Actions Semiconductor Q3 Revenues Hit USD 13.4mn

Actions Semiconductor Co., Ltd. (Nasdaq: ACTS) posted revenues of USD 13.4 million for the three months ended September 30, 2009, higher than USD 10.5 million in April-June 2009 but lower than USD 27.3 million in July-September 2008, according to the Zhuhai-headquartered fabless semiconductor provider's third-quarter financial results.

Meanwhile, the company incurred net loss of USD 600,000 for the third quarter of 2009, narrowing down from net loss of USD 800,000 in the second quarter of 2009 but widening from net profit of USD 7.3 million in the third quarter of 2008.

Diluted loss per America depositary share (ADS) stood at USD 0.01, in contrast to diluted loss per ADS of USD 0.01 in the previous quarter and diluted earnings of USD 0.09 in the period last year.

Gross margin reached 30.8%, higher than 27.7% in the previous quarter. By September 30, 2009, Actions Semiconductor had had cash, cash equivalents, as well as fixed deposits of USD 43.1 million in total, less than USD 76.3 million at the end of June 2009. Marketable securities, current and non-current, had amounted to USD 211.7 million.

Actions Semiconductor Chief Executive Officer Yeh Nan-horng explained that the third-quarter performance was mainly pushed by the strong demand for automobile MP3, low-end portable media players, and high-end portable media players. Shares in the automobile MP3, low-end portable media player, and high-end portable media player markets kept rising in the three months and sales revenues from the products took up more than 50% of the company's total revenues. Gross margin increased from the number in the second quarter thanks to measures to cut manufacturing costs.

Actions Semiconductor, which carried out a share repurchase plan from 2007, so far has spent USD 23.4 million or so in buying back shares. By September 30, 2009, the company had purchased back approximately 9.8 million shares in total.

In the full year 2008, Actions Semiconductor obtained revenues of USD 95.1 million, slumping from USD 116.6 million in 2007. Net profit fell to USD 26.1 million from USD 51.6 million in 2007. Earnings per ADS dropped to USD 0.31 from USD 0.6 in 2007. Gross margin arrived at 50.1%.

Looking ahead, the Nasdaq-listed company forecasts that its revenues for the fourth quarter of 2009 will range between USD 8.5 million and USD 10.5 million. Gross margin will be 27% to 30%, diving from 44.7% in October-December 2008.

Source: www.163.com (November 06, 2009)

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