Actions Semiconductor Reports Third Quarter 2014 Results

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED 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,


2014


2014


2013


(unaudited)


  (unaudited) 


  (unaudited) 

Operating activities:






Net (loss) income

(9,243)


(18,205)


947

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






  Operating activities:






  Depreciation of property, plant and equipment

457


1,462


1,564

  Allowance for doubtful accounts receivable

194


379


-

  Amortization of land use right

9


27


27

  Amortization and impairment of acquired intangible assets

1,777


4,138


2,557

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

-


-


(222)

  Write down of inventories

902


2,189


583

  Gain on disposal of property, plant and equipment

-


(3)


-

  Loss on disposal of intangible assets

-


415


-

  Share of net (gain) loss of equity method investees

(27)


(234)


182

  Share-based  compensation

5


16


390

  Deferred taxes

(288)


(3,277)


185

  Dividend income from another investment

-


(423)


(493)

  Changes in operating assets and liabilities:






    Accounts receivable

510


862


(1,330)

    Amount due from a related party

(295)


269


340

    Inventories

3,852


(4,858)


(13,748)

    Amount due from an equity method investee

(3)


(8)


4

    Prepaid expenses and other current assets

325


369


6,852

    Accounts payable

(2,158)


(815)


(1,868)

    Accrued expenses and other current liabilities

30


(1,350)


(3,399)

    Income tax recoverable

(68)


(88)


110

    Income tax payable

-


-


1

    Rental deposit received (paid)

7


5


(16)

    Note Receivables

-


-


(37)

  Dividend received

425


425


-

Net cash used in operating activities

(3,589)


(18,705)


(7,371)







Investing activities:






  Investment in an equity method investee

-


(9,016)


(3,712)

  Proceeds from redemption of marketable securities

57,955


153,277


99,532

  Purchase of marketable securities

(4,990)


(53,384)


(82,800)

  Proceeds from disposal of property, plant and equipment

1


20


16

  Purchase of property, plant and equipment

(307)


(1,090)


(522)

  Purchase of intangible assets

(159)


(5,438)


(2,685)

  Increase in restricted deposits

(6,165)


(11,885)


(11,199)

  Decrease in time deposits

162


162


-

  Deposit paid for acquisition of intangible assets

-


(349)


(759)

  Proceeds from disposal of intangible assets

-


24


-

Net cash provided by (used in) investing activities

46,497


72,321


(2,129)







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

232


232


302

  Proceeds from exercise of share option and restricted stock unit

757


2,410


2,570

  Repurchase of ordinary shares

(25,872)


(28,461)


(3,008)

  Raise of short-term bank loans

-


10,000


5,000

  Repayment of short-term bank loans

(1,000)


(12,000)


-

Net cash (used in) provided by financing activities

(25,883)


(27,819)


4,864







Net increase (decrease) in cash and cash equivalents

17,025


25,797


(4,636)







Cash and cash equivalents at the beginning of the period

60,888


53,263


71,336







Effect of exchange rate changes on cash

607


(540)


1,184

Cash and cash equivalents at the end of the period

78,520


78,520


67,884


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