Actions Semiconductor Reports Fourth Quarter and Full Year 2014 Results

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)


Three months ended


Year ended


Year ended


December 31,


December 31,


December 31,


2014


2014


2013


(unaudited)


  (unaudited)  


  (audited)  

Operating activities:






Net (loss) income

(12,157)


(30,362)


122

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






  Depreciation of property, plant and equipment

487


1,949


2,072

  Amortization of land use right

9


36


36

  Amortization of acquired intangible assets

1,138


4,991


3,480

  Allowance for doubtful accounts receivable

179


558


-

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

-


-


(1,068)

  Write down of inventories

3,971


6,160


-

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

2


(1)


-

  Loss on disposal of intangible assets

5


420


-

  Share of net (income) loss of equity method investees

(330)


(564)


264

  Share-based  compensation

29


45


492

  Deferred tax

(299)


(3,576)


279

  Dividend income from an other investment

-


(423)


(493)

  Impairment loss recognised in respect of other investments

-


-


681

  Impairment loss recognised in respect of intangible assets

535


820


-

  Changes in operating assets and liabilities:






    Accounts receivable

1,487


2,349


195

    Amount due from a related party

(618)


(349)


(961)

    Inventories

4,602


(256)


(7,821)

    Amount due from an equity method investee

5


(3)


41

    Prepaid expenses and other current assets

(1,122)


(753)


922

    Accounts payable

901


86


(2,198)

    Accrued expenses and other current liabilities

935


(415)


(3,717)

    Income tax recoverable

(34)


(122)


123

    Income tax payable

1


1


2

    Rental deposit received (paid) 

-


5


(11)

    Note Receivables

(161)


(161)


-

    Dividend received

-


425


-







Net cash used in operating activities

(435)


(19,140)


(7,560)







Investing activities:






  Investment in an equity method investee

-


(9,016)


(3,712)

  Proceeds from redemption of marketable securities

6,019


159,296


112,966

  Purchase of marketable securities

(906)


(54,290)


(113,329)

  Proceeds from disposal of property, plant and equipment

-


20


41

  Purchase of property, plant and equipment

(66)


(1,156)


(706)

  Purchase of intangible assets

(2,606)


(8,044)


(4,134)

  Decrease (increase) in time deposits

156


318


(340)

  Deposit paid for acquisition of intangible assets

(108)


(457)


(145)

  Increase in restricted deposits

(13,089)


(24,974)


(16,819)

  Proceeds from disposal of intangible assets

-


24


-







Net cash (used in) provided by investing activities

(10,600)


61,721


(26,178)







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

-


232


714

  Proceeds from exercise of share-based awards

132


2,542


3,041

  Repurchase of ordinary shares

(441)


(28,902)


(4,853)

  Raise of short-term bank loans

21,500


31,500


15,000

  Repayment of short-term bank loans

(10,000)


(22,000)


-

Net cash provided by (used in) financing activities

11,191


(16,628)


13,902







Net increase (decrease) in cash and cash equivalents

156


25,953


(19,836)







Cash and cash equivalents at the beginning of the period

78,520


53,263


71,336







Effect of exchange rate changes on cash

(499)


(1,039)


1,763

Cash and cash equivalents at the end of the period

78,177


78,177


53,263

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/actions-semiconductor-reports-fourth-quarter-and-full-year-2014-results-300029792.html

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