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Actions Semiconductor Co., Ltd. Message Board

  • skymuttsrule skymuttsrule Jan 21, 2009 5:02 PM Flag

    Cash per share up from approx 3.09 to 3.28 in the quarter

    According to the press release, total shares outstanding have been reduced to approx. 81 million (from 83.5 at the end of last quarter). Total cash and marketable securities increased from 258M to 266M.

    266/81 = $3.28 per share cash.

    The share buyback is the story here. Even though there was basically no earnings, a great deal of value has been created for the shareholder in the quarter, and as long as the stock trades at these levels, that will continue and increase.

    So as of now, the stock is last traded at a share price that represented a mere 41% its cash position with no debt. I suppose you can sell your stock in the belief that it will never rise even as cash per share increases quarter after quarter after quarter, with the share price falling to 1/3, 1/4, 1/5 of cash... or you do the rational thing, which is to back up the truck and take your chances that sanity will set in!

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    • Balance Sheet
      Total Cash (mrq): 265.95M
      Total Cash Per Share (mrq): 3.245
      Total Debt (mrq): 1.50M
      Total Debt/Equity (mrq): N/A
      Current Ratio (mrq): 18.862
      Book Value Per Share (mrq): 3.528

    • ===From the conference call, it sounds like they basically have bought back all the stock they would need to cover all those stock options, so future buybacks will not be for the purpose of redeeming existing options if they should vest.===
      "Looking to 2009, We have conducted a comprehensive review to identify additional operating efficiencies and we will continue to implement stringent expense controls. We believe we are well-positioned for the long-term given our strong balance sheet and market share. We remain committed to our continued product development efforts, ===aggressive share repurchase program,=== prudent management of our high level of cash, and conservative investment strategy which all complement our core business model and enable maximum operating flexibility." ===At the end of fiscal year 2008, the Company had approximately 81 million equivalent ADSs outstanding. Furthermore, the board of directors approved an add-on share repurchase program under which the Company may repurchase up to 12 million additional ADSs
      ===optimistic about provides SoC solution to the mass mobile digital TV and portable multimedia market,
      Patricia Chou

      Okay. For your first question about our investment in the fourth quarter, we made two investments. One is an additional $3 million investment in one of our existing invested firms with a focus on mobile digital TV and portable multimedia SoCs. We have been promoting our PMP driver ICs with the application of the mobile digital TV for a while, and this company can collaborate with our core business in the PMP driver IC at the high-end. So we believe our further investment in this business will help us operate our business in the high-end. And the other one as you mentioned is with content on audio and video side. We believe our leading position in the PMP market is very valuable intangible asset and that we should be able to make it better on the top of direct IC sales. That is the reason why we have high interest in this content service provider and we believe the collaboration of this content and our IC will provide more market attraction to the PMP overall business. In the interest of our trading securities, the increase of almost $10 million in the fourth quarter is mainly the refund of the investment around the Taiwan-based company,
      ===Rick Baron – Assertive Capital

      Nice to see the cash per share increasing as to now tell me if my numbers are correct, but you are up around $3.28 of cash and marketable securities per share with 81 million shares outstanding?

      Patricia Chou

      Well, the number as of December 31 of 2008, cash balance per share is very close to $3.20.
      ===Rick Baron – Assertive Capital

      Understood. But that stock option plan and all those options were granted a while ago has been exercised, priced higher than today's price of around $3.40, isn’t that correct?
      those shares aren’t exercised until the stock price is above $3.40 or somewhere thereabouts?

      Patricia Chou

      Yes, that's correct.

    • FWIW....I'll be backing up the truck. I'm hoping for a decline tomorrow to pick up more. I do feel like I'm buying cash, not a business but nowadays, thats not a bad thing is it?

      • 2 Replies to apierce
      • poor american .... you don't know the way chinese do businese. You are and will be always screwed by us!!!!!

        Watch and Learn ....

      • Actions has a nice little business that has consistently produced a fat little chunk of operating earnings when the economy is reasonable. There's no reason to expect it will not do so again at some point in the future. But when a company trades below half its cash with no debt, and it is not burning thru cash per share but rather is building it because of a buyback, there's no shame in considering that before considering the actual business.

 
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