About Actions SemiconductorActions 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 new products enabled by 28nm process technology and 64-bit CPU for tablets and high-end OTT set-top boxes, 32-bit and 64-bit open-source SoCs and reference design platforms, and new single chip SoC for Bluetooth boomboxes, 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 and gross margin. 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: |
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Elaine Ketchmere, CFA |
Ally Xie, CA, CPA |
Compass Investor Relations |
Actions Semiconductor |
+1-310-528-3031 |
+86-756-3392353*1018 |
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ACTIONS SEMICONDUCTOR CO., LTD. |
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CONSOLIDATED CONDENSED BALANCE SHEETS |
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(in thousands of U.S. dollars) |
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At March 31, |
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At December 31, |
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At March 31, |
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2015 |
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2014 |
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2014 |
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(unaudited) |
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(audited) |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
61,855 |
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78,177 |
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40,596 |
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Time deposit |
5,632 |
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5 |
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322 |
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Restricted deposits |
51,786 |
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51,590 |
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37,823 |
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Marketable securities |
43,035 |
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38,384 |
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124,509 |
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Trading securities |
72 |
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70 |
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73 |
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Accounts receivable, net of allowance for doubtful accounts of $68, $558 and $23
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2,833 |
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2,832 |
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6,784 |
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Amount due from a related party |
555 |
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1,650 |
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725 |
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Notes receivable |
- |
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161 |
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- |
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Amount due from an equity method investee |
48 |
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41 |
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42 |
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Inventories, net of inventory written-down of $6,942, $7,718 and $1,965 as of
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14,978 |
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13,970 |
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25,308 |
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Prepaid expenses and other current assets |
5,689 |
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4,511 |
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3,466 |
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Income tax recoverable |
345 |
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186 |
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46 |
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Deferred tax assets |
1,644 |
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1,179 |
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578 |
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Total current assets |
188,472 |
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192,756 |
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240,272 |
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Investments in equity method investees |
27,323 |
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27,352 |
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17,779 |
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Other investments |
15,627 |
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15,627 |
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15,627 |
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Marketable securities |
- |
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- |
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16,099 |
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Rental deposits |
65 |
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54 |
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70 |
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Property, plant and equipment, net |
29,929 |
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30,327 |
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31,142 |
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Land use right |
1,505 |
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1,514 |
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1,542 |
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Acquired intangible assets, net |
15,345 |
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16,459 |
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10,862 |
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Deposit paid for acquisition of intangible assets |
547 |
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538 |
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380 |
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Deferred tax assets |
49 |
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53 |
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93 |
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TOTAL ASSETS |
278,862 |
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284,680 |
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333,866 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Accounts payable |
6,633 |
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5,790 |
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9,992 |
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Amount due to a related party |
162 |
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259 |
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- |
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Accrued expenses and other current liabilities |
7,148 |
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8,349 |
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5,024 |
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Short-term bank loans |
45,000 |
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45,000 |
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40,500 |
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Other liabilities |
1,929 |
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1,929 |
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1,331 |
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Income tax payable |
49 |
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49 |
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49 |
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Deferred tax liabilities |
314 |
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160 |
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417 |
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Total current liabilities |
61,235 |
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61,536 |
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57,313 |
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Other liabilities |
- |
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- |
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370 |
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Payable for acquisition of intangible assets |
155 |
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155 |
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- |
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Deferred tax liabilities |
883 |
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919 |
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3,493 |
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Total liabilities |
62,273 |
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62,610 |
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61,176 |
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Equity: |
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Ordinary shares |
1 |
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1 |
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1 |
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Additional paid-in capital |
63,051 |
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63,046 |
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63,007 |
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Treasury Stock |
(70,964) |
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(70,479) |
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(44,423) |
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Accumulated other comprehensive income |
36,933 |
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36,937 |
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36,672 |
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Retained earnings |
187,601 |
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192,598 |
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217,464 |
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Total Actions Semiconductor Co., Ltd. shareholders' equity |
216,622 |
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222,103 |
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272,721 |
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Non-controlling interest |
(33) |
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(33) |
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(31) |
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Total equity |
216,589 |
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222,070 |
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272,690 |
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TOTAL LIABILITIES AND EQUITY |
278,862 |
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284,680 |
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333,866 |
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