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Actions Semiconductor's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Niccolo will assume the role of Chief Strategy Officer where he will focus on the company strategy investment. The board of directors and the management team (inaudible) Niccolo for his strong contribution to Actions Semiconductor over the past two years, particularly in building out our product portfolio. We look forward to his continued participation in the growth of the company.

Now, moving on to our financial results for the third quarter, just a reminder, our operations are reported in accordance with US GAAP.

For the third quarter ending September 30, 2011, we recorded revenue of $15.3 million compared to $10.5 million in the second quarter of 2011. Our gross margin for the third quarter was 14.6% compared to 37.9% for the prior quarter. For the third quarter, total stock-based compensation expense was (inaudible) from the original 10% and [15%], compared to expense in the second quarter of $0.7 million.

R&D sales was $5.5 million or 35.5% of revenue for the third quarter compared to $4.6 million in the second quarter. We anticipate our R&D expense to continue to represent a high percentage of the revenue. We increased R&D talent to focus on our diversified product development initiatives. In addition, we are focusing more than half our R&D resource in high-end new product development.

G&A expense was $2.4 million in the third quarter, or 13.6% of revenue, compared to $2.2 million in the second quarter. Sales and marketing expense was $0.3 million in the third quarter, or 1.9% of revenue, compared to $0.3 million in the second quarter. We continue to tightly manage expense level in this category and maintain a high (inaudible) in the executive and management level.

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