SANTA CLARA, Calif., July 1, 2003 - DSP Group, Inc. (NASDAQ: DSPG), a worldwide leader in developing and providing solutions for the residential wireless market, announced today that it repurchased 260,000 shares of its Common Stock during June 2003, at an average price of $21.49 per share, for an aggregate price of approximately $5.6 million. The repurchase was originally authorized in March 1999 under a repurchase program in which the Board of Directors had authorized management from time to time to purchase up to an aggregate of 4.0 million shares of the Company's Common Stock in open-market and privately negotiated transactions.
After giving effect to the most recent repurchases, approximately 3.3 million shares of the Company's Common Stock have been purchased and approximately 700,000 shares are still authorized for repurchase under the current repurchase program.
During 2003, DSP Group has repurchased 286,000 shares of its Common Stock, at an average price of $20.90 per share, for an aggregate price of approximately $6.0 million.
At March 31, 2003 , the Company had cash, cash equivalents and marketable securities in the amount of approximately $240 million, which the Company currently believes is adequate to both fund its business growth and repurchase additional shares of its Common Stock.
DSP Group will announce its Second Quarter 2003 results on Monday, July 21, 2003 , at approximately 6:00 a.m. EDT . Following the earnings announcement, DSP Group will host a conference call at 8:30 a.m. EDT . Investors are invited to listen to the conference call live over the Web by accessing the Investor Relations section of the Company's Web site at http://phx.corporate-ir.net/phoenix.zhtml?c=101665&p=irol-calendar.
About DSP Group, Inc.
DSP Group, Inc. is a fabless semiconductor company that is a leader in the short-range wireless market. By combining its DSP cores technology with advanced RF, communication technology and speech-processing algorithms, DSP Group is a worldwide leader in developing and providing short-range communication applications that include digital 900MHz, 2.4GHz, DECT (1.9GHz), 5.8GHz and Bluetooth for voice and data communication in residential, SOHO, SME, enterprise and automotive applications. DSP Group's products include advanced RF CMOS and communications technology. DSP Group also develops and markets embedded, integrated silicon/software solution for Voice-over-Digital-Subscriber Line (VoDSL) and Voice-over-Internet-Protocol (VoIP) applications, as well as other Voice-over-Packet applications for Integrated Access Device (IAD) and IP phone. More information about DSP Group is available at www.dspg.com.
For more information, contact:
President of US Operations
DSP Group Inc.