Actions
Semiconductor Updates Fourth Quarter 2008 Guidance
ZHUHAI,
China, December 30, 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 provided an update to
its fourth quarter financial guidance.
The
Company now expects revenue for the fourth quarter ending December 31, 2008 to
be approximately $15-$16 million. The company's previous guidance was for fourth
quarter revenue in the range of $18 million to $22 million. Fourth
quarter fully diluted earnings per ADS are now expected to be approximately
breakeven. The revision in guidance is primarily due to lower sales
in the current challenging macroeconomic environment and less-favorable exchange
rates against US dollars.
“As a
result of the global economic downturn and its impact on the consumer
electronics market, we have experienced decreased demand across our end-markets
and are therefore revising our fourth quarter guidance. Actions is
actively controlling operating costs while maintaining its continued new product
development efforts. The current macroeconomic environment reinforces
the need to maintain a very strong balance sheet and manage our high level of
cash prudently to have maximum operating flexibility over the long-term,” stated
Mr. Nan-Horng Yeh, CEO of Actions Semiconductor.
Actions
Semiconductor will release financial results for fourth quarter and full year
2008 and host a conference call for analysts and investors after the market
closes on January 21, 2009. Details for the conference call will be
announced prior to the date.
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, Shanghai, 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.
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Investor
Contacts:
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Lisa
Laukkanen
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Jimmy
Liu
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The
Blueshirt Group
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Investor
Relations at Actions Semiconductor
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lisa@blueshirtgroup.com
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jimmy@actions-semi.com
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415-217-4967
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+86-21-5080-3900*1211
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