Actions Semiconductor Reports First Quarter 2010 Results
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ZHUHAI, China, May 13 /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 first quarter ended March 31, 2010.
All financial results are reported on a U.S. GAAP basis.
Revenue for the first quarter of 2010 was $7.9 million, as compared to revenue of $7.9 million for the fourth quarter of 2009, and $12.2 million for the first quarter of 2009.
Net loss attributable to Actions Semiconductor shareholders for the first quarter of 2010 was $0.9 million, or ($0.01) per ADS, compared to net loss attributable to Actions Semiconductor shareholders of $7.5 million, or ($0.10) per ADS, for the fourth quarter of 2009, and net loss attributable to Actions Semiconductor shareholders of $1.5 million, or $(0.02) per ADS, for the first quarter of 2009.
Actions Semiconductor reported gross margin of 39.6% for the first quarter of 2010, as compared to gross margin of 34.9% for the fourth quarter of 2009, and 33.6% for the first quarter of 2009. The Company ended the quarter with $100.0 million in cash and cash equivalents together with time deposits. Trading securities and marketable securities, current and non-current, were $147.9 million at the end of the quarter.
Since the share repurchase programs started in 2007, the Company has invested approximately $28.8 million in repurchasing its shares. As of March 31, 2010, approximately 12.0 million American Depositary Shares (ADSs) were repurchased.
"Our results were driven by solid demand for our products during the first quarter," stated Mr. Niccolo Chen, CEO of Actions Semiconductor. "We were pleased to see an increase in our high-end product shipments sequentially, particularly in our Series 13 and Series 25 products targeting the QVGA and D1 markets, respectively. Shipments from these product lines contributed 25%-30% of our overall revenue in the quarter, compared to approximately 20% in the fourth quarter of 2009. We were pleased to see continued improvement in our gross margin as favorable shifts in our product mix and continual cost reductions offset average selling price ("ASP") erosion during the quarter. Our new product lines targeted at the automotive, boom box and advanced MP4 sectors of the market keep driving our growth and contributing to our efforts to sustain margins. We look forward to ongoing expansions of the applications and end-markets addressed by our product portfolio through our long term R&D investments. We expect the rebound in demand for consumer electronics and stabilization of ASPs to positively impact our performance in the upcoming quarters. Our core business strategy continues to be focused on innovating our product portfolio, leveraging our sector leadership, and preserving our strong balance sheet," concluded Mr. Chen.
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 2010 ending June 30, 2010, Actions Semiconductor estimates revenue in the range of $8.5 to $9.5 million, gross margin of approximately 35%, and operating expenses slightly higher on a sequential basis. The second quarter 2010 estimates include share-based compensation of approximately $1.0 million.
Conference Call Details
Actions Semiconductor's first quarter 2010 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Thursday, May 13, 2010. To participate in the live call, analysts and investors should dial 877-941-2321 (within U.S.) or 480-629-9714 (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 May 14, 2010, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the passcode 4288259.
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. 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.
All financial results are reported on a U.S. GAAP basis.
Revenue for the first quarter of 2010 was $7.9 million, as compared to revenue of $7.9 million for the fourth quarter of 2009, and $12.2 million for the first quarter of 2009.
Net loss attributable to Actions Semiconductor shareholders for the first quarter of 2010 was $0.9 million, or ($0.01) per ADS, compared to net loss attributable to Actions Semiconductor shareholders of $7.5 million, or ($0.10) per ADS, for the fourth quarter of 2009, and net loss attributable to Actions Semiconductor shareholders of $1.5 million, or $(0.02) per ADS, for the first quarter of 2009.
Actions Semiconductor reported gross margin of 39.6% for the first quarter of 2010, as compared to gross margin of 34.9% for the fourth quarter of 2009, and 33.6% for the first quarter of 2009. The Company ended the quarter with $100.0 million in cash and cash equivalents together with time deposits. Trading securities and marketable securities, current and non-current, were $147.9 million at the end of the quarter.
Since the share repurchase programs started in 2007, the Company has invested approximately $28.8 million in repurchasing its shares. As of March 31, 2010, approximately 12.0 million American Depositary Shares (ADSs) were repurchased.
"Our results were driven by solid demand for our products during the first quarter," stated Mr. Niccolo Chen, CEO of Actions Semiconductor. "We were pleased to see an increase in our high-end product shipments sequentially, particularly in our Series 13 and Series 25 products targeting the QVGA and D1 markets, respectively. Shipments from these product lines contributed 25%-30% of our overall revenue in the quarter, compared to approximately 20% in the fourth quarter of 2009. We were pleased to see continued improvement in our gross margin as favorable shifts in our product mix and continual cost reductions offset average selling price ("ASP") erosion during the quarter. Our new product lines targeted at the automotive, boom box and advanced MP4 sectors of the market keep driving our growth and contributing to our efforts to sustain margins. We look forward to ongoing expansions of the applications and end-markets addressed by our product portfolio through our long term R&D investments. We expect the rebound in demand for consumer electronics and stabilization of ASPs to positively impact our performance in the upcoming quarters. Our core business strategy continues to be focused on innovating our product portfolio, leveraging our sector leadership, and preserving our strong balance sheet," concluded Mr. Chen.
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 2010 ending June 30, 2010, Actions Semiconductor estimates revenue in the range of $8.5 to $9.5 million, gross margin of approximately 35%, and operating expenses slightly higher on a sequential basis. The second quarter 2010 estimates include share-based compensation of approximately $1.0 million.
Conference Call Details
Actions Semiconductor's first quarter 2010 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Thursday, May 13, 2010. To participate in the live call, analysts and investors should dial 877-941-2321 (within U.S.) or 480-629-9714 (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 May 14, 2010, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the passcode 4288259.
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. 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.