SANTA CLARA, Calif., Sept. 20, 2001 – DSP Group, Inc. (NASDAQ: DSPG) today announced that it has repurchased 40,000 shares of its Common Stock over the past few days of trading, at an average price of $20.30 per share, for an aggregate price of approximately $812,000. The repurchase is authorized under a repurchase program established by DSP Group in March 1999.
Eli Ayalon, Chairman and CEO of DSP Group, stated, "We believe the repurchase of our Common Stock represents an excellent use of capital, given our strong cash position, and takes advantage of market conditions. In addition, we believe in the performance and strength of the U.S. financial markets and of DSP Group and hope to show support for the U.S. stock markets at this time. Repurchases will be made from time to time in the future at the Company's discretion via open market and privately-negotiated transactions."
DSP Group will announce its Third Quarter 2001 results on Monday, October 22, 2001, at approximately 4:00 p.m. EDT. Following the earnings announcement, DSP Group will host a conference call at 5:00 p.m. EDT. Investors are invited to listen to the conference call live over the Web by accessing one of the following links: http://www.streetfusion.com; or, in the Investor Relations section of the Company's Web site at http://www.dspg.com .
About DSP Group, Inc.
DSP Group, Inc., is a global leader in the development and marketing of high-performance, cost-effective, licensable digital signal processing (DSP) cores. The Company's family of DSP cores provides ideal solutions for low-power cost-effective applications such as cellular, broadband communication, VoIP, multimedia, advanced telecommunication systems, disk drive controllers and many other control applications. By combining its DSP core technologies with its proprietary, advanced speech-processing algorithms, DSP Group also delivers a wide range of enabling, application-specific integrated circuits for full-featured integrated telephony products and applications, including 900 megahertz and 2.4 gigahertz wireless technologies. DSP Group, Inc., maintains an international presence with offices located around the globe. More information is available from the Company's Web site at: http://www.dspg.com.
This press release contains statements that may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995, including statements made by Mr. Ayalon regarding the Company, the market condition and use of the Company's capital for repurchase its Common Stock, the Company's strong cash position and the prospects for future repurchases. These statements are based on current expectations and the Company assumes no obligation to update this information. In addition, the events described in these forward-looking statements may not actually arise. The Company's expectations and perceptions about its business and future repurchases could differ materially from actual results due to certain risk factors, including the Company's future operating results and stock price, the acceptance of the Company's new products by existing OEM customers, potential customers, the Company's ability continue to add licensees and to develop and produce its new products at competitive costs, and general market conditions. For a further discussion of such risk factors, see the information provided under the heading "Factors Affecting Future Operating Results" in our report on Form 10-Q for the quarter ended June 30, 2001, which has been filed with the Securities and Exchange Commission and is also available on our website (www.dspg.com) under Investor Relations.
Director of Investor Relations