First Quarter Results:
Revenues for the first quarter of 2012 were
Non-GAAP Results:
Non-GAAP net loss and loss per share for the first quarter of 2012 were
Non-GAAP net loss and loss per share for the first quarter of 2011 excluded the impact of amortization of acquired intangible assets in the amount of
Mr. Elyakim also stated, "During the first quarter, we continued our accelerated stock repurchasing activity and repurchased approximately 620,000 shares for approximately
The Company believes that the non-GAAP presentation of net income and diluted EPS presented in this press release is useful to investors in comparing results for the quarter ended
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 the Company's objective to generate positive operating cash flows this year and implementing any necessary cost cutting measures. These forward-looking statements are based on current expectations and
About
The
Earnings conference call
If you cannot join the call, please listen to the replay, which will be available for one week after the call on
-- US Dial-In # +1 347 366 9565 (passcode: 6935455)
-- International Dial-In # +44 207 111 1244 (passcode: 6935455)
DSP GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended
March 31,
2012 2011
Unaudited Unaudited
Revenues $43,504 $48,776
Cost of revenues 27,526 31,548
Gross profit 15,978 17,228
Operating expenses:
Research and development 11,976 14,190
Sales and marketing 4,034 4,019
General and administrative 3,028 3,070
Amortization of intangible assets 593 2,196
Restructuring income -- (590)
Total operating expenses 19,631 22,885
Operating loss (3,653) (5,657)
Other income :
Financial income, net 480 469
Loss before taxes on income (3,173) (5,188)
Taxes on income (income tax benefit) 89 (624)
Net loss $(3,262) $ (4,564)
Net loss per share:
Basic $ (0.14) $ (0.19)
Diluted $ (0.14) $ (0.19)
Weighted average number of shares of common stock used in the computation of:
Basic 22,550 23,439
Diluted 22,550 23,439
DSP GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (NON-GAAP)
(In thousands, except per share amounts)
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
Three Months Ended
December 31,
2012 2011
Unaudited Unaudited
GAAP net loss $ (3,262) $ (4,564)
Equity-based compensation expense included in cost of product revenues and other 110 132
Equity-based compensation expense included in research and development 771 882
Equity-based compensation expense included in sales and marketing 251 306
Equity-based compensation expense included in general and administrative 354 519
Amortization of intangible assets 593 2,196
Restructuring income -- (590)
Non-GAAP net loss $ (1,183) $ (1,119)
GAAP weighted-average number of common stock used in computation of basic and diluted loss per share (in thousands) 22,550 23,439
Weighted-average number of shares related to outstanding options and stock appreciation rights -- --
Weighted-average number of common stock used in computation of non-GAAP diluted net loss per share 22,550 23,439
GAAP Diluted net loss per share $ (0.14) $ (0.19)
Equity-based compensation expense 0.06 0.08
Amortization of intangible assets 0.03 0.09
Restructuring income -- (0.03)
Non-GAAP diluted net loss per share $ (0.05) $ (0.05)
DSP GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2012 2011
(Unaudited) (Audited)
Assets
Current assets:
Cash and cash equivalents $ 18,683 $ 18,109
Restricted deposits 121 128
Marketable securities and short term deposits 29,413 30,626
Trade receivables, net 26,966 25,643
Inventories 16,605 16,434
Other accounts receivable and prepaid expenses 4,461 5,343
Deferred income taxes 117 89
Total current assets 96,366 96,372
Property and equipment, net 5,212 5,803
Long term marketable securities and deposits 65,751 69,046
Severance pay fund 10,693 9,974
Intangible assets, net 13,808 14,395
Long term prepaid expenses and lease deposits 390 466
90,642 93,881
Total assets $ 192,220 $ 196,056
Liabilities and Stockholders' Equity
Current liabilities:
Trade payables $ 18,778 $ 17,989
Other current liabilities 16,452 18,373
Total current liabilities 35,230 36,362
Accrued severance pay 11,037 10,278
Accrued pensions 856 792
Total long term liabilities 11,893 11,070
Stockholders' equity:
Common stock 22 23
Additional paid-in capital 342,838 341,352
Accumulated other comprehensive income (76) (1,756)
Less – Cost of treasury stock (124,315) (122,236)
Accumulated deficit (73,372) (68,759)
Total stockholders' equity 145,097 148,624
Total liabilities and stockholders' equity $ 192,220 $ 196,056
CONTACT: For more information, please contact:
Victor Halpert
Director of Business Development and Investor Relations
Tel: 1 917 602 2965
Email: victor.halpert@dspg.com
Image: