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Actions Semiconductor Q2 revenue up to $13.9 million

Staff Writer | August 17, 2016
Actions Semiconductor reported its financial results for the second quarter ended June 30, 2016.
Actions Semiconductor
Actions Semiconductor   Gross profit was $2.2 million
Revenue was $13.9 million, as compared to revenue of $12 million for the first quarter of 2016, and $13.7 million for the second quarter of 2015.

Actions Semiconductor reported gross profit in the second quarter of $2.2 million, as compared with $4.2 million in the first quarter of 2016 and $3.5 million in the second quarter of 2015.

Gross margin was 15.9% for the second quarter of 2016, compared to gross margin of 35.3% for the first quarter of 2016, and 25.7% for the second quarter of 2015.

The second quarter of 2016 was adversely impacted by the write down of certain slower moving inventory that reduced gross margin by about 9.0%. Gross margin in the first quarter of 2016 was favorably impacted by the sale of previously written-down inventory.

Actions Semiconductor operating expenses in the second quarter of 2016 were $11.4 million, as compared to $9.1 million in the first quarter of 2016 and $10.1 million in the second quarter of 2015.

Research and development expenses were $5.9 million for the second quarter, as compared to $6.6 million in the first quarter of 2016 and $7.3 million in the second quarter of 2015. The quarter-over-quarter and year-over-year decreases were mainly due to a lower mask expenses in current quarter.

General and administrative expenses were $2.1 million in the second quarter, as compared to $2.1 million in the first quarter of 2016 and $2.2 million in the second quarter of 2015.

Selling and marketing expenses were $0.5 million for the second quarter, as compared to $0.5 million in the first quarter of 2016 and $0.6 million in the second quarter of 2015.

Impairment of intangible assets for Actions Semiconductor was $3 million, compared to nil in the first quarter of 2016 and nil in the second quarter of 2015.

The impairment was based on management's best estimates of the market conditions for OTT set-top boxes and other products over the remaining useful life of these assets.


 

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