LOS ALTOS, Calif., Aug. 10, 2015 (GLOBE NEWSWIRE) -- DSP Group®, Inc. (NASDAQ:DSPG), a leading global provider of wireless chipset solutions for converged communications, announced today that in light of its strong cash position and its focus on shareholder value, the Company's Board has unanimously authorized the Company to repurchase additional shares of the Company's common stock in an aggregate amount of up to $10 million.
The purchases may be made in open-market transactions, privately negotiated transactions or pursuant to a predefined Rule 10b5-1 plan. In accordance with the Board authorization, share purchases may be made from time to time depending on market conditions, share price, trading volume, the Company's cash needs and other business factors.
Ofer Elyakim, CEO of DSP Group, stated, "Since the end of the second quarter, we bought back approximately 340,000 shares for a total consideration of approximately $3.2 million and fully utilized the buyback program that the board authorized in March 2015."
Mr. Elyakim added, "The successful adoption of our new product initiatives continues to increase our confidence in our long term growth and in our ability to capitalize on market opportunities. We continue to believe that the repurchase of shares at or near current price levels is in the best interests of the Company and its shareholders."
Forward Looking Statements
This press release contains statements that qualify as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995, including Mr. Elyakim's statements about confidence in the Company's long term growth and ability to capitalize on market opportunities, as well as the buyback being in the best interest of the Company and its shareholders. The results from these statements may not actually arise as a result of various factors, including the timing and ability of the consumer electronics market to recover and the corresponding recovery of DSP Group's customers; DSP Group's ability to manage costs, DSP Group's ability to develop and produce new products at competitive costs and in a timely manner or the ability of such products to achieve broad market acceptance; and general market demand for products that incorporate DSP Group's technology in the market. These factors and other factors which may affect future operating results or DSP Group's stock price are discussed under "RISK FACTORS" in the Form 10-K for fiscal 2014, as well as other reports DSP Group has filed with the Securities and Exchange Commission and which are available on DSP Group's website (www.dspg.com) under Investor Relations. DSP Group assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
About DSP Group
DSP Group®, Inc. (NASDAQ:DSPG) is a leading global provider of wireless chipset solutions for converged communications. Delivering semiconductor system solutions with software and hardware reference designs, DSP Group enables OEMs/ODMs, consumer electronics (CE) manufacturers and service providers to cost-effectively develop new revenue-generating products with fast time to market. At the forefront of semiconductor innovation and operational excellence for over two decades, DSP Group provides a broad portfolio of wireless chipsets integrating DECT/CAT-iq, ULE, Wi-Fi, PSTN, HDClear™, video and VoIP technologies. DSP Group enables converged voice, audio, video and data connectivity across diverse mobile, consumer and enterprise products – from mobile devices, connected multimedia screens, and home automation & security to cordless phones, VoIP systems, and home gateways. Leveraging industry-leading experience and expertise, DSP Group partners with CE manufacturers and service providers to shape the future of converged communications at home, office and on the go. For more information, visit www.dspg.com
CONTACT: Dror Levy, CFO, Work: +972 54 5225364, email@example.com
DSP Group, Inc.