Actions Semiconductor Revises Revenue Outlook for the Second Quarter of 2014
ZHUHAI, China, July 8, 2014 /PRNewswire/ — Actions Semiconductor Co., Ltd. (Nasdaq: ACTS) (“Actions Semiconductor” or “the Company”), one of China’s leading fabless semiconductor companies that provides comprehensive portable multimedia and mobile Internet system-on-a-chip (SoC) solutions for portable consumer electronics, today announced that it is lowering its revenue guidance for the second quarter of 2014 based on the Company’s preliminary review of its anticipated financial performance.
For the second quarter of 2014, Actions expects to report revenue of approximately $12.0 million. The Company’s previous guidance for the second quarter of 2014 was for revenue in the range of $15.0 to $17.0 million. The lower revenue guidance was primarily the result of soft overall demand from whitebox tablet manufacturers along with fierce competition from new, major players entering the whitebox tablet market.
“While our second quarter revenue came in below expectations, we expect shipments to improve in the second half of the year as customers in North America and Europe begin gearing up for their peak season starting in the third quarter. The overall tablet SoC market has slowed considerably, and we expect our 2014 results to reflect this. However, we are optimistic about the coming year and the potential for our future new product enabled by 28nm process technology and 64-bit CPU to attract both branded and whitebox tablet and OTT set top box manufacturers when it is introduced later this year,” said Dr. Zhenyu Zhou, CEO of Actions Semiconductor.
Additional information for the second quarter will be available when Actions reports its quarterly results in August 2014. The Company will issue a press release announcing the details of its second quarter conference call closer to the date.
About Actions Semiconductor
Actions Semiconductor is one of China’s leading fabless semiconductor companies that provides comprehensive portable multimedia and mobile Internet system-on-a-chip (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. 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 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. Such forward-looking statements include statements concerning the Actions ability to increase shipments in the second half of the year, generate interest for its quad-core solutions among European and North American customers and introduce its 64-bit solutions in late 2014. Actions Semiconductor uses words like “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are estimates reflecting current assumptions, expectations and projections about future events and involve significant risks, both known and unknown, uncertainties and other factors that may cause Actions Semiconductor’s actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, 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. Other unknown or unpredictable factors also could have material adverse effects on Actions Semiconductor’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except as required by law, Actions Semiconductor undertakes no obligation and does not intend to update or revise any forward-looking statement to reflect subsequent events or changed assumptions or circumstances.
Elaine Ketchmere, CFA Ally Xie, CA, CPA Compass Investor Relations Actions Semiconductor Eketchmere@compass-ir.com firstname.lastname@example.org +1 310-528-3031 +86-756-3392353*1018
SOURCE Actions Semiconductor Co., Ltd.