Actions Semiconductor Reports Second Quarter 2014 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,


2014


2014


2013


(unaudited)


  (unaudited) 


  (unaudited) 

Operating activities:






Net (loss) income

(3,467)


(8,962)


1,099

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






  Operating activities:






  Depreciation of property, plant and equipment

502


1,005


1,055

  Allowance for doubtful accounts receivable

185


185


-

  Amortization of land use right

9


18


18

  Amortization of acquired intangible assets

1,223


2,361


1,709

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

-


-


(59)

  Write down of inventories

1,287


1,287


583

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

-


(3)


11

  Loss on disposal of intangible assets

415


415


-

  Share of net (gain) loss of equity method investees

(204)


(207)


259

  Share-based compensation

5


11


300

  Deferred taxes

(2,810)


(2,989)


78

  Dividend income from an other investment

(423)


(423)


(493)

  Changes in operating assets and liabilities:






    Accounts receivable

1,398


352


41

    Amount due from a related party

(12)


564


(559)

    Amount due from an equity method investee

(1)


(5)


24

    Inventories

(3,242)


(8,710)


(16,138)

    Prepaid expenses and other current assets

(371)


44


3,377

    Income tax recoverable

(39)


(20)


(82)

    Accounts payable

(2,715)


1,343


10,780

    Accrued expenses and other current liabilities

(148)


(1,380)


(3,350)

    Income tax payable

-


-


103

    Rental deposit received (paid)

9


(2)


(9)

Net cash used in operating activities

(8,399)


(15,116)


(1,253)







Investing activities:






  Investment in an equity method investee

(9,016)


(9,016)


(3,712)

  Proceeds from redemption of marketable securities

53,890


95,322


80,513

  Purchase of marketable securities

(9,110)


(48,394)


(27,004)

  Proceeds from disposal of property, plant and equipment

1


19


-

  Purchase of property, plant and equipment

(300)


(783)


(149)

  Purchase of intangible assets

(5,259)


(5,279)


(498)

  Decrease (increase) in restricted deposits

5,301


(5,720)


(5,296)

  Deposit paid for acquisition of intangible assets

(109)


(349)


-

  Proceeds from disposal of intangible assets

-


24


-

Net cash provided by investing activities

35,398


25,824


43,854







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

-


-


290

  Proceeds from exercise of share option and restricted stock unit

896


1,653


2,207

  Repurchase of ordinary shares

(1,528)


(2,589)


(2,182)

  Raise of short-term bank loans

-


10,000


-

  Repayment of short-term bank loans

(6,000)


(11,000)


-

Net cash (used in) provided by financing activities

(6,632)


(1,936)


315







Net increase in cash and cash equivalents

20,367


8,772


42,916







Cash and cash equivalents at the beginning of the period

40,596


53,263


71,336







Effect of exchange rate changes on cash

(75)


(1,147)


995

Cash and cash equivalents at the end of the period

60,888


60,888


115,247


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