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Actions Semiconductor Updates on First Quarter 2013 Results [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Actions Semiconductor Co., a fabless semiconductor company in China that provides portable multimedia and mobile internet system- on-a-chip (SoC) solutions for portable consumer electronics, reported its financial results for the first quarter ended March 31. In a release dated May 7, the Company noted that revenue for the first quarter of 2013 was $16.4 million, as compared to revenue of $15.2 million for the fourth quarter of 2012, and $10.7 million for the first quarter of 2012. Net income attributable to Actions Semiconductor's shareholders for the first quarter of 2013 was $0.4 million or $0.01 per American Depositary Shares ("ADS"). This compares to net loss attributable to Actions Semiconductor's shareholders of $1.7 million or $0.02 per ADS, for the fourth quarter of 2012, and net loss attributable to Actions Semiconductor's shareholders of $0.6 million or $0.01 per ADS, for the first quarter of 2012. Included in net loss for the fourth quarter of 2012 was $2.5 million relating to an other-than- temporary impairment loss on investments. Actions Semiconductor reported gross margin of 36.2 percent for the first quarter of 2013, compared to gross margin of 32.1 percent for the fourth quarter of 2012, and 34.9 percent for the first quarter of 2012. The Company ended the first quarter with $72.8 million in cash and cash equivalents, together with time deposits. Trading securities and marketable securities, current and non- current, were $150.9 million at the end of the first quarter. Since the share repurchase program commenced in 2007, the Company has invested approximately $47.1 million in repurchasing its shares. As of March 31, approximately 20.9 million American Depositary Shares (ADSs) were repurchased. "Our better-than-expected first quarter results were driven by sales of our first OWL series chipset," stated Dr. Zhenyu Zhou, CEO of Actions Semiconductor. "We are extremely pleased with the traction we have gained in the short time since we launched our new product family for the tablet market. Our steep sales ramp in this new product category reflects our ability to leverage our core strengths in multimedia solutions and our established channel relationships." "We recently launched the second chipset in our OWL series, delivering advanced multimedia capabilities to entry level tablets and have plans to further expand our product offering to cover the full spectrum of the whitebox tablet market. "While we experienced normal seasonality during the quarter, particularly across our audio product portfolio, we were pleased to see relatively healthy demand for our video products. We remain excited about the growth prospects in the whitebox tablet market and believe our product portfolio addressing this market will be a significant growth driver for the Company for the remainder of the year," concluded Dr. Zhou. Business Outlook The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements. For the second quarter of fiscal year 2013 ending June 30, Actions Semiconductor estimates revenue in the range of $18.0 to $20.0 million and gross margin of approximately 36 percent. More Information: www.actions-semi.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |