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

Q4 2013 Earnings Conference Call

January 27, 2014 08:48 AM ET

Executives

Elaine Ketchmere - Compass Investor Relations

Dr. Zhenyu Zhou - Chief Executive Officer

Nigel Liu - Chief Financial Officer

Chung Hsu - Director of Investor Relations

Analysts

Richard Fearon - Accretive Capital Partners

Operator

Ladies and gentlemen, welcome to the Fourth Quarter and Full Year 2013 Earnings Conference Call on the 27th of January, 2014. Throughout today’s recorded presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. (Operator Instructions).

I will now hand the conference over to Elaine Ketchmere. Please go ahead.

Elaine Ketchmere

Thank you, operator. Good morning ladies and gentlemen, and good evening to those of you joining us from Asia. I’d like to welcome all of you to Actions Semiconductor’s earnings conference call for the fourth quarter 2013. 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 Dr. Zhenyu Zhou, Chief Executive Officer; Nigel Liu, Chief Financial Officer; and Chung Hsu, Director of Investor Relations. Earlier today Actions issued a press release discussing the results for the fourth quarter and full year ended December 31, 2013. The press release is accessible online at the company's website or you can call Compass Investor Relations at +1-310-528-3031 and we will 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-K. These documents identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

And now, I’d like to turn the call over to Dr. Zhenyu Zhou.

Dr. Zhenyu Zhou

Thank you for participating in Actions' earnings conference call. We appreciate your continued interest in the company. I will provide an overview of our performance in 2013 along with some operational updates. Later on the call, Nigel Liu, CFO will discuss financial results for the quarter. I will be available for the Q&A portion of the call along with Nigel and Chung Hsu, Actions' Director of Investor Relations.

Year-end summary. The year of 2013 was a critical one for our company. We achieved top line growth of 28%, above our 25% target, and improved our bottom line. Following the successful introduction of our complete product family of OWL series chipsets ATM7021, ATM7029 and ATM7039, we have made good progress in penetrating the white-box tablet market and carving market share. We introduced the new wireless connectivity enabled multimedia products that we expect to contribute favorably to our performance in the future.

For the full year, our revenues were $69.4 million, up 28% from $54.3 million in 2012. Gross margin was 30.9% compared to 35.4% in 2012. Net income attributable to Actions was $0.1 million or $0.002 per basic and diluted ADS for 2013 compared net loss attributable to Actions of $2.2 million or $0.032 per basic and diluted ADS for 2012.

Now I will provide some details about our tablet business, our multimedia business and our research and development initiatives. Tablet business. During the fourth quarter we saw strong growth in shipments of our OWL series SoC product family. In December, we shipped in excess of 1 million units which we believe approached our target run rate of 10% market share of white-box tablet shipments for the months of December. Led by our second generation dual-core chipsets, ATM7021 tablet sales accounted for almost half of total revenue this quarter.

ATM7021 targets the low end of the market and offers superior performance to single core SoC at a very compelling price. The lower end of the market is the largest in terms of volume and consists of primarily of overseas customers. Our ability to quickly penetrate this market segment was due to an aggressive pricing program designed to take advantage of the growing number of tablet manufacturers then our transitioning from single-core CPU to dual-core CPU based solution for their low end products.

As anticipated this put pressure on gross margin. Combined with the adverse effects of a year-end inventory write-off, gross margin fell to 22.1% in this quarter. We expect gross margin at this level is temporary and that it will be around 30% for the next few quarters with some room of gradual improvement in the second half of the year. At this stage, we will be rapidly increasing market share at the expense of gross margin as an investment in the future. We feel it is critical to focus on building volume in order to improve our bottom line performance over the longer term. Thus we are targeting revenue growth of 20% to 25% in 2014.

We anticipate ATM7021 will be a major revenue driver in 2014 as more and more tablet manufactures transition to dual core solutions for their low-end products. We also expect our quad-core solutions to further penetrate the mid to high-end of the white-box tablet market.

Our first generation quad-core solution, ATM7029 has already is in strong adoption by both domestic and overseas markets, and we expect it to make a significant contribution to revenue this year. We believe this will be due to the trend of faster migration from dual-core to quad-core solutions for mid to high-end product this year.

The newest member of our OWL series family, ATM7039 is our second generation high performance quad-core solution with advanced multimedia feature, which supports high resolution LCD screens. Our beta customer for ATM7039 began volume shipments in the fourth quarter and we expect sales to pick up in the second quarter of 2014.

The overall white-box tablet market is [poised] for growth. And we believe growth in shipments will be at least 20% this year. Our complete OWL series product family puts us in a strong position to gain share in each segment of the tablet market and generate solid revenue growth.

Multimedia business: Our multimedia business is rotating our traditional portable audio and portable video products and continues to represent an important area of our business that diversifies our revenue stream and generates positive cash flow.

During the quarter, we saw a strong trend of market growth in the wireless connectivity enabled multimedia market. We are excited that our Bluetooth boombox solutions reached volume shipments in the fourth quarter of 2013.

While we anticipate slow sales of certain traditional PMP and gaming products as consumers migrate to alternative devices such as tablets, we expect our Bluetooth boombox solutions to make a strong contribution to our revenue mix in 2014. Our current expectation is that revenue from our multimedia business will beat 2013 level.

Research and development: An important initiative for Actions in 2014 is the reorganization of our R&D efforts to better utilize our talent and the intellectual property, while becoming more efficient. To that end, we will reorganize R&D to focus on two key areas; advanced tablet solutions and wireless connectivity enabled multimedia products.

In light of the expected increase in volume shipments in the tablet business, we plan to dedicate more personnel to this area by reallocating internal staff and hiring new talent. We will also invest in new intellectual property and process technology. This includes our third generation high performance tablet solution, utilizing 28 nanometer process technology and the future generation application processor Vista 64-bit CPU and operating system.

We are excited about the industry trend of very aggressive migration to 64-bit CPU operating systems and applications led by Apple's iPhone 5S. In our multimedia business, we continue to invest in R&D for wireless connectivity enabled multimedia products and leveraging our leading position in non-Apple portable audio products and portable video players to introduce new cutting edge products with differentiated key features. We will share more details about our new products once they are rolled out.

Conclusion: As we enter 2014 we see many opportunities in the year ahead and we are seeking to position our company for long-term success. We are targeting revenue growth between 20% and 25% for the full year of 2014. We believe the overall white-box tablet market is expected to grow at least to 20% this year. Tablet manufacturers are rapidly migrating to dual-core chipsets for their low-end products and will significantly increase the use of quad-core solutions for their mid to high-end models.

We expect our OWL series family of tablet SoCs to steadily gain market share. We expect a newer multimedia product, such as our Bluetooth boombox solutions to make a meaningful contribution to revenue. We will reorganize our R&D efforts to better utilize our talent and intellectual property, while becoming more efficient. As we build our position in the tablet market, we will carefully manage our cash resources and continue to be mindful of costs.

Now, I’d like to turn the call over to Nigel Liu, our CFO, who will review our financial results for the fourth quarter.

Nigel Liu

Thank you, Dr. Zhou. As a reminder, all financials are reported in accordance with U.S. GAAP. For the fourth quarter ended December 31, 2013, we recorded revenue of $17.6 million compared to $16.9 million in the third quarter of 2013. Our gross margin for the fourth quarter was 22.2% compared to 33.2% for the prior quarter. As Zhenyu mentioned, the decline in gross margin was the result of fairly aggressive pricing strategy compared with the price effect of year-end (inaudible).

For the fourth quarter, total stock-based compensation expense was $0.1 million unchanged from the third quarter.

R&D expense was $6.1 million or 34.6% of revenue for the fourth quarter compared to $6.5 million in the third quarter. We expect R&D expense to increase in the year ahead as we invest in new intellectual property and process technology.

G&A expense was $2.5 million in the fourth quarter or [$14.5 million] of revenue compared to $2.1 million in the third quarter. The increase was relative to normal seasonal fluctuations such as temporary cleaning activity and of course for year-end [expenditures].

Sales and marketing expense was $0.6 million in the fourth quarter or 3.5% of revenue compared to $0.4 million in the third quarter. The increase was primarily due to higher advertising and marketing expense for new product. We continue to tightly manage expense levels in this category by frequently accelerating the efficiency of our current workforce and optimizing our working process. Operating loss was $3.8 million for the fourth quarter of 2013 compared to an operating loss of $3 million of the prior quarter.

Net other income for the fourth quarter was $0.8 million, primarily related to a foreign exchange benefit compared to net other income of $0.2 million for the third quarter also related to a foreign exchange benefit.

We reported an unrelated temporary impairment loss on investments of $0.7 million in the fourth quarter of 2013 related to an equity measured interest fees. Interest income was $3.2 million for the third quarter, up from $2.9 million in the third quarter.

Loss before tax was $0.6 million for the fourth quarter compared to a loss before tax of [$32,000] in the third quarter.

Net income tax expense was $0.1 million for this fourth quarter compared to $0.2 million in the third quarter. Net loss attributable to Actions Semiconductor on a US GAAP basis for the fourth quarter of 2013 was $0.8 million or $0.012 per basic and diluted ADS compared to net loss of $0.2 million or US $0.002 per basic and diluted ADS for the third quarter of 2013.

Now moving to the balance sheet. Cash and the cash equivalents together with time deposits, trading security involves current and non-current marketable securities totaled $224.6 million as of December 31, 2013 compared to $215.7 million as of September 30, 2013. Of the $224.6 million total, $18.8 million was in cash and the short-term interest-bearing investments together with time deposit that was generally issued by large domestic banks in China, for terms no more than three months and could be redeemed at any time.

$143.8 million was in trading securities and the current and the non-current marketable securities, which were principal guarantee of price investment with higher interest rate and the minimal returns of three months. Less marketable securities, while many issue manage or guarantee by top ranking state-owned financial institutions in China.

Our short-term borrowing totaled $35.5 million at the end of the fourth quarter, up from $13.5 million at the end of the third quarter. We continue to utilize agreement we entered into that allowed us to borrow the U.S. dollars and lower interest rate in Hong Kong currency by all RMB deposits in Mainland, China.

Additionally as they are using our RMB funds in China, we drew down our offshore line of credit for U.S. dollar cash needs. This approach have us take advantage of lower interest rate on U.S. dollar loan, while enabling us to continue to earning higher interest rate on all RMB denominated investments even considering the short-term exchange transactions.

Accounts receivable was $7.1 million at the end of the fourth quarter of 2013 compared to $7.4 million at the end of the third quarter. Accounts receivable includes amount due from deposit and equity measured interest fees. Inventories were $5.3 million at the end of the fourth quarter, down from $25.4 million at the end of the prior quarter.

We continue to buy back shares, spending approximately $1.8 million on the shares repurchase program during the fourth quarter compared with $0.8 million in the third quarter. Our repurchase activity remains constrained by trading volume and blackout periods for our 10B-18 program, as well as limited activity in block trading. As of December 31, 2013, the company had invested approximately a total of $50.4 million in the program representing approximately $22.1 million ADS shares.

And now turning to our outlook. Based on our current market trends, we expect revenue in the first quarter of 2014 to be in the range of $12 million to $13 million. This reflects the turn to a norm of more traditional seasonal sales pattern compared to the same period last year. When we experienced a steep ramp up in shipments associated with the introductions of our new tablet SoC solutions.

The first quarter of the year is traditionally our seasonal slowest quarter due to the Chinese New Year holiday, which causes a slowdown in production by consumer electronics manufacturers in China for approximately three to four weeks.

And now, we would like to turn over the line for questions. Operator?

Question-and-Answer Session

Operator

Thank you, sir. (Operator Instructions). The first question comes from Richard Fearon from Accretive Capital Partners. State your question.

Richard Fearon - Accretive Capital Partners

Hello Zhenyu and Nigel, how are you?

Dr. Zhenyu Zhou

Hi, Rick.

Richard Fearon - Accretive Capital Partners

I was wondering at this point if there is something that is preventing our company from moving forward with the Dutch auction tender offer that we’ve discussed for many months.

Dr. Zhenyu Zhou

Yeah. We’ll have Chung answer that question. Go ahead Chung.

Chung Hsu

Hi, Rick.

Richard Fearon - Accretive Capital Partners

Hi Chung.

Chung Hsu

Hi, Rick. We have conducted a thorough and comprehensive survey and analysis which for tender offer and consult with the professional bankers such as new [initiatives] and we call legal counsel. And we have concluded that the average cost will be between $3.30 or $3.50. And we still have very low confidence that we are able to buy substantial amount under this price range. And we have discussed with the Board of Director and I mean we don’t believe this is the best way to enhance our shareholder value at this stage.

However, under our current share buyback program, the [accumulative] share repurchased till today is more than 22 million shares already and we spent more than $50 million and we will keep doing and keep buying the share back. Okay? And furthermore we plan to take an opportunity to do the block trade to buy more.

Richard Fearon - Accretive Capital Partners

Okay. There are clearly some of us as investors who’ve been investors for many years and anyone that has significant shares of the company that believe the company is worth around $5 at the minimum. And so the buyback at $3.30 to $3.50 sounds very attractive and an exceptional use of our cash as shareholders has related to the alternatives which are throwing money into R&D and getting no return for that investment. And so as we’ve discussed for years now really, a buyback even at $3.30 or $3.50, and I realized it requires the premium to buyback a substantial amount of stock is an extraordinary investment when you think that and believe and hopefully the company believes that the value of the business is at least $5 a share. I should ask a question here and then has the Board met and discussed and concluded this that they will not pursue this because it’s, it can’t get done anything less than $3.30 a share?

Chung Hsu

Well, the other key point is I mean we -- I mean it’s very difficult to buy substantial shares back. I mean you know to do it in all for this cost for the company already and the cost is -- actually is also substantial amount for the company. So if we cannot get substantial amount back, I should extend the benefit before the investors well.

Richard Fearon - Accretive Capital Partners

Okay. We can have a discussion about this offline. I guess the next question relates to the JP Morgan depository agreement that related to ADR shares. And if you could just explain the purpose of that revised agreement?

Nigel Liu

Okay.

Dr. Zhenyu Zhou

Nigel can answer that for you.

Nigel Liu

Yeah. Hi Rick, this is Nigel from Actions. Actually we have recently just filed [access] to SEC to increase the amount of the ADS shares (inaudible) spoken. Actually from time-to-time certain ADS shares [portal] confirmed ADS back to the other shares. So actually as a fact by our issuing bank JP Morgan, we need to increase the amount of ADS shares for future conversion and such conversion or such interest ratio will not have any impact at all to total shares of this equity or net value. And currently, we don’t have any plan to issue any new shares.

Chung Hsu

Okay. Thank you. Let me define a little bit or help you to understand. The scenario is like this. For some long-term investor, they don’t want to pay for the management fee like (inaudible) per ADS share, so they want to convert their ADS into the ordinary shares. And once they convert to the ordinary shares, however they still have right to convert back to the ADS shares in the future if they wish to. So right now actually when we IPO, we already shared 86 million shares. However, if they are already from ADS shareholder, they convert back to the company share already that's why our ADR bank, JP Morgan has write us we need to have some room or some quota for future if those be able to do a future conversion.

So therefore, we need to expand our [richest] shares. Those [rich] shares do not relate or is different from the ordinary share, so it’s nothing to do with the ordinary share. We just need to expand our [original] shares in order for those common shares or all the ordinary shares shareholder to be able to do the conversion in the future.

Richard Fearon - Accretive Capital Partners

Okay. I understand that we’re not contemplating issuing new share -- additional shares outstanding?

Chung Hsu

No, this is a SEC rule. So it’s not like the bank auditor is under SEC rule. It’s very rare to see this kind of thing happen. JP Morgan writes us, we need to expand the [original] share. So the [original] share is not same as the ordinary share is a key point.

Richard Fearon - Accretive Capital Partners

Okay. Are there shareholders in the ordinary shares right now that have expressed interest in converting to the common or is this in preparation if someone were to do that?

Chung Hsu

So, I mean there is always -- each quarter there is always some ordinary shareholder, they would like to do that, but it’s not like we do it a lot every quarter.

Richard Fearon - Accretive Capital Partners

Okay. Thank you. And I think if you could talk about R&D a little bit that would be helpful. It’s encouraging that there is a effort to reorganize the R&D department to become more efficient. And I was hoping that that meant that maybe there could be some reductions in savings there, but then I heard Nigel say that the expectation is that the R&D will increase in 2014. Can you confirm that, or -- and if that’s the case, why isn’t there some focus on becoming more efficient and more cost effective by introducing some reductions?

Dr. Zhenyu Zhou

Hi Rich. In terms of the expense, there are two areas, one is personnel expense, will contribute very tight about the labor force basically our talent pool and our R&D personnel expense. But it is true that in 2014 our overall expense will increase primarily associated with the two areas that we disclosed in the script. One is the development of the 28 nanometer process technology where the mass cost increased dramatically from the previous process technology. 28 nanometer process is very critical for the future success of the company. The other area is, we mentioned about for the future years to catch the trend of the 64 bit-based processor and operating system. We need to invest in certain intellectual properties that related to 64-bit processor that requires some investment for the future. So the cost increase is primarily due to these two fixed cost investment.

Richard Fearon - Accretive Capital Partners

Okay. Thank you, Zhenyu. Is there any opportunity though to offset that with reductions in the lower margin product lines, because our R&D expenditures, which are now running close to 40% of revenue, as you and I’ve discussed are almost a 100%, 75% or so greater than the industry average of around 26% of revenues. And it's just that we can’t -- company can’t seem to turn a profit and even if we're running gross margin around 30%, and you increase R&D as even from this level, every gross profit margin dollar is going to be flown back towards R&D and we're not getting really any return on that investment.

Dr. Zhenyu Zhou

Well, I have to answer this, first of all the IC design business, I don't think 26% is nominal number of R&D expense. If you look at industry average, if you’re including any other software and other technology company, of course there are R&D expense which is primarily people is a lower percentage. But if you compare most of the IC design house, I don't think 26% is manageable by majority of the design house company because of the -- like Mask Investment and other intellectual property investment.

From a different angle, our this year’s R&D expense is about 70% of our total expense, which is about $25 million and our revenue is about $70 million. So, it’s not 40% either, it’s below 40%.

Richard Fearon - Accretive Capital Partners

Okay. And do you expect to be able to return a profit at these levels? And is that in 2014 or where do we stand on that expectation at this point?

Dr. Zhenyu Zhou

This is -- it depends on a lot of factors including how successful our strategy and our products in the market and how intensive the competition is. So, it’s very hard for me to give you a confirmation at this moment. But from our company perspective, certainly to turning that profitable as soon as possible is always our primary goal.

Richard Fearon - Accretive Capital Partners

Okay. And along those lines, because other companies in the semiconductor industry and when I talk about the industry, I am obviously not including software companies, the semiconductor businesses at these gross profit margin levels are throwing up very attractive earnings and Actions can’t seem to get there and perhaps it’s a critical mass issue, we’re just not large enough with the cost of the overhead. And has the Board of Directors given any thought to sell the business to a strategic buyer or has that been contemplated at all by the company?

Dr. Zhenyu Zhou

Well, this is a very good question. I think we are always very open for any kind of opportunities, any kind of M&A that is a benefit to our shareholders whether we buy people or people buy us. So either way we are [earned by full], but we are continually even with any opportunity that is opening to us. Certainly you have more than one count to produce if there is any opportunities available.

Richard Fearon - Accretive Capital Partners

Okay. And regarding the current state of the business at Actions, are there any new OEM relationships that you can discuss or anyone that are expected to be formed in the near future?

Dr. Zhenyu Zhou

Well, there are two areas; first of all we unless we publically announce that relationships typically we don’t break that kind of details in earning conference call. But in general, we certainly work with a lot of OEMs and ODMs. Otherwise, we are not able to reach more than 1 million unit shipments of tablet in the month of December. But at this moment, we are not disclose any further detail of which OEMs are selling our products.

Richard Fearon - Accretive Capital Partners

Okay. I know Nigel talked about the investments that the company has at the moment and it sounded like most of the investments are either guaranteed by state owned and some of the largest banks in China and then the other marketable securities also have the backing of the banks. But are there any trusts that the company has invested in at this point in time?

Nigel Liu

Yes. Actually yes, we invest in certain amount of the [fresh products] issued by the trusts, but all the trusts are the state owned companies, the financial institutions in China.

Richard Fearon - Accretive Capital Partners

Okay. And Nigel I am assuming that you are aware of some of the issues going on currently with some of the mining trusts where the ability to collect those investments is in question, what dollar amount of Actions’ investments are invested in trusts?

Nigel Liu

Yes, okay. Rick, actually we are doing the investment from time to time and the number will change. So we can check the detail and get back to you later.

Dr. Zhenyu Zhou

Yeah. So Rick first of all I appreciate your concern, actually the Board of Director and myself also examined that already. Once we realize there are certain risks in this area and we realize we don’t have anything related to what is happening there. So we are quite safe. But in the meanwhile I will let Nigel to check out the number of the trust you are questioning about and send to your email or get back to you later.

Richard Fearon - Accretive Capital Partners

Okay. That will not really be a disclosable item. So to the extent you have some details about and maybe an 8-K is appropriate. And I would just encourage you to put as much thought into that as possible, specifically what they are because it’s a obviously concern in the markets today. So that maybe the way you need to treat that information. And I was curious and you alluded to some personal comments, I am very curious about that. I hope that includes some business to the U.S. but I'm not sure what you are alluding to?

Dr. Zhenyu Zhou

Yeah. I probably alluded U.S. next week, next a few months, I'd definitely let you know if I am going to U.S. And I give you some, whatever you would like to ask and discuss.

Richard Fearon - Accretive Capital Partners

Okay. And there is no further announcements that when you alluded to some personal comments, you're referring specifically to comments about the business today?

Dr. Zhenyu Zhou

Not at this moment.

Richard Fearon - Accretive Capital Partners

Okay, all right. Well, obviously as long-term perhaps from the longest term shareholders apart from some of the original venture investors in Actions Semiconductor accretive capital partners continues to support you. And even we certainly are hopeful that some of the initiatives, we've discussed and we implemented and we're happy that you're at the home. And we'd just like to see particularly the Dutch auction tender of affairs affected in the near term and we will provide you additional data in support why we believe that's why that's important and would be beneficial to shareholders. So, with support of investors of US and even we certainly hope the Board will recognize the value of moving forward on this initiative.

Dr. Zhenyu Zhou

Thank you very much Rick.

Richard Fearon - Accretive Capital Partners

Okay. Thank you.

Operator

(Operator Instructions). There appear to be no further questions at this time. Please continue with any other points you wish to raise. There are no further questions. Please continue.

Chung Hsu

Thanks again for joining us on today’s earning conference call. We appreciate your interest in and continued support of Actions. Thank you.

Operator

Thank you. This concludes the fourth quarter and full year 2013 earnings conference call. Thank you for participating. You may now disconnect.

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