of $0.7 million or $0.010 per basic and diluted ADS, for the second quarter of 2013.

Actions Semiconductor reported gross margin of 18.4% for the second quarter of 2014, compared to gross margin of 23.1% for the first quarter of 2014, and 32.2% for the second quarter of 2013. The Company ended the second quarter with $189.5 million in cash and cash equivalents, together with time deposits, trading securities and marketable securities, current and non-current.

Since the share repurchase program commenced in 2007, the Company has invested approximately $53.0 million in repurchasing its shares. As of June 30, 2014, approximately 23.3 million ADSs were repurchased.

"Our second quarter performance reflects unfavorable dynamics in the worldwide tablet market. Overall growth in the tablet market has slowed much more quickly than anticipated and competition has become fiercer, with formidable players rapidly carving market shares in the white box tablet market and putting downward pressure on selling prices. The combination of soft sales and an inventory write-down which reduced gross margin by over 7% contributed to our loss for the quarter," stated Dr. Zhenyu Zhou, CEO of Actions Semiconductor.

"We expect shipments to improve in the second half of the year, although conditions in the tablet market will remain difficult. We are now anticipating revenue in the second half of 2014 to be slightly below year ago levels with continued pressure on margin. Looking ahead, our recent investments in research and development put us in a strong position to take advantage of the industry-wide transition from 32-bit to 64-bit architecture at an early stage. We expect our future product enabled by 28nm process technology and 64-bit CPU for tablets and high-end OTT set-top boxes, along with our upcoming RF and audio processing integrated single chip SoC for Bluetooth boomboxes, will be key revenue drivers in the year ahead. We also plan to tailor our new 64-bit product for use in chrome books, an area which we believe holds additional growth potential."

"We are in the process of reorganizing our corporate structure, which will put us in a better position to monetize the vast intellectual property portfolio we have developed over the years, including entering into additional licensing contracts and joint venture agreements, provide greater clarity among our legal entities and give us an edge in the constant battle for engineering and management talent in China," Dr. Zhou concluded.

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 third quarter of 2014 to be in the range of $13.0 to $15.0 million. The Company expects shipments to improve in the second half of 2014, although persistent, fierce competition in the tablet market will cause revenue in the second half of the year to be slightly below year ago levels.

Conference Call Details

Actions Semiconductor's second quarter of fiscal year 2014 teleconference and webcast is scheduled to begin at 8:00 a.m. Eastern Time, on Friday, August 15, 2014. To participate in the live call, analysts and investors should dial 1- 888-329-8893 (within U.S.) or 1-719-325-2362 (outside U.S.) at least ten minutes prior to the call. The conference ID number is 3075520. Actions Semiconductor will also offer a live and archived 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 25, 2014 by dialing 1-888-203-1112 (within U.S.) or 1-719-457-0820 (outside U.S.) and entering access code 3075520.

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 and Shenzhen. 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 new product enabled by 28nm process technology and 64-bit CPU for tablets and high-end OTT set-top boxes and new RF and audio processing integrated single chip SoC for Bluetooth boomboxes, growth potential for chrome book applications, 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 these trends, the benefits to be achieved from its corporate restructuring 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 protected]

[email protected]

+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,


2014


2014


2013


(unaudited)


(unaudited)


(audited)

ASSETS






Current assets:






  Cash and cash equivalents

60,888


40,596


53,263

  Time deposit

327


322


327

  Restricted deposits

32,463


37,823


27,181

  Marketable securities

79,664


124,509


126,607

  Trading securities

74


73


74

  Accounts receivable, net of allowance for doubtful accounts of $185, $23
      and nil as of June 30, 2014, March 31, 2014 and December 31, 2013, respectively

5,196


6,784


5,782

  Amount due from a related party

737


725


1,301

  Amount due from an equity method investee

43


42


38

  Inventories, net of inventory written-down of $2,845, $1,965 and
      $1,558 as of June 30, 2014, March 31, 2014 and December 31, 2013, respectively

27,216


25,308


20,278

  Prepaid expenses and other current assets

3,831


3,466


3,972

  Income tax recoverable

85


46


67

  Dividend receivable

425


-


-

  Deferred tax assets

809


578


416

Total current assets

211,758


240,272


239,306







  Investments in equity method investees

26,992


17,779


17,843

  Other investments

15,625


15,627


15,648

  Marketable securities

16,067


16,099


17,139

  Rental deposits

61


70


61

  Property, plant and equipment, net

30,886


31,142


31,896

  Land use right

1,530


1,542


1,588

  Acquired intangible assets, net

19,115


10,862


12,218

  Deposit paid for acquisition of intangible assets

489


380


145

  Deferred tax assets

89


93


99

TOTAL ASSETS

322,612


333,866


335,943







LIABILITIES AND EQUITY






Current liabilities:






  Accounts payable

7,267


9,992


6,016

  Accrued expenses and other current liabilities

9,521


5,024


6,127

  Short-term bank loans

34,500


40,500


35,500

  Other liabilities

1,698


1,331


1,362

  Income tax payable

49


49


49

  Deferred tax liabilities

339


417


343

Total current liabilities

53,374


57,313


49,397







Other liabilities

-


370


412

Deferred tax liabilities

988


3,493


3,589

Total liabilities

54,362


61,176


53,398

Equity:






 Ordinary shares

1


1


1

 Additional paid-in capital

17,957


18,584


18,882

 Accumulated other comprehensive income

36,327


36,672


40,734

 Retained earnings

213,997


217,464


222,959

Total Actions Semiconductor Co., Ltd. shareholders' equity

268,282


272,721


282,576

Non-controlling interest

(32)


(31)


(31)

Total equity

268,250


272,690


282,545

TOTAL LIABILITIES AND EQUITY

322,612


333,866


335,943

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(in thousands of U.S. dollars, except number of shares and per share amounts)












Three months ended


Three months ended


Six months ended


Six months ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013



  (unaudited) 


  (unaudited) 


  (unaudited) 


  (unaudited) 










Revenues:









  Third-parties:









   System-on-a-chip products


10,317


16,923


19,883


32,692

   Semiconductor product testing services


27


35


54


52



10,344


16,958


19,937


32,744

  Related-parties:









   System-on-a-chip products


1,631


1,559


3,350


2,188

  Total revenues


11,975


18,517


23,287


34,932

Cost of revenues:









  Third-parties:









   System-on-a-chip products


(8,411)


(11,446)


(15,862)


(21,509)

   Semiconductor product testing services


(9)


(13)


(27)


(18)



(8,420)


(11,459)


(15,889)


(21,527)

  Related-parties:









   System-on-a-chip products


(1,356)


(1,090)


(2,583)


(1,489)

  Total cost of revenues


(9,776)


(12,549)


(18,472)


(23,016)

Gross profit


2,199


5,968


4,815


11,916

Other operating income


150


78


629


152

Operating expenses:









  Research and development


(6,614)


(7,340)


(13,390)


(13,362)

  General and administrative


(2,787)


(2,107)


(4,824)


(4,084)

  Selling and marketing


(634)


(501)


(1,018)


(996)

Total operating expenses


(10,035)


(9,948)


(19,232)


(18,442)

Loss from operations


(7,686)


(3,902)


(13,788)


(6,374)

Other income (expenses)


7


1,150


(2,497)


1,370

Dividend income from an other investment


423


493


423


493

Interest income


2,803


2,993


5,883


6,191

Interest expense


(159)


(124)


(296)


(224)

(Loss) income before income taxes, equity in net


(4,612)


610


(10,275)


1,456

  income (loss) of equity method investees









  and non-controlling interest









Income tax credit (expense)


941


255


1,106


(98)

Equity in net income (loss) of equity method investees


204


(186)


207


(259)

Net (loss) income


(3,467)


679


(8,962)


1,099

Add: Net loss attributable to non-controlling interest


-


-


-


1

Net (loss) income attributable to Actions Semiconductor Co., Ltd.

(3,467)


679


(8,962)


1,100










Net (loss) income attributable to Actions Semiconductor Co., Ltd.








Basic (per share)


(0.008)


0.002


(0.022)


0.003

Diluted (per share)


(0.008)


0.002


(0.022)


0.003










Basic (per ADS)


(0.050)


0.010


(0.130)


0.016

Diluted (per ADS)


(0.050)


0.010


(0.130)


0.016










Weighted-average shares used in computation:









Basic


413,599,856


412,242,251


412,556,305


411,185,535

Diluted


413,599,856


427,401,804


412,556,305


424,606,224










Weighted-average ADS used in computation :









Basic


68,933,309


68,707,042


68,759,384


68,530,923

Diluted


68,933,309


71,233,634


68,759,384


70,767,704










Note: Share-based compensation recorded in each









expense classification above is as follows:









  Research and development


3


41


7


205

  General and administrative


2


16


4


69

  Selling and marketing


-


3


-


11

  Cost of revenues


-


15


-


15

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED 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,


2014


2014


2013


(unaudited)


  (unaudited) 


  (unaudited) 

Operating activities:






Net (loss) income

(3,467)


(8,962)


1,099

Adjustments to reconcile net (loss) income to net cash provided by






  Operating activities:






  Depreciation of property, plant and equipment

502


1,005


1,055

  Allowance for doubtful accounts receivable

185


185


-

  Amortization of land use right

9


18


18

  Amortization of acquired intangible assets

1,223


2,361


1,709

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

-


-


(59)

  Write down of inventories

1,287


1,287


583

  (Gain) loss on disposal of property, plant and equipment

-


(3)


11

  Loss on disposal of intangible assets

415


415


-

  Share of net (gain) loss of equity method investees

(204)


(207)


259

  Share-based compensation

5


11


300

  Deferred taxes

(2,810)


(2,989)


78

  Dividend income from an other investment

(423)


(423)


(493)

  Changes in operating assets and liabilities:






    Accounts receivable

1,398


352


41

    Amount due from a related party

(12)


564


(559)

    Amount due from an equity method investee

(1)


(5)


24

    Inventories

(3,242)


(8,710)


(16,138)

    Prepaid expenses and other current assets

(371)


44


3,377

    Income tax recoverable

(39)


(20)


(82)

    Accounts payable

(2,715)


1,343


10,780

    Accrued expenses and other current liabilities

(148)


(1,380)


(3,350)

    Income tax payable

-


-


103

    Rental deposit received (paid)

9


(2)


(9)

Net cash used in operating activities

(8,399)


(15,116)


(1,253)







Investing activities:






  Investment in an equity method investee

(9,016)


(9,016)


(3,712)

  Proceeds from redemption of marketable securities

53,890


95,322


80,513

  Purchase of marketable securities

(9,110)


(48,394)


(27,004)

  Proceeds from disposal of property, plant and equipment

1


19


-

  Purchase of property, plant and equipment

(300)


(783)


(149)

  Purchase of intangible assets

(5,259)


(5,279)


(498)

  Decrease (increase) in restricted deposits

5,301


(5,720)


(5,296)

  Deposit paid for acquisition of intangible assets

(109)


(349)


-

  Proceeds from disposal of intangible assets

-


24


-

Net cash provided by investing activities

35,398


25,824


43,854







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

-


-


290

  Proceeds from exercise of share option and restricted stock unit

896


1,653


2,207

  Repurchase of ordinary shares

(1,528)


(2,589)


(2,182)

  Raise of short-term bank loans

-


10,000


-

  Repayment of short-term bank loans

(6,000)


(11,000)


-

Net cash (used in) provided by financing activities

(6,632)


(1,936)


315







Net increase in cash and cash equivalents

20,367


8,772


42,916







Cash and cash equivalents at the beginning of the period

40,596


53,263


71,336







Effect of exchange rate changes on cash

(75)


(1,147)


995

Cash and cash equivalents at the end of the period

60,888


60,888


115,247

SOURCE Actions Semiconductor Co., Ltd.

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