G&A expense was $1.7 million in the first quarter or 18.1% of revenue, which was lower than the fourth quarter of $2.2 million, mainly due to the annual listing expense or reimbursement for our [ADS Depositary] Bank. Sales and marketing expense was $0.3 million in the first quarter or 2.8% of revenue compared to $0.4 million in the fourth quarter.
We continue to tightening manage the expense levels in this category as demonstrated by our higher increase of growth, non-engineering functions and the salary cuts of the executive and the management level. Operating loss was $3.1 million for the first quarter of 2011, compared to operating loss of $3 million for the prior quarter. As a result of their continued appreciation of the Chinese Yen against the U.S. dollar and their competitive compensation in China talent market, we expect our operating expenses denominated against Chinese Yen to increase gradually.
Net other income was $1.1 million as a net result of a foreign exchange gain. Other income of $0.8 million for the fourth quarter was also related to a net foreign exchange gain. Interest income was $2.8 million for the first quarter, up from $2.5 million in the fourth quarter as a result of the interest rate related in Chinese Yen starting in late 2010.
Income before taxes was $0.8 million for the first quarter as compared to income of $0.3 million in the fourth quarter. Net income tax expense was $0.3 for the first quarter compared to income tax expense of $0.1 million in the fourth quarter.Net income attributable to Actions Semiconductor on a U.S. GAAP basis for the first quarter of 2011 was $5,000 or $0.00 per diluted ADS compared to a net loss of $115,000 or $0.00 per diluted ADS for the fourth quarter of 2010. Read the rest of this transcript for free on seekingalpha.com
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