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Actions Semiconductor Co., Ltd. (NASDAQ:ACTS)

Q4 2009 Earnings Call

February 03, 2010 05:30 am ET

Executives

Niccolo Chen - CEO

Patricia Chou - CFO

Analysts

Bill Lu - Morgan Stanley

Rick Fearon - Accretive Capital Partners

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Actions Semiconductor fourth quarter and fiscal 2009 earnings conference call. During today’s presentation all parties will be in a listen-only mode. Following the presentation, the conference will be open for question. (Operator Instructions). This conference is being recorded today, Wednesday, February 3rd 2010.

I would now like to turn the conference over to Ms. Pia Kristiansen. Please go ahead ma’am.

Pia Kristiansen

Good afternoon and thank you for joining us on today’s conference call to discuss Actions Semiconductors fourth quarter and fiscal year 2009 financial results. This call is being broadcast live over the web and can be accessed on the Investor Relations section of Actions’ website, www.actions-semi.com for 90 days.

On today’s call are Niccolo Chen, Chief Executive Officer and Patricia Chou, Chief Financial Officer.

After the market closed in the US today, Actions issued a press release discussing the results for its fourth quarter and fiscal year ended December 31st, 2009. The press release is also filed on Form 6-K with the US Securities and Exchange Commission. The press release is accessible online at the company’s website, as well as the SEC’s website or you can call The Blueshirt Group at 415-217-7722 and we will fax or e-mail you a copy.

We would like to remind you that during the course of this conference call, Actions management team may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are simply estimates and actual events or results may differ materially.

We refer you to the documents that Actions files from time to time with the SEC, specifically the company’s most recently filed Forms F-1, 20-F and 6-Ks. These documents identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

And now I would like to turn over the call to Patricia Chou.

Patricia Chou

Thank you for joining us on Actions’ earnings conference call. We appreciate your continued interest and support for Actions. Please note that I will be discussing business update and financial results for the fourth quarter and the fiscal year 2009 as well as our expectation for future results.

Niccolo will be available during the Q&A portion of you call where I will translate from Mandarin to English on his behalf. As we anticipated entering the year, 2009 was a year markets presented challenges for the global economy. The consumer electronics market continued to experience retracting demand. We have been dedicated in our commitment to manage in the downturn to the best of our ability and believe that we are well positioned to benefit from the expected market recovery for 2010.

I would like to quickly highlight a few accomplishments for the year. First, our cash position remained strong allowing us the operating flexibility to withstand the challenging market conditions. We closed the year with $252 million in cash from deposits, restricted cash, marketable securities and trading securities.

Second, gross margin rebounded from the levels reported earlier in the year as we began to realize the benefit from our successful wins of new product lines and cost down initiatives.

Third, we sustained or grew market share in each of our market. Through new product introductions and a seamless execution improving and diversifying our sales channel, we were able to grow sales in our newly developed automotive and advanced product categories to 20% to 25% of revenue in 2009 compared to less than 10% of sales in 2008.

Fourth, Niccolo Chen was appointed the Chief Executive Officer in the fourth quarter. He has been instrumental in developing and ramping Actions’ second generation architecture for SoCs and a played an important role in doubling our R&D team to (inaudible) our long-term core competency. Niccolo’s R&D and operational expertise will be an extremely valuable asset as he leads action to its next growth phase.

Our former CEO Nan-Horng Yeh remains an active board member. That we closely managing the discretionary spending in all areas, all kind of R&D and implemented in significant pay cut every executive and the manager level and instated hiring freeze for all non-engineering function.

Now I would like to discuss our financial results which will be followed by a discussion of further updates for the fourth quarter and our view looking ahead. As a reminder our financials are reported in accordance with U.S. GAAP. For the fourth quarter ended at December 31, 2009 we recorded revenue of $7.9 million compared to $13.1 million in the third quarter.

As expected we did not see the seasonality typically present in the fourth quarter. Our financial results reflected a sequential decrease in shipment volumes during the quarter. Partially related it to the worldwide [mainstream PMP] main decline as well as the whole unit of approximately $0.6 million to $0.8 million shipment from early Q4 to late Q3 to end a Golden Week shutdown in China.

As reminder, we swung off action in Beijing we're already consolidated financials as over September 30, 2009. This segregation has an impact to the Q3 sales about $1.9 million. Our gross margins for the fourth quarter was 34.9% compared to 30.8% for the third quarter of 2009. We are pleased to see sequential improvement in our gross margin as we realize benefit from our cost down activities as well as continue the sales run in the automotive and advanced MP4 segments.

As a result of our efforts, we reported the stand improvement in margin throughout 2009. We anticipate that margin will remain in the range from in the near term, actually it's back to the ongoing presence of ASP erosion and extremely competitive pricing will offset some portion of our cost control effort. For the fourth quarter, total stock-based compensation expense amounted to $0.9 million which was the same in the third quarter of 2009.

R&D expense was $4.6 million or 58.2% of revenue for the fourth quarter. As compared to $5.1 million or 37.8% of revenue in our third quarter of 2009. We continue to forecast our R&D expense to represent a higher percentage of our revenue as a result of our persistent investment in engineering talents and the next-generation PMP product as well as potentially new business development initiative.

During the fourth quarter our R&D expense was down sequentially on a dollar basis. That represented higher percentage of revenue. We remained committed to expanding our world class in signal TV and IP portfolio which were important components of our long term growth strategy. During the fourth quarter we hired approximately 10 senior engineers, the global recession has presented a good opportunity for us to recruit high quality talent at more competitive salary levels and to best position ourselves for the rebounding in market demand. G&A expense was $2.2 million in the fourth quarter or 27.7% of revenue, as compared to $2.4 million or 17.8% of revenue in the third quarter.

Sales and marketing expense was $0.2 million in the fourth quarter or 3.1% of revenue, compared with $0.3 or 2.2% of revenue in the third quarter of 2009. The sequential decreases on a dollar basis in this categories, reflecting our effective cost control in our engineering function. Operating loss worth $3.7 million for the fourth quarter, compared to operating loss of $1.8 million for third quarter '09.

This sequential increase in operating loss was mainly due to the decrease in sales quarter-over-quarter, despite a higher gross margin in Q4. Net [other] income over $29,000 was reported in the fourth quarter, as a result of foreign exchange gain on revenue RMB and Chinese dollars versus US dollars. This compared to other income of $42,000 for the third quarter of '09, also related to a foreign exchange gain, unlike prior years the exchange rate between RMB and Chinese dollar versus US dollars stabilized in the second half of 2009.

Investment yield was $20,000 for the fourth quarter which was a one time dividend income declared by one of our invested companies under cost method.

Interest income was $2.7 million for the fourth quarter, up from $2.3 million in the third quarter of 2009. As a result of increasing our investment in higher yield financial products laid in Q3 '09.

Loss before taxes was $1 million for the fourth quarter, as compared to a loss of $21 million in the third quarter '09. Net income tax credit was $0.2 million for the fourth quarter, compared to income tax expense of $0.4 million in the third quarter of 2009.

Net loss attributable to Actions Semiconductor on an US GAAP basis for the fourth quarter was $1.1 million or $1.05 per diluted ADS, compared to a net loss of $0.6 million, or $0.01 per diluted ADS for the third quarter of 2009.

Included in our calculation for the fourth quarter's net loss were stock-based compensation expenses of $0.9 million and depreciation and amortization expenses of $1 million or in total $0.025 non-cash expenses per ADS for the quarter.

Moving to the balance sheet, cash and cash equivalents together with fund deposits, trading securities and in both current and in non-current marketable securities, totaled at $271.6 million as of December 31 of 2009 compared to $264.8 million at the end of the third quarter. That’s likely lower cash balance as of December 31, 2009 was due to increase of construction in process, including July and our continuous stock repurchase in the fourth quarter.

Of the $251.6 million total, $87.8 million was in cash and deposits and a short term interest bearing investment that were generally issued by large domestic banks in China for a term no more than three months and can be redeemed at any time. $163.8 million was in marketable securities, current and in non current that were principal guaranteed investments with higher interest rates at a minimum term of three months. These marketable securities were mainly issued or guaranteed by top ranking state owned the financial institutions in China. We continue to believe that our ability to preserve a strong balance sheet yielded prolonged a non-fluctuation is a significant differentiator for the company.

Accounts receivables and notes receivable were $2.9 million at the end of the fourth quarter [beyond from] $5.8 million at the end of third quarter. The lower balance of accounts receivables reflected in the lower sales in Q4 2009, particularly late in the quarter.

Inventories were $4.5 million at the end of the fourth quarter beyond from $4.7 million at the end of the third quarter. The relatively low inventory levels in the past two quarters directly correlated with the sales volume trend.

We continue to closely monitor inventory levels and expect with the greater increase as we prepare to rent our advanced higher cost of products, and make the necessary adjustment to support the tighter foundry capacity.

We continue to buy back shares spending approximately $2.8 million on the share repurchase program during the fourth quarter compared with $1 million in the third quarter. Our repurchase activity improved this while on the third quarter, but was still lower than expected in Q2 whereas attrition related it to trading volume and the flag out periods for our 10b-18 program. Late restrictions have been particularly prohibitive as we have been compounded by the recent decrease in [blocks rate].

We continue to be focused on delivering value to our shareholders. We believe this is the best achievement by balancing our efficiency efforts with our desire to preserve the availability of cash resources.

At the end of fiscal 2009, the company had invested approximately a total of $26.2 million in the program representing over a $10.9 million ADS shares. Under the current program, we may repurchase up to another 9.1 million ADS through December 31, 2010.

Now I will like to give a brief update on the traction of our product category during the quarter. The automotive and the boombox product segment in the low end continued to grow as a meaningful percentage of our business and this product represented approximately 16% to 20% of our total shipment. We are encouraged by the strong momentum in this product category and believe that our growing presence in this end market will enable us to continue scaling this business.

Our sales in the mainstream segment of the PMP markets serving the no display, mono display and the small color display media product were under severe competition in the fourth quarter. Within the mainstream audio segment, no display and small color display products have been cannibalizing mono display demand.

As shipment volumes in our low end and advanced product lines continue to grow, our mainstream product line sales represented less on a percentage basis in the fourth quarter. We see our historical strength in this category as a nice compliment to our technology and end market diversification efforts.

The MP4 market has continued to be an exciting end market with potential growth opportunities for Actions. Shipments of our product serving the QVGA, MP4, D1, PMP, and high definition PMP segments increased to approximately 10% to 15% of our total shipments in the fourth quarter.

Moving to 2010, our Series 25 is in mass production for D1 MP4 market plus DV camera functions. We have planned to sample for high definition product in mid-2010 as we ramp diversions of this product family and dole out new product introductions, we expect this product category to continue growing as a meaningful portion of our revenue.

During the fourth quarter, approximately 35% to 40% of our shipment volumes used .15 micron process technology. Majority of our current and new products will migrate into 2.1 micron in 2010. We also sampled our new .11 micron SoC during the quarter and expect to come in net production in the second half of 2010. We have continued to optimize designs where smaller [designs] decreased the bill of material costs and lower wafer and packaging outsourcing charges.

As shipments in this category run, we anticipate that economies of this scale will help us further offset ASP diversion. The continued investment in enhancing our technology will benefit the company’s cost reduction efforts in the long run. Looking ahead we continue to believe that investment in R&D was directly correlated with our ability to protect and expand our market position. Our investment have allowed us to increase efficiency in product development, shorten our time-to-market and introduce products with more cost effective features.

During the past year, we have been able to make significant traction in growing our presence in new markets. In 2010 we have planned to dole out a pipeline of new chips for the advanced MP4 product segment that supports VGA, D1, high definition and other derivatives based on the video platform.

We are also excited about the opportunities that we see in the low end of our automotive boombox and the home appliance products which are derivatives based on the audio platform. We believe that there will be solid growth potential in this segment in 2010 and beyond.

We will continue to focus on developing products that one provides opportunities to increase our market share by addressing the fastest growing segment within the portable media player market and two, our centers are of core competency and competitive advantages in consumer electronics industry.

As we continue to operate in a challenging environment, our priorities continue to be focused on first, managing cost [persistent] expense reduction while continuing to recruit talents selectively. Second, preserving our balance sheet and a strong cash position and third repurchasing shares to the best of our ability to increase the shareholder value.

I would now like to comment on our view looking forward. 2009 was a challenging year for us and we head into 2010 with conservative optimism, continued proliferation of repetitions in the MP4 market and a rebound in demand within PMP sector are forecasted to present growth opportunities in the coming year.

We have a number of new products in development targeting the D1 in the high resolution PMP end markets. We are confident that the anticipated momentum in these categories will drive growth in the market. As the largest and now (inaudible) PMP IT provider in the world, uniquely situated at the center of China’s consumers electronics industry we believe we are well positioned to capture potential upside projected for 2010.

We expected that higher sales volume in 2010 will drive an increasing annual revenue year-over-year and that our gross margins will trend positively to the 35% to 40% range later in the year. While we are encouraged by this positive sector indicators, we anticipate that the environment will remain difficult to navigate.

As such we remain committed to strengthening our financial position and diversifying our business to position us for long-term growth, but still have limited visibility on our future results. Our guidance for the first quarter reflects seasonality present in our historically weakest quarter and that the market will remain dynamic and difficult to predict.

As such we currently (inaudible) that the first quarter 2010 revenue would be in the range of $6.5 million to $7.5 million. Gross margin of approximately 35% and operating expenses pointing slightly higher on a sequential basis.

The first quarter 2010 estimates included the share-based compensation expense of approximately $0.9 million to $1 million. And now we would like to open the line for questions. Operator?

Question-and-Answer Session

Operator

We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from the line of Bill Lu with Morgan Stanley. Please go ahead.

Bill Lu - Morgan Stanley

Patricia, you just talked about 2010 revenues grow from '09, but if I look at 1Q guidance, its down about 45% year-on-year, you have to see a pretty big up tick in revenues with rest of the year for that to happen, just kind of what gives you the confidence?

Patricia Chou

We're confident in the development of our new products in and those [transfer going] segment in high end MP4 and the relative products are based on over core competencies in audio platform. That's why we projected higher revenue in 2010 year-over-year versus 2009. Of course the so called increase in 2010 revenue will not be say extremely jump back to our rector in 2006 or 2007.

Bill Lu - Morgan Stanley

Okay, so if you look at these new products with the high end the Series 25 was announced a week or two ago. When do you think this happen is it really more on 2Q or 3Q, what is the timing for that volume?

Patricia Chou

The Series 25 products serving the D1 segment has already next production in the first quarter this year. So we expect this product will bring in meaningful revenue for us later in this year and based on Niccolo’s comment from our October's conference call we expect to increase the high end shipment and the revenue up to 30% to 40% above total revenue this year and this Series 25 for D1 segment will play a big role in this growth.

Bill Lu - Morgan Stanley

Okay. If you look at the series 25, did you comment on relative sort of total average whereas at ASP and margin right now?

Patricia Chou

The MP4, D1 segment is still relative or high versus our other audio-based products, up till now its still between $2.5 to $3.

Bill Lu - Morgan Stanley

And the margin on that product?

Patricia Chou

Well, when it comes to the electronics which I mentioned several times in our previous calls, the volume is key to the gross margin up till now things we are still in the early stage of the mass production. So the margin is relatively that preventing once we slide it down the (inaudible) say later this year we believe the margin for this product will be more meaningful but just like you can see from our average in gross margin most of our products enjoying the gross margin higher than 30% especially in high-end that we expect. They are relatively higher (inaudible) in technology. So it makes sense that we are enjoying a better gross margin when we move down the economies of the scale.

Bill Lu - Morgan Stanley

Yeah that’s was my next question, as you are guiding for gross margin to be up 1Q. I am just wondering if you could break down the factors that (inaudible) as far as I compliment for it. Are you connecting the (inaudible) and does mix play a part as well?

Patricia Chou

Very good question Bill. For the increasing gross margin in first quarter and also later in this year they are the result of several factors. Number one, the adjusted product mix in our product portfolio just as we discussed earlier the high-end product that usually provide a higher gross margin when we move down to the economy upscale. Number two, our continual efforts in cost down in both the existing products and the newly developed products will help us offset to the ASP erosion quite a lot. And for some building the products we don’t expect that ASP would continue decreasing in this year like before all of the participants in the low end segment are opportune to the end of the cost down limitation so we do not expect that the price erosion will continue forever.

Bill Lu - Morgan Stanley

Okay I guess just ask one last question on cash [drive] if we look at the company say a year from now at the end of 2010 is there going to be a meaningful change to operate even level because it looks like your margins going to better but maybe your OpEx may be slightly higher well becoming breakeven.

Patricia Chou

For a breakeven that’s a very good question, we are number one we don’t really have the (inaudible) to answer your question just as a beginning of the year based on our current projection, the pricing is really beyond our control and is totally unpredictable even though we try our best that you increase the gross margin by lower the cost, however the pricing side is really beyond our control. What I can say is that based on our current situation the breakeven sales LIFO would be around say $15 million to $20 million a quarter. So may be you can update your model from that angle.

Operator

Thank you. (Operator Instructions). Our next question comes from the line of Rick Fearon with Accretive Capital Partners. Please go ahead.

Rick Fearon - Accretive Capital Partners

Nice to see an improvement in gross margin and to hear the 2010 guidance of sales growth year-over-year it sounds like you expect sales to exceed $44 million in 2010? Can you give us a sense of where you are expecting annual sales to be two and three years out from now?

Patricia Chou

I will forward this question to Niccolo. Niccolo will answer you by Mandarin and I will do the translation on behalf of him.

[Foreign Language]

Operator

(Operator Instructions).

[Foreign Language]

Patricia Chou

Niccolo just mentioned that we expect our revenue in 2010 will increase about 10% to 20% from 2009 number.

Niccolo Chen

[Foreign Language]

Patricia Chou

Our revenue within the traditional MP3 segment will slightly decrease.

Niccolo Chen

[Foreign Language]

Patricia Chou

The main reason for the slight decrease is because of the [ASP] erosion in the three segment.

Niccolo Chen

[Foreign Language]

Patricia Chou

The main reason why for the 10% to 20% revenue increase in 2010, in 2010 includes the following:

Niccolo Chen

[Foreign Language]

Patricia Chou

The first reason is that we are pretty much mature in the conventional audio MP3 product till we are moving into that relative product based on the audio platform in 2010.

Niccolo Chen

[Foreign Language]

Patricia Chou

And then the second reason is that in the past one year we have accelerated in the interest of our (inaudible) in the video field and that the relative products based on their video platform includes the MP4 D1 high definition products.

Niccolo Chen

[Foreign Language]

Patricia Chou

Revenue from 2VGA segment may account for around 20% of our total revenue this year.

Niccolo Chen

[Foreign Language]

Patricia Chou

And for our D1 product deficits the series 25 may accounted for a bigger portion of our revenue in the second half.

Niccolo Chen

[Foreign Language]

Patricia Chou

And as their high definition products either [720P] product will be camcorder in second quarter and Redbox in the fourth quarter this year.

Niccolo Chen

[Foreign Language]

Patricia Chou

In the second half of 2009, our R&D capability has been improved and sustained very well if we can continue this trend in our R&D efforts and (inaudible) when we expect to develop a more than new product in the second half of this year and next year.

Niccolo Chen

[Foreign Language]

Patricia Chou

We expect to maintain this kind of growth trend in each year of 2011 and '12 by around 20% of growth rate.

Rick Fearon - Accretive Capital Partners

Is there anyway to protect some of your intellectual property to avoid the ASP erosion with renewal high-end products?

Patricia Chou

IP protection?

Rick Fearon - Accretive Capital Partners

Yes

Patricia Chou

Well that price erosion does not really have any direct correlation with the IP protection since there are so many IP (inaudible) in China; the competition is based on the intendent R&D efforts in each of our desire houses. So of course we protect our own IP very well, but it doesn’t mean that other competitors cannot really do their own engineering or R&D works on their end.

Rick Fearon - Accretive Capital Partners

So your patent protection really doesn’t prevent competitors from reengineering what you do on the new product front.

Patricia Chou

Well the pricing erosion or competition in the market are not really because of the leakage of the IP or patents. Well, I guess those products are pretty commercialized it, so many talents in this field. Patent is not really the dating issue, but of course the R&D capability is a core to the whole thing. Its not just because of a patent, its also the capability to operate all of the supply chains to make our products most cost effective and that is the time to market is also the key to the total solution we provide to our customers. I am not sure whether I answered your questions, but the competition is not really only from the patents or IP.

Rick Fearon - Accretive Capital Partners

Yes, that’s actually helpful explanation. What do you and Niccolo expect the product lines to look like in two and three years out. Will it continue to be the MP3 or MP4 player that is the majority of sales or will it be when we talk about new products or we getting into a different end use

Patricia Chou

I will be translate this question to Niccolo. [Foreign Language].

Niccolo Chin

[Foreign Language]

Patricia Chou

Basically we won’t break our development into two sections.

Niccolo Chin

[Foreign Language]

Patricia Chou

In this year and the year 2011, while we're still focused on our PMP products with our core competencies.

Niccolo Chin

[Foreign Language]

Patricia Chou

With an MP3 segment we feel that the pure MP3 players growth is relatively slower.

Niccolo Chin

[Foreign Language]

Patricia Chou

But in the derivate side based on the audio (inaudible) we do see a lot more potential opportunities.

Niccolo Chin

[Foreign Language]

Patricia Chou

And with the MP4 segment if we only focus on the fewer MP4 multimedia player, the growth is relatively limited.

Niccolo Chin

[Foreign Language]

Patricia Chou

Within the fewer MP4 multimedia players, the maximum market volume would be up to 20 million to 30 million units.

Niccolo Chin

[Foreign Language]

Patricia Chou

Based on the media function, we do quite see a lot more derivative products outside the fewer MP4 multimedia players.

Niccolo Chin

[Foreign Language]

Patricia Chou

If we continue to focus on these two platforms, i.e. the video and audio platforms, we believe we can keep annual growth of 20% to 30% for the upcoming three to five years.

Niccolo Chin

[Foreign Language]

Patricia Chou

We will continue to add more investments in our marketing and try project management people to collect more market intelligence, but for the real engineering efforts we will add them round two years later. That’s Niccolo's answer to your question.

Rick Fearon - Accretive Capital Partners

Well I very much appreciate the extensive answer and the projected growth sounds quite exciting. I wanted to shift to one last topic and that is, what is the current fully diluted share count at the moment?

Patricia Chou

I’m sorry what?

Rick Fearon - Accretive Capital Partners

The ADS share count, I can see what the average share or at the end of or during the period, is it roughly 75 million shares outstanding?

Patricia Chou

Yes, that’s pretty much a bit right info. Since we accumulated, we collected around 10.9 million ADS shares of our buyback program and our total outstanding ADS shares is 86 million shares. So, 86 minus almost 11 is about 75.

Rick Fearon - Accretive Capital Partners

So with $252 million of cash and marketable securities, our company has roughly $3.35 per share of cash and no debt.

Patricia Chou

That’s pretty much right.

Rick Fearon - Accretive Capital Partners

With 2.8 million was spent in the share repurchase program in the fourth quarter, is it fair to say that roughly 1.2 million shares were repurchased?

Patricia Chou

That’s correct.

Rick Fearon - Accretive Capital Partners

So at this rate it would take the company approximately 15 years to repurchase the outstanding shares? As significant shareholders of Actions we are concerned that the company is not putting its cash to its best use. We’ve discussed this on past conference calls and I just would like to reiterate our strong urging that you begin repurchasing shares more aggressively and we think this can be best achieved by a Dutch tender offer, whether the company would offer all shareholders, the opportunity to sell their shares back to the company and that would be a significant block of shares with the lowest offers purchased first.

We very much hope that you and Niccolo and the Board of Directors would consider a Dutch tender offer as soon as possible and we think that their shareholders wanting to sell their shares at these prices, the company can take advantage of that by buying the lowest offers first.

I know we have brought this up before; I just would strongly encourage the company to consider this especially before the exciting growth that’s projected takes place. But thank you very much for the extensive answers and it sounds like with gross margins improving and some projected growth that the company is potentially back on a path to profitability and that’s exciting.

Patricia Chou

Thank you so much we appreciate your advise and reminders and we will definitely complete your comments on the share buy back program.

Operator

Thank you and that’s all the time we have for question and answer. I would like to turn the conference back over to management for closing remarks.

Patricia Chou

Thanks again for joining us on today’s earnings call. We appreciate your interest and continued support of Action. We look forward to providing updates on our business during next quarter’s call. Thank you.

Operator

Ladies and gentlemen, this concludes the Actions Semiconductor fourth quarter and fiscal 2009 earnings conference call. If you'd like to listen to a replay of today’s conference please dial for us +1-303-590-3030 or toll free in the United States 1-800-406-7325 and enter the access code 4202663. Those numbers again are +1-303-590-3030 or 1-800-406-7325 and the access code is 4202663. I would like to thank you for your participation. And you may now disconnect.

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