Actions Semiconductor Reports Third Quarter 2013 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,


2013


2013


2012


(unaudited)


  (unaudited) 


  (unaudited) 

Operating activities:






Net (loss) income

(152)


947


(554)

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






  Operating activities:






  Depreciation of property, plant and equipment

509


1,564


1,742

  Amortization of land use right

9


27


27

  Amortization of acquired intangible assets

848


2,557


2,185

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

(163)


(222)


(642)

  Write down of inventories

-


583


180

  Gain on disposal of property, plant and equipment

(11)


-


-

  Dividend income from another investment

-


(493)


-

  Share of net (income) loss of equity method investees

(77)


182


(168)

  Share-based compensation

90


390


1,157

  Fair value change in trading securities

-


-


(2)

  Deferred taxes

107


185


659

  Proceeds from disposal of trading securities

-


-


459

  Changes in operating assets and liabilities:






    Accounts receivable

(1,371)


(1,330)


(52)

    Notes receivable

(37)


(37)


(21)

    Amount due from a related party

899


340


(149)

    Inventories

2,390


(13,748)


(4,433)

    Amount due from an equity method investee

(20)


4


(49)

    Prepaid expenses and other current assets

3,475


6,852


(2,493)

    Accounts payable

(12,648)


(1,868)


3,587

    Accrued expenses and other current liabilities

(49)


(3,399)


(2,639)

    Income tax recoverable

192


110


-

    Income tax payable

(102)


1


(120)

    Rental deposit (paid) received

(7)


(16)


9

Net cash used in operating activities

(6,118)


(7,371)


(1,317)







Investing activities:






  Investment in an equity method investee

-


(3,712)


(1,500)

  Proceeds from redemption of marketable securities

19,019


99,532


145,980

  Purchase of marketable securities

(55,796)


(82,800)


(132,376)

  Proceeds from disposal of property, plant and equipment

16


16


22

  Purchase of property, plant and equipment

(373)


(522)


(979)

  Purchase of intangible assets

(2,187)


(2,685)


(781)

  Deposit paid for acquisition of intangible assets

(759)


(759)


(1,088)

  Increase in time deposits

(5,903)


(11,199)


-

Net cash (used in) provided by investing activities

(45,983)


(2,129)


9,278







Financing activities:






  Proceeds from short-term bank loans

5,000


5,000


-

  Advance subsidy from local authorities of Zhuhai, the PRC

12


302


132

  Proceeds from exercise of share option and restricted stock unit

363


2,570


2,080

  Repurchase of ordinary shares

(826)


(3,008)


(3,315)

Net cash provided by (used in) from financing activities

4,549


4,864


(1,103)







Net (decrease) increase in cash and cash equivalents

(47,552)


(4,636)


6,858







Cash and cash equivalents at the beginning of the period

115,247


71,336


33,207







Effect of exchange rate changes on cash

189


1,184


(21)

Cash and cash equivalents at the end of the period

67,884


67,884


40,044


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