SANTA CLARA, Calif., Nov. 20, 2000 -- DSP Group, Inc. (Nasdaq: DSPG) today announced that it has repurchased 460,000 shares of its Common Stock in October and November at an average purchase price of $24.74 per share, for an aggregate price of approximately $11.4 million.
As announced in March, 1999, the Board of Directors has authorized the repurchase of up to 4 million shares, of which 2,488,000 shares have now been repurchased. Eli Ayalon, Chairman and CEO of DSP Group stated, ``We believe the repurchase of our Common Stock represents an excellent use of capital and will continue to take advantage of market inefficiencies as conditions warrant. Our strong cash position will allow us to repurchase shares and make acquisitions that complement our current technology and product offerings.''
At September 30, 2000, DSP Group held $236 million in cash, cash equivalents, marketable securities, and cash deposits, and held 4.15 million shares of Common Stock of AudioCodes (Nasdaq: AUDC).
About DSP Group, Inc.
DSP Group, Inc. is a global leader in the development and licensing of high-performance, cost-effective, digital signal processing cores used in a wide range of for low-power, cost-driven applications, such as cellular, broadband communication, VoIP, multimedia, advanced telecommunication systems, disk drive controllers and many other types of embedded control applications. By combining its DSP core technologies with its proprietary, advanced speech-processing algorithms -- DSP Group also offers a wide range of enabling, application specific ICs for full-featured integrated digital telephony, 900 MHz and 2.4 GHz wireless telephony and Voice Over broadband networks.
Additional information is available on the world wide web at www.dspg.com. This press release is also available through the company's News on Call fax service, which can be reached at 800-758-5804, company code 112025.
For more information, please contact Yaniv Arieli at 408-986-4423.
Statements contained in this release concerning the Company business may constitute forward-looking statements.
These statements involve certain risks and uncertainties such as acceptance of the company's new products by existing OEM customers, potential customers and the company's ability continue to add licensees and to develop and produce its new products at competitive costs. These factors and other factors which may effect future operating results or our stock price are discussed under ``FACTORS AFFECTING FUTURE OPERATING RESULTS' in our report on Form 10-Q for the quarter ended September 30, 2000, which has been filed with the Securities and Exchange Commission and is also available on our website (www.dspg.com) under Investor Relations.
Director, Investor Relations