ZHUHAI, China, Aug. 3 /PRNewswire-Asia/ -- Actions Semiconductor Co., Ltd. (NASDAQ: ACTS), one of China's leading fabless semiconductor companies that provides comprehensive mixed-signal system-on-a-chip (SoC) and multimedia digital signal processing (DSP) solutions for portable consumer electronics, today reported its financial results for the second quarter ended June 30, 2009.
All financial results are reported on a U.S. GAAP basis.
Revenue for the second quarter of 2009 was $10.5 million, as compared to revenue of $12.2 million for the first quarter of 2009, and $26.6 million for the second quarter of 2008.
Net loss attributable to Actions Semiconductor shareholders for the second quarter of 2009 was $0.8 million, or $0.01 per ADS, compared to net loss attributable to Actions Semiconductor shareholders of $1.5 million, or $0.02 per ADS, for the first quarter of 2009, and net income attributable to Actions Semiconductor shareholders of $7.6 million, or $0.09 per ADS, for the second quarter of 2008.
Actions Semiconductor reported gross margin of 27.7% for the second quarter of 2009. Actions Semiconductor ended the quarter with $76.3 million in cash and cash equivalents together with time deposits. Marketable securities, current and non-current, at the end of the quarter were $183.0 million.
Since the share repurchase programs started in 2007, the Company has invested approximately $22.4 million in repurchasing its shares. As of June 30, 2009, over 9.3 million American Depositary Shares (ADSs) were repurchased.
"We are pleased to report a sequential improvement in our bottom line results and to deliver revenue within our guidance range as we continue to operate in an extremely difficult environment," stated Mr. Nan-Horng Yeh, CEO of Actions Semiconductor. "During the quarter, our products targeting both the fast growing low end and advanced market segments experienced increased demand, impacting our gross margin, which came in slightly below our original expectations for the quarter. The management team remains committed to further cost controls and balance sheet preservation to maximize near term operating flexibility while working diligently to execute our growth strategy and strategically position ourselves in anticipation of market recovery. As we continue to target and develop new sales channels, we are maintaining our focus on technological innovation and commitment to delivering superior functionality," concluded Mr. Yeh.
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 third quarter of fiscal year 2009 ending September 30, 2009, Actions Semiconductor estimates revenue in the range of $11 to $13 million, gross margin of 25%-30%, and operating expenses slightly higher on a sequential basis. The third quarter 2009 estimates include share-based compensation expense in the range of $0.9 to $1.0 million.
Conference Call Details
Actions Semiconductor's second quarter 2009 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Monday, August 3, 2009. To participate in the live call, analysts and investors should dial 877-941-8416 (within U.S.) or +1-480-629-9808 (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 http://www.actions-semi.com . An audio replay of the call will be available to investors through August 5, 2009, by dialing 800-406-7325 (within U.S.) or +1-303-590-3030 (outside U.S.) and entering the passcode 4117082.
About Actions Semiconductor
Actions Semiconductor is one of China's leading fabless semiconductor companies that provides mixed-signal and multimedia 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 and the providers of those 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. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause Actions Semiconductor's actual results to differ materially from our current expectations. Factors that could cause Actions Semiconductor's results to differ materially from those set forth in these forward-looking statements include 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. Actions Semiconductor undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
For further information, please contact:
Investor Contacts:
The Blueshirt Group
Lisa Laukkanen
Tel: +1-415-217-4967
Email: lisa@blueshirtgroup.com
Actions Semiconductor
Jimmy Liu
Investor Relations
Tel: +86-21-5080-3900 x1211
Email: jimmy@actions-semi.com
