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 January 28, 2008
 
______________________
 
 
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 o
 
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 o  No x
 
 
 
Actions Semiconductor Co., Ltd. (the “Company”) is furnishing under cover of Form 6-K a press announcement dated January 28, 2008, relating to Company’s financial results for the three months and twelve months ended December 31, 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
 
 		  
 		  
 
  By:   /S/ Patricial Chou                                             
 
Name: Patricia Chou
Title:   Chief Financial Officer

Dated: January 28, 2008
 
 


 
Actions Semiconductor Reports Fourth Quarter and Full Year 2007 Results

ZHUHAI, China, January 28, 2008 - 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 fourth quarter and year ended December 31, 2007.

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

Revenue for the fourth quarter of 2007 was $32.3 million, a 20% increase over revenue of $27.0 million for the third quarter of 2007, and a 35% decrease from revenue of $49.5 million for the fourth quarter of 2006. Revenue for the year ended December 31, 2007 was $116.6 million, a 32% decrease from revenue of $170.2 million for the year ended December 31, 2006.

Net income for the fourth quarter of 2007 was $19.4 million, or $0.23 per ADS, compared to $10.3 million, or $0.12 per ADS for the third quarter of 2007, and compared to $21.3 million, or $0.25 per ADS for the fourth quarter of 2006. Included in net income for the fourth quarter of 2007 was a $5.9 million tax refund, or $0.07 per ADS, resulting from a tax refund relating to a program Zhuhai Municipal Tax Bureau formed to encourage local business development of Foreign Invested Enterprises. Net income for the full year of 2007 was $52.2 million, compared to $74.6 million reported for the full year 2006. Net income per ADS was $0.61 for 2007, compared to the $0.87 per ADS reported for the full year 2006.

Actions Semiconductor reported operating margin of 32.9% and gross margin of 52.9% for the fourth quarter of 2007. For the full year of 2007, operating margin was 30.3%, and gross margin was 51.2%. The Company ended the year with $241.8 million in cash and cash equivalents together with time deposits, restricted cash and short-term marketable securities.

“We were pleased to finish 2007 with solid results for the fourth quarter,” commented Nan-Horng Yeh, Chief Executive Officer of Actions Semiconductor. “Excluding the tax refund, both revenue and net income were in line with our expectations for the fourth quarter. Additionally, both operating and gross margins improved sequentially as a result of our cost migration and expense management programs. ”

“During 2007 we laid the foundation for the next phase of the company’s development. We focused on improving our business fundamentals by maintaining our solid financial position, strengthening our engineering team, expanding our product offering, and targeting new markets internationally. With a complete product mix and an enhanced team in place, we believe we are better positioned to continue our long-term growth strategy,” concluded Mr. Yeh.

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 March 31, 2008, Actions Semiconductor estimates revenue in the range of $20 to $23 million, and, fully diluted earnings per ADS of $0.06 to $0.08.
 


 
Conference Call Details
Actions Semiconductor’s Fourth Quarter teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Monday, January 28, 2008. To participate in the live call, analysts and investors should
dial 800-901-5241or 617-786-2963 and enter passcode 89508448 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 February 4, 2008, by dialing 888-286-8010 or 617-801-6888 and entering the passcode 62798013.

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
Chung Hsu
The Blueshirt Group
Director of Investor Relations, Actions Semiconductor
lisa@blueshirtgroup.com
chung@actions-semi.com
415-217-4967
+86-756 3392 353 *1015

 

ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED BALANCE SHEET
(In thousands of U.S. dollars)
 
   
At December 31,
 
At September 30,
 
At December 31,
 
 
 
2007
 
2007
 
2006
 
   
(unaudited)
 
(unaudited)
     
ASSETS
              
Current assets:
                    
Cash and cash equivalents
    
72,054
   
101,097
   
137,778
 
Time deposits
    
2,613
   
14,334
   
45,713
 
Restricted cash
    
1,782
   
3,070
   
-
 
Marketable securities
    
165,317
   
96,651
   
20,531
 
Accounts receivable, net
    
6,046
   
6,772
   
5,859
 
Notes receivable
    
372
   
974
   
2,154
 
Inventories
    
12,542
   
11,210
   
6,280
 
Prepaid expenses and other current assets
    
2,429
   
3,172
   
6,413
 
Amount due from an affiliate
    
50
   
67
   
133
 
Deferred tax assets
    
739
   
642
   
662
 
Total current assets
    
263,944
   
237,989
   
225,523
 
                     
Investment in an affiliate
    
-
   
1,572
   
1,469
 
Other investments
    
7,760
   
3,937
   
-
 
Rental deposits
    
79
   
45
   
52
 
Property, plant and equipment, net
    
7,945
   
7,907
   
6,749
 
Acquired intangible assets, net
    
5,849
   
6,162
   
3,787
 
Deposit paid for acquisition of property, plant and equipment
    
27
   
54
   
91
 
     
21,660
   
19,677
   
12,148
 
                     
                     
TOTAL ASSETS
    
285,604
   
257,666
   
237,671
 
                     
LIABILITIES AND SHAREHOLDER'S EQUITY
                    
Current liabilities:
                    
Accounts payable
    
12,334
   
7,337
   
15,715
 
Accrued expenses and other current liabilities
    
9,435
   
7,305
   
9,490
 
Amounts due to shareholders
    
-
   
-
   
10
 
Other liabilities
    
1,433
   
907
   
692
 
Short-term bank loan
    
1,519
   
1,479
   
-
 
Income tax payable
    
749
   
578
   
2,258
 
                     
Total current liabilities
    
25,470
   
17,606
   
28,165
 
Other liabilities
    
137
    
-
   
-
 
                     
Minority interest
    
204
   
340
   
486
 
                     
Shareholders' equity:
                    
Ordinary shares
    
1
    
1
    
1
  
Additional paid-in capital
    
43,679
   
46,533
   
50,341
 
Accumulated other comprehensive income
    
9,628
   
6,124
   
4,396
 
Retained earnings
    
206,485
   
187,062
   
154,282
 
                     
Total shareholders' equity
    
259,793
   
239,720
   
209,020
 
                     
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
    
285,604
   
257,666
   
237,671
 


ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED INCOME STATEMENT
(In thousands of U.S. dollars, except per share amount)
 
                   
   
3 months ended December 31,
 
3 months ended December 31,
 
Year ended December 31,
 
Year ended December 31,
  
   
2007
 
2006
 
2007
 
2006
  
   
(unaudited)
 
(unaudited)
 
(unaudited)
     
                   
Revenues
    
32,331
   
49,538
   
116,628
   
170,228
 
Cost of revenues
    
(15,218
)
  
(23,818
)
  
(56,918
)
  
(75,911
)
Gross profit
    
17,113
   
25,720
   
59,710
   
94,317
 
Other income
    
12
   
477
   
392
   
1,634
 
Operating expenses:
                          
Research and development
    
(3,443
)
  
(2,147
)
  
(12,381
)
  
(9,773
)
General and administrative
    
(2,380
)
  
(2,227
)
  
(10,485
)
  
(8,663
)
Selling and marketing
    
(658
)
  
(456
)
  
(1,880
)
  
(1,626
)
Total operating expenses
    
(6,481
)
  
(4,830
)
  
(24,746
)
  
(20,062
)
Income from operations
    
10,644
   
21,367
   
35,356
   
75,889
 
Other income
    
7,172
   
-
   
11,570
   
-
 
Interest income
    
1,973
   
1,496
   
7,162
   
4,876
 
Interest expense
   
(20
)
  
-
   
(82
)
  
(160
)
Income before income taxes, equity in net loss of an affiliate and minority interests
    
19,769
   
22,863
   
54,006
   
80,605
 
Income taxes
    
(497
)
  
(1,621
)
  
(2,202
)
  
(5,984
)
Equity in net loss of an affiliate
    
76
   
(16
)
  
179
   
(156
)
Minority interests
    
75
   
38
   
220
   
96
 
Net income
    
19,423
   
21,264
   
52,203
   
74,561
 
                           
Net income per share:
                          
Basic and diluted per share:
    
0.04
    
0.04
    
0.10
    
0.14
  
                           
Basic and diluted (per ADS)
    
0.23
    
0.25
    
0.61
    
0.87
  
                           
Weighted-average shares used in computation:
                          
Basic and diluted
    
509,793,348
    
516,000,000
    
513,588,069
    
516,000,000
  
                           
Weighted-average ADS used in computation :
                          
Basic and diluted
    
84,965,558
    
86,000,000
    
85,598,012
    
86,000,000
  

 

ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
 
   
Three months ended December 31,2007
  
Year ended December 31,2007
 
Year ended December 31,2006
  
   
(unaudited)
  
(unaudited)
      
Operating activities:
              
Net income
   
19,423
   
52,203
   
74,561
 
Adjustments to reconcile net income to net cash provided by operating activities:
                    
Depreciation and amortization of property, plant and equipment
    
427
   
1,594
   
991
 
Amortization of acquired intangible assets
    
728
   
2,349
   
990
 
Utilization of advance subsidy from local authorities of Zhuhai,
the People's Republic of China
    
-
   
-
   
(35
)
Loss on disposal of property, plant and equipment
   
3
   
320
   
65
 
Gain on disposal of intangible assets
    
-
   
(18
)
  
-
 
Minority interests
    
(136
)
  
(282
)
  
(96
)
Deferred tax
   
(97
)
  
(77
)
  
(134
)
Equity in net loss of an affiliate
    
-
   
(103
)
  
156
 
Changes in operating assets and liabilities:
                    
Accounts receivable
    
726
   
(187
)
  
2,234
 
Notes receivable
    
628
   
1,828
   
(420
)
Inventories
    
(1,076
)
  
(5,632
)
  
911
 
Prepaid expenses and other current assets
    
828
   
4,203
   
(4,030
)
Income tax recoverable
    
-
   
-
   
11
 
Amount due from an affiliate
    
19
   
86
   
(133
)
Accounts payable
    
4,799
   
(4,023
)
  
2,184
 
Accrued expenses and other current liabilities
    
767
   
(3,777
)
  
(2,698
)
Income tax payable
    
159
   
(1,557
)
  
2,258
 
Rental deposits
    
(33
)
  
(25
)
  
(41
)
Net cash provided by operating activities
    
27,165
   
46,902
   
76,774
 
                     
Investing activities:
                    
Proceeds from disposal of property, plant and equipment
    
-
   
39
   
79
 
Proceeds from disposal of intangible assets
    
-
   
64
   
-
 
Increase in marketable securities
    
(66,166
)
  
(141,108
)
  
(20,531
)
Increase in other investments
    
(2,251
)
  
(6,188
)
  
-
 
Investment in an affiliate
    
-
   
-
   
(1,125
)
Purchase of property, plant and equipment
    
(230
)
  
(2,586
)
  
(5,793
)
Purchase of acquired intangible assets
    
(242
)
  
(4,241
)
  
(1,910
)
(Increase) decrease in restricted cash
    
1,371
   
(1,626
)
  
2,563
 
Decrease (increase) in time deposits
   
12,109
   
44,423
   
(21,471
)
                     
Cash used in investing activity
    
(55,409
)
  
(111,223
)
  
(48,188
)
                     
Financing activities:
                    
(Decrease) increase in short-term bank loans
    
-
   
1,431
   
(2,374
)
Advance subsidy from others
    
638
   
820
   
447
 
Repurchase of common stock
    
(2,854
)
  
(6,662
)
  
-
 
Amounts due to shareholders
    
-
   
-
   
77,377
 
Repayment of amounts due to shareholders
    
-
   
(10
)
  
(77,367
)
                     
Cash used in financing activities
    
(2,216
)
  
(4,421
)
  
(1,917
)
                     
Effect of exchange rate changes on cash
    
1,417
   
3,018
   
2,213
 
                     
Net (decrease) increase in cash and cash equivalents
    
(29,043
)
  
(65,724
)
  
28,882
 
                     
Cash and cash equivalents at the beginning of the period
    
101,097
   
137,778
   
108,896
 
                     
Cash and cash equivalents at the end of the period
    
72,054
   
72,054
   
137,778