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Actions Semiconductor Reports First Quarter 2012 Results

Revenue Increases 15% Year-Over-Year

May 8, 2012

ZHUHAI, China, May 8, 2012 /PRNewswire-Asia-FirstCall/ -- Actions Semiconductor Co., Ltd. (Nasdaq: ACTS), 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 first quarter ended March 31, 2012.

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

Revenue for the first quarter of 2012 was $10.7 million, as compared to revenue of $12.3 million for the fourth quarter of 2011, and $9.4 million for the first quarter of 2011. 

Net loss attributable to Actions Semiconductor's shareholders for the first quarter of 2012 was $0.65 million or $0.01 per ADS. This compares to net loss attributable to Actions Semiconductor's shareholders of $0.11 million or $0.00 per ADS, for the fourth quarter of 2011, and net income attributable to Actions Semiconductor's shareholders of $5 thousand or $0.00 per ADS, for the first quarter of 2011. 

Actions Semiconductor reported gross margin of 34.9% for the first quarter of 2012, compared to gross margin of 37.6% for the fourth quarter of 2011, and 39.1% for the first quarter of 2011. The Company ended the first quarter with $33.8 million in cash and cash equivalents.  Trading securities, and marketable securities, current and non-current, were $187.8 million at the end of the first quarter. 

Since the share repurchase program commenced in 2007, the Company has invested approximately $42.5 million in repurchasing its shares.  As of March 31, 2012, approximately 18.3 million American Depositary Shares (ADSs) were repurchased.

"We were pleased to deliver better than expected revenue for the first quarter despite the typical seasonality and fewer working days in the quarter," stated Dr. Zhenyu Zhou, CEO of Actions Semiconductor.  "While we saw our product mix shift to a higher percentage of revenue from our more value-oriented solutions such as our automotive products, we maintained our leading market share position in higher end HD products, mainstream portable video and portable audio products."

"We are enthusiastic about our recently launched ATM701x product family targeting the tablet market.  The product has been well received to date.  We commenced volume shipments in May with several customers and expect to begin seeing a contribution from this new product in the second half of 2012," concluded Dr. Zhou.    

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.

For the second quarter of fiscal year 2012 ending June 30, 2012, Actions Semiconductor estimates revenue in the range of $12 to $13 million, gross margin of approximately 36%.

Conference Call Details

Actions Semiconductor's first quarter 2012 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Tuesday, May 8, 2012. To participate in the live call, analysts and investors should dial 877-941-2068 (within U.S.) or 480-629-9712 (outside U.S.) at least ten minutes prior to the call. 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 May 18, 2012 by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering access code 4533864.

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 Beijing, 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 signs of positive indicators in the industry for next year, growth in the market driven by continued proliferation of applications within the PMP market and incremental rebound of overall demand for these products, Actions Semiconductor's belief that it is positioned to capture some upside from these trends, and Actions Semiconductor's future expectations with respect to revenue, gross margin, operating expenses and share-based compensation expense.  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:

Lisa Laukkanen                                      Edward Chen
The Blueshirt Group                                Investor Relations at Actions Semiconductor
lisa@blueshirtgroup.com                         edward@actions-semi.com
415-217-4967                                         +86-756-3392353*1110

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands of U.S. dollars)








At March 31,


At December 31,


At March 31,


2012


2011


2011


(unaudited)


(audited)


(unaudited)

ASSETS






Current assets:






  Cash and cash equivalents

33,795


33,207


111,871

  Marketable securities

187,223


186,890


80,931

  Trading securities

545


530


543

  Accounts receivable, net of allowance for doubtful accounts of $621, $621 and $621 as of March31,2012, December 31,2011 and March 31,2011, respectively

1,869


2,794


1,831

  Amount due from a related party

34


9


1,240

  Amount due from an equity method investee

114


64


90

  Inventories

6,981


7,477


5,336

  Prepaid expenses and other current assets

1,402


1,675


2,561

  Deferred tax assets

403


430


231

Total current assets

232,366


233,076


204,634







  Investments in equity method investees

14,208


14,246


7,666

  Other investments 

17,340


17,334


17,305

  Marketable securities (nil, nil and $15,252 carried at fair value as of March 31 2012, December 31, 2011 and March 31, 2011, respectively)

-


-


25,166

  Rental deposits

52


49


40

  Property, plant and equipment, net

33,034


32,939


27,280

  Land use right

1,595


1,593


1,566

  Acquired intangible assets, net

9,293


9,859


5,721

  Deposit paid for acquisition of intangible assets

-


-


1,100

  Deferred tax assets

11


27


73

  Goodwill

-


-


468

TOTAL ASSETS

307,899


309,123


291,019







LIABILITIES AND EQUITY






Current liabilities:






  Accounts payable

5,007


4,374


4,371

  Accrued expenses and other current liabilities

5,543


8,605


4,862

  Short-term bank loan

12,000


12,000


6,000

  Other liabilities

1,999


1,954


2,479

  Income tax payable

357


238


240

  Deferred tax liabilities

446


295


265

Total current liabilities

25,352


27,466


18,217







Other liabilities

461


458


-

Payable for acquisition of intangible assets

153


153


-

Deferred tax liabilities

2,912


2,840


2,438

Total liabilities

28,878


30,917


20,655

Equity:






 Ordinary shares

1


1


1

 Additional paid-in capital

20,806


20,600


21,695

 Accumulated other comprehensive income

33,851


32,589


26,660

 Retained earnings

224,388


225,037


222,037

Total Actions Semiconductor Co., Ltd. shareholders' equity

279,046


278,227


270,393

Non-controlling interest

(25)


(21)


(29)

Total equity

279,021


278,206


270,364

TOTAL LIABILITIES AND EQUITY

307,899


309,123


291,019

 

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

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










Three months ended


Three months ended


Three months ended



March 31,


December 31,


March 31,



2012


2011


2011



(unaudited)


(unaudited)


(unaudited)








Revenues:







  Third-parties:







   System-on-a chip products


10,503


12,036


7,024

   Semiconductor product testing services


61


58


80



10,564


12,094


7,104

  Related-parties:







   System-on-a chip products


171


199


2,262

  Total revenues


10,735


12,293


9,366

Cost of revenues:







  Third-parties:







   System-on-a chip products


(6,836)


(7,513)


(4,349)

   Semiconductor product testing services


(38)


(34)


(42)



(6,874)


(7,547)


(4,391)

  Related-parties:







   System-on-achip products


(114)


(127)


(1,309)

  Total cost of revenues


(6,988)


(7,674)


(5,700)

Gross profit


3,747


4,619


3,666

Other operating income


72


227


217

Operating expenses:







  Research and development


(5,782)


(5,984)


(5,057)

  General and administrative


(1,776)


(2,468)


(1,695)

  Selling and marketing


(249)


(307)


(265)

Total operating expenses


(7,807)


(8,759)


(7,017)

Loss from operations


(3,988)


(3,913)


(3,134)

Other income


539


270


1,111

Dividend income from an other investment


-


457


-

Fair value change in trading securities


1


1


1

Interest income


3,447


3,494


2,832

Interest expense


(61)


(52)


(19)

(Loss) income before income taxes, equity in net loss of
equity method investees and noncontrolling interest


(62)


257


791

Income tax expense 


(536)


(33)


(258)

Equity in net loss of equity method investees


(55)


(337)


(531)

Net  (loss) income


(653)


(113)


2

Add: Net loss attributable to noncontrolling interest


4


1


3

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

(649)


(112)


5








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





Net (loss) income per share:Basic


(0.00157)


(0.00027)


0.00001








Net (loss) income per share:Diluted 


(0.00157)


(0.00027)


0.00001








Basic (per ADS)


(0.00941)


(0.00162)


0.00007

Diluted (per ADS)


(0.00941)


(0.00162)


0.00007








Weighted-average shares used in computation:







Basic


413,921,007


415,280,497


423,324,265

Diluted


413,921,007


415,280,497


440,270,706








Weighted-average ADS used in computation :







Basic


68,986,835


69,213,416


70,554,044

Diluted


68,986,835


69,213,416


73,378,451








Note: Stock compensation recorded in each







expense classification above is as follows:







  Research and development


354


475


447

  General and administrative


98


139


123

  Selling and marketing


15


19


24

  Cost of revenues


6


1


5

 

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)



Three months ended


Three months ended


Three months ended



March  31,


December 31,


March  31,



2012


2011


2011



(unaudited)


(unaudited)


(unaudited)

Operating activities:







Net (loss) income  


(653)


(113)


2

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







  Operating activities:







  Depreciation of property, plant and equipment


592


593


463

  Amortization of land use right


9


9


9

  Amortization of acquired intangible assets


706


594


402

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

-


-


(157)

  Write down of inventories


77


-


61

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


(18)


25


-

  Share of net loss of equity method investees


55


337


531

  Share-based  compensation


473


634


599

  Fair value change in trading securities


(1)


(1)


(1)

  Deferred taxes


266


14


153

  Changes in operating assets and liabilities:







    Accounts receivable


926


(253)


13

    Amount due from a related party


(25)


312


(681)

    Inventories


461


896


(515)

    Amount due from an equity method investee


(50)


17


17

    Prepaid expenses and other current assets


284


1,209


739

    Accounts payable


608


(3,135)


1,485

    Accrued expenses and other current liabilities


(3,111)


422


(445)

    Income tax payable


118


(263)


99

Net cash provided by operating activities


717


1,297


2,774








Investing activities:







  Investment in an equity method investee


-


-


(2,600)

  Purchase of other investments


-


-


(13,727)

  Proceeds from redemption of marketable securities


19,655


2,237


106,833

  Purchase of marketable securities


(19,279)


(37,334)


(22,249)

  Proceeds from disposal of property, plant and equipment


22


-


-

  Purchase of property, plant and equipment


(472)


(1,691)


(4,317)

  Purchase of intangible assets


(75)


(1,869)


(989)

  Decrease in time deposits 


-


-


34

Net cash (used in) provided by investing activities


(149)


(38,657)


62,985








Financing activities:







  Raise of short-term bank loans


-


-


6,000

  Advance subsidy from local authorities of Zhuhai, the PRC


32


695


16

  Proceeds from exercise of stock option


759


207


134

  Repurchase of ordinary shares


(1,025)


(1,186)


(3,290)

Net cash (used in) provided by financing activities


(234)


(284)


2,860








Net increase (decrease) in cash and cash equivalents


334


(37,644)


68,619








Cash and cash equivalents at the beginning of the period


33,207


70,653


42,872








Effect of exchange rate changes on cash


254


198


380

Cash and cash equivalents at the end of the period


33,795


33,207


111,871





-


-

 

SOURCE Actions Semiconductor Co., Ltd.


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