Actions Semiconductor Reports First Quarter 2014 Results

 

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,



2014


2013


2013



(unaudited)


(unaudited)


(unaudited)

Operating activities:







Net (loss) income 


(5,495)


(826)


420

Adjustments to reconcile net (loss) income to net cash provided by operating activities:







  Depreciation of property, plant and equipment


503


508


547

  Amortization of land use right


9


9


9

  Amortization of acquired intangible assets


1,138


923


866

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

-


(846)


-

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


(3)


-


7

  Impairment loss recognised in respect of other investments


-


681


-

  Equity in net (income) loss of equity method investees


(3)


82


73

  Share-based  compensation


6


102


222

  Deferred tax


(179)


94


269

  Changes in operating assets and liabilities:







    Accounts receivable


(1,046)


1,525


706

    Notes receivable


-


37


-

    Amount due from a related party


576


(1,301)


48

    Amount due from an equity method investee


(4)


37


43

    Inventories


(5,468)


5,344


(4,954)

    Prepaid expenses and other current assets


415


(930)


(1,435)

    Accounts payable


4,058


(330)


3,570

    Accrued expenses and other current liabilities


(1,232)


348


(563)

    Income tax recoverable


19


13


-

    Income tax payable


-


1


86

    Rental deposit (paid) received 


(11)


5


(9)

Net cash (usded in) provided by operating activities


(6,717)


5,476


(95)








Investing activities:







  Proceeds from redemption of marketable securities


41,432


13,434


7,354

  Proceeds from disposal of property, plant and equipment


18


25


-

  Proceeds from disposal of intangible assets


24


-


-

  Purchase of marketable securities


(39,284)


(30,529)


(16,024)

  Purchase of property, plant and equipment


(483)


(340)


(24)

  Purchase of intangible assets


(20)


(1,199)


(42)

  Deposit paid for acquisition of intangible assets


(240)


(145)



  Increase in restricted deposits


(11,021)


(5,960)


(5,296)

Net cash used in investing activities


(9,574)


(24,714)


(14,032)








Financing activities:







  Raise of short-term bank loans


10,000


5,000


-

  Advance subsidy from local authorities of Zhuhai, the PRC


-


412


290

  Proceeds from exercise of share-based awards


757


471


1,370

  Repayment of short-term bank loan


(5,000)


-


-

  Repurchase of ordinary shares


(1,061)


(1,845)


(1,537)

Net cash provided by financing activities


4,696


4,038


123








Net decrease in cash and cash equivalents


(11,595)


(15,200)


(14,004)








Cash and cash equivalents at the beginning of the period


53,263


67,884


71,336








Effect of exchange rate changes on cash


(1,072)


579


179

Cash and cash equivalents at the end of the period


40,596


53,263


57,511


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