Actions Semiconductor reports 2010 third quarter results

Actions Semiconductor, a fabless semiconductor design company based in China, has reported its financial results for the third quarter ended 30 September 2010.

Revenue for the third quarter of 2010 was $9.3m (£5.8m), as compared to $9.7m for the second quarter and $13.4m for the same period a year ago.

Net income attributable to Actions Semiconductor’s shareholders for the third quarter of 2010 was $1.9m, or $0.03 per ADS.

The results include a foreign exchange gain of $1.1m, a reversal of over-estimated employee stock-based compensation expenses of $0.8m and a gain of $0.5m resulting from the acquisition of additional equity interest in Mavrix.

Actions Semiconductor reported gross margin of 40.1 per cent for the third quarter of 2010, as compared to 39.6 per cent for the second and 30.8 per cent for the same period a year ago.

The company ended the third quarter with $54m in cash and cash equivalents together with time deposits.