Actions Semiconductor Reports Second Quarter 2013 Results

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)



Three months ended


Six months ended


Six months ended


June 30,


June 30,


June 30,


2013


2013


2012


(unaudited)


  (unaudited)  


  (unaudited)  

Operating activities:                                                                                                     






Net income (loss)

679


1,099


(1,214)

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






  Operating activities:






  Depreciation of property, plant and equipment

508


1,055


1,183

  Amortization of land use right

9


18


18

  Amortization of acquired intangible assets

843


1,709


1,426

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

(59)


(59)


(122)

  Write down of inventories

579


583


180

  Loss (gain) on disposal of property, plant and equipment 

4


11


(3)

  Dividend income from another investment

(493)


(493)


-

  Share of net loss of equity method investees

186


259


34

  Share-based  compensation

78


300


922

  Fair value change in trading securities

-


-


(2)

  Deferred taxes

(191)


78


167

  Proceeds from disposal of trading securities

-


-


459

  Changes in operating assets and liabilities:






    Accounts receivable

(665)


41


695

    Amount due from a related party

(607)


(559)


(173)

    Inventories

(11,180)


(16,138)


(3,295)

    Amount due from an equity method investee

(19)


24


(6)

    Prepaid expenses and other current assets

4,812


3,377


(1,204)

    Accounts payable

7,210


10,780


3,904

    Accrued expenses and other current liabilities

(2,787)


(3,350)


(2,688)

    Income tax recoverable

(82)


(82)


-

    Income tax payable

17


103


(36)

    Rental deposit (paid) received

-


(9)


9

Net cash (used in) provided by operating activities

(1,158)


(1,253)


254







Investing activities:






  Investment in an equity method investee

(3,712)


(3,712)


-

  Proceeds from redemption of marketable securities

73,159


80,513


120,008

  Purchase of marketable securities

(10,980)


(27,004)


(92,831)

  Proceeds from disposal of property, plant and equipment

-


-


22

  Purchase of property, plant and equipment

(125)


(149)


(772)

  Purchase of intangible assets

(456)


(498)


(547)

  Increase in time deposits 

-


(5,296)


-

Net cash provided by investing activities

57,886


43,854


25,880







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

-


290


38

  Proceeds from exercise of share option and restricted stock unit

837


2,207


1,799

  Repurchase of ordinary shares

(645)


(2,182)


(2,418)

Net cash provided by (used in) financing activities

192


315


(581)







Net increase in cash and cash equivalents

56,920


42,916


25,553







Cash and cash equivalents at the beginning of the period

57,511


71,336


33,207







Effect of exchange rate changes on cash

816


995


116

Cash and cash equivalents at the end of the period

115,247


115,247


58,876


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