SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
______________________
 
Report of Foreign Private Issuer
 
______________________
 
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For July 19, 2007

______________________
 
 
ACTIONS SEMICONDUCTOR CO., LTD.
 
______________________
 
15-1, No. 1 HIT Road
Tangjia, Zhuhai
Guangdong, 519085
The People’s Republic of China
(86-756) 339-2353
 
______________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F X Form 40-F ___ 
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes -___ No X
 
Actions Semiconductor Co., Ltd. (the “Company”) is furnishing under cover of Form 6-K a press announcement dated July 19, 2007, relating to Company’s financial results for the three months ended June 30, 2007.
 
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
 
ACTIONS SEMICONDUCTOR
CO., LTD
 
 		  
 		  
 
Date: July 19, 2007 By:   /s/  David Lee
 
Name: David Lee
Title: Chief Financial Officer
 
 
 
 
 
 


Actions Semiconductor Reports Second Quarter 2007 Results
Company Reports Q2 Revenues of $27 Million

ZHUHAI, China, July 19, 2007 - Actions Semiconductor Co., Ltd. (Nasdaq: ACTS), one of China’s leading fabless semiconductor companies that provides comprehensive mixed-signal system-on-a-chip (SoC) and multimedia digital signal processing (DSP) solutions for portable consumer electronics, today reported financial results for the second quarter ended June 30, 2007.

All financial results are reported on U.S. GAAP basis.

Revenue for the second quarter of 2007 was $27.0 million, compared to $39.3 million for the second quarter of 2006, and $30.3 million for the first quarter of 2007.

Net income for the second quarter of 2007 was $9.8 million, or $0.11 per ADS, compared to $18.1 million, or $0.21 per ADS for the second quarter of 2006, as compared to $12.7 million, or $0.15 per ADS for the first quarter of 2007.

Actions Semiconductor reported operating margins of 25.6% and gross margins of 46.8% for the second quarter of 2007. The Company ended the quarter with $207.6 million cash and cash equivalents together with time deposits, restricted cash and short-term marketable securities.

“While we maintained our market leadership and grew unit shipment volumes both on a sequential and annual basis, our second quarter results were impacted by increased pricing pressure and customers experiencing challenges in securing small panel display supplies,” commented Nan-Horng Yeh, Chief Executive Officer of Actions Semiconductor. “We are enthusiastic about expanding our market opportunities through our high-end Series 13 products, which will commence volume shipments during the third quarter as planned. By offering a full range of portable media player(“PMP”) products to the U.S. market at a superior cost-performance ratio we should continue to expand our market share and attract new customers in the U.S. and globally. We remain confident in our compelling business model and commitment to executing our long-term growth strategy as we continue our market dominance as a leading global PMP SoC supplier.”

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 quarter ended September 30, 2007, Actions Semiconductor estimates revenue in the range of $30 to $32 million, and, fully diluted earnings per ADS of $0.14 to $0.16.

Conference Call Details
 
The Actions Semiconductor Second Quarter teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Thursday, July 19, 2007. To participate in the live call, analysts and investors should dial 800-573-4752 or 617- 224-4324 and enter passcode 68327180 at least ten minutes prior to the call. Actions Semiconductor will also offer a live and archived webcast of the conference call, accessible from the “Investor Relations” section of the company’s website at www.actions-semi.com. An audio replay of the call will be available to investors through July 26, 2007, by dialing 888-286-8010 or 617-801-6888 and entering the passcode 10015162.
 
 
 
 
 
About Actions Semiconductor

Actions Semiconductor is one of China's leading fabless semiconductor companies that provides mixed-signal and multimedia SoC solutions for portable consumer electronics. Actions Semiconductor products include SoCs, firmware, software, solution development kits, as well as detailed specifications of other required components and the providers of those components. Actions Semiconductor also provides total product and technology solutions that allow customers to quickly introduce new portable consumer electronics to the mass market in a cost effective way. The company is headquartered in Zhuhai, China, with offices in Beijing and Shenzhen. For more information, please visit the Actions Semiconductor website at http://www.actions-semi.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause Actions Semiconductor's actual results to differ materially from our current expectations. Factors that could cause Actions Semiconductor's results to differ materially from those set forth in these forward-looking statements include customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand; worldwide economic and political conditions; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our most recently filed Forms F-1, 20-F and 6-Ks. Actions Semiconductor undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.

For More Information

Investor Contacts:
Lisa Laukkanen
The Blueshirt Group
lisa@blueshirtgroup.com  
415-217-4967  
 
Chung Hsu
Director of Investor Relations, Actions Semiconductor
chung@actions-semi.com
+86-756 3392 353 *1015
 
 
 
 
 
 
ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED BALANCE SHEET
 (In thousands of U.S. dollars)
 
   
 At
 June 30,
  
 At
 March 31,
  
 At
 December 31,
  
   
 2007
  
 2007
  
 2006
  
   
 (unaudited)
  
 (unaudited)
      
ASSETS
              
Current assets:
              
 Cash and cash equivalents
    
109,387
    
108,836
    
137,778
  
 Time deposits
    
39,803
    
50,672
    
45,713
  
 Restricted cash
    
3,022
    
1,683
    
-
  
 Marketable securities
    
55,366
    
50,667
    
20,531
  
 Accounts receivable
    
6,381
    
5,841
    
5,859
  
 Notes receivable
    
516
    
870
    
2,154
  
 Inventories
    
12,816
    
11,389
    
6,280
  
 Prepaid expenses and other current assets
    
4,447
    
4,072
    
6,413
  
 Amount due from an affiliate
    
75
    
163
    
133
  
 Deferred tax assets
    
518
    
410
    
662
  
Total current assets
    
232,331
    
234,603
    
225,523
  
                     
 Investment in an affiliate
    
1,505
    
1,449
    
1,469
  
 Other Investments
    
3,937
              
 Rental deposits
    
44
    
40
    
52
  
 Property, plant and equipment, net
    
7,227
    
6,999
    
6,749
  
 Acquired intangible assets, net
    
4,541
    
4,335
    
3,787
  
 Deposit paid for acquisition of property, plant and equipment
    
13
    
120
    
91
  
     
17,267
    
12,943
    
12,148
  
                     
TOTAL ASSETS
    
249,598
    
247,546
    
237,671
  
                     
LIABILITIES AND SHAREHOLDER'S EQUITY
                    
Current liabilities:
                    
 Accounts payable
    
9,777
    
15,937
    
15,715
  
 Accrued expenses and other current liabilities
    
4,898
    
3,953
    
9,490
  
 Amounts due to shareholders
    
-
    
10
    
10
  
 Other liabilities
    
893
    
751
    
692
  
 Short-term bank loan
    
1,570
    
1,547
    
-
  
 Income tax payable
    
586
    
3,102
    
2,258
  
                     
Total current liabilities
    
17,724
    
25,300
    
28,165
  
                     
Minority interest
    
394
    
441
    
486
  
                     
Shareholders' equity:
                    
Ordinary shares
    
1
    
1
    
1
  
Additional paid-in capital
    
49,337
    
50,341
    
50,341
  
Accumulated other comprehensive income
    
5,366
    
4,466
    
4,396
  
Retained earnings
    
176,776
    
166,997
    
154,282
  
Total shareholders' equity
    
231,480
    
221,805
    
209,020
  
                     
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
    
249,598
    
247,546
    
237,671
  


 
 
 


 ACTIONS SEMICONDUCTOR CO., LTD.
 CONSOLIDATED INCOME STATEMENT
 (In thousands of U.S. dollars, except per share amounts)
  
     
3 months ended
    
3 months ended
    
6 months ended
    
6 months ended
  
     
June 30,
    
June 30,
    
June 30,
    
June 30,
  
     
2007
    
2006
    
2007
    
2006
  
     
(unaudited)
    
(unaudited)
    
(unaudited)
    
(unaudited)
  
                           
Revenues
    
26,963
    
39,326
    
57,254
    
75,158
  
Cost of revenues
    
(14,338
)
  
(15,989
)
  
(28,676
)
  
(32,198
)
Gross profit
    
12,625
    
23,337
    
28,578
    
42,960
  
Other income
    
100
    
723
    
372
    
895
  
Operating expenses:
                          
 Research and development
    
(2,550
)
  
(2,526
)
  
(5,257
)
  
(4,606
)
 General and administrative
    
(2,901
)
  
(2,395
)
  
(5,268
)
  
(4,506
)
 Selling and marketing
    
(377
)
  
(329
)
  
(752
)
  
(647
)
Total operating expenses
    
(5,828
)
  
(5,250
)
  
11,277
    
(9,759
)
Income from operations
    
6,897
    
18,810
    
17,673
    
34,096
  
Other income
    
1,292
    
-
    
2,641
    
-
  
Interest income
    
1,836
    
1,096
    
3,494
    
2,070
  
Interest expense
    
(19
)
  
(77
)
  
(42
)
  
(146
)
Income before income taxes, equity in net loss of an
                  
affiliate and minority interests
    
10,006
    
19,829
    
23,766
    
36,020
  
Income taxes
    
(330
)
  
(1,621
)
  
(1,400
)
  
(2,906
)
Equity in net loss of an affiliate
    
56
    
(138
)
  
36
    
(138
)
Minority interests
    
47
    
17
    
92
    
26
  
Net income
    
9,779
    
18,087
    
22,494
    
33,002
  
                           
Net income per share:
                          
Basic and diluted per share:
    
0.02
    
0.04
    
0.04
    
0.06
  
                           
Basic and diluted (per ADS)
    
0.11
    
0.21
    
0.26
    
0.38
  
                           
Weighted-average shares used in computation:
                  
Basic and diluted
    
515,661,372
    
516,000,000
    
515,844,756
    
516,000,000
  
                           
Weighted-average ADS used in computation :
                  
Basic and diluted
    
85,943,562
    
86,000,000
    
85,974,126
    
86,000,000
  


 
 
 


 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 30,2007
  
 June 30,2007
  
 June 30,2006
  
   
 (unaudited)
  
 (unaudited)
  
 (unaudited)
  
Operating activities:
              
Net income
    
9,779
    
22,494
    
33,002
  
Adjustments to reconcile net income to net cash provided by operating activities:
                    
 Depreciation and amortization of property, plant and equipment
    
378
    
726
    
363
  
 Amortization of acquired intangible assets
    
529
    
1,002
    
380
  
 Utilization of advance subsidy from local authorities of Zhuhai, the People's Republic
    
-
    
-
    
(35
)
 Loss on disposal of property, plant and equipment
    
338
    
315
    
(16
)
 Gain on disposal of intangible assets
    
-
    
(18
)
  
-
  
 Minority interests
    
(47
)
  
(92
)
  
(26
)
 Deferred tax
    
(108
)
  
144
    
527
  
 Equity in net loss of an affiliate
    
(56
)
  
(36
)
  
138
  
 Changes in operating assets and liabilities:
                    
 Accounts receivable
    
(540
)
  
(522
)
  
2,988
  
 Notes receivable
    
359
    
1,650
    
(63
)
 Inventories
    
(1,284
)
  
(6,349
)
  
(2,049
)
 Prepaid expenses and other current assets
    
(320
)
  
2,031
    
(1,389
)
 Income tax recoverable
    
-
    
-
    
11
  
 Amount due from an affiliate
    
88
    
58
    
-
  
 Accounts payable
    
(6,269
)
  
(6,231
)
  
2,344
  
 Accrued expenses and other current liabilities
    
818
    
(5,284
)
  
(4,279
)
 Income tax payable
    
(2,521
)
  
(1,701
)
  
1,718
  
 Rental deposits
    
(4
)
  
8
    
(40
)
                     
Net cash provided by operating activities
    
1,140
    
8,195
    
33,574
  
                     
Investing activities:
                    
 Proceeds from disposal of property, plant and equipment
    
-
    
31
    
47
  
 Proceeds from disposal of intangible assets
    
-
    
64
    
-
  
 Increase in marketable securities
    
(4,514
)
  
(34,535
)
  
-
  
 Increase in other investments
    
(3,937
)
  
(3,937
)
  
-
  
 Investment in an affiliate
    
-
    
-
    
(1,125
)
 Purchase of property, plant and equipment
    
(735
)
  
(1,299
)
  
(4,962
)
 Purchase of acquired intangible assets
    
(600
)
  
(1,839
)
  
(528
)
 Increase in restricted cash
    
(1,314
)
  
(2,997
)
  
(2,812
)
 Decrease (Increase) in time deposits
    
10,993
    
6,213
    
(43,609
)
Cash used in investing activity
    
(107
)
  
(38,299
)
  
(52,989
)
                     
Financing activities:
                    
 Proceeds from short-term bank loans
    
-
    
1,547
    
2,917
  
 Advance subsidy from others
    
131
    
182
    
249
  
 Treasury stock
    
(1,004
)
  
(1,004
)
  
-
  
 Decrease in amounts due to shareholders
    
(10
)
  
(10
)
  
-
  
Cash provided by financing activities
    
(883
)
  
715
    
3,166
  
Effect of exchange rate changes on cash
    
401
    
998
    
570
  
Net increase in cash and cash equivalents
    
551
    
(28,391
)
  
(15,679
)
Cash and cash equivalents at the beginning of the period
    
108,836
    
137,778
    
108,896
  
Cash and cash equivalents at the end of the period
    
109,387
    
109,387
    
93,217