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DSP Group, Inc. Reports Third Quarter 2010 Earnings

SAN JOSE, Calif., Oct. 25, 2010 (GLOBE NEWSWIRE) -- DSP Group, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications at home, announced today its results for the third quarter ended September 30, 2010.

Third Quarter Results:

Revenues for the third quarter of 2010 were $65,154,000, a decrease of 1% from revenues of $65,532,000 for the third quarter of 2009. Net income for the third quarter of 2010 was $1,917,000, as compared to net income of $6,803,000 for the third quarter of 2009. Diluted earnings per share (EPS) for the third quarter of 2010 was $0.08 per share, as compared to a diluted EPS of $0.29 per share for the third quarter of 2009

Non-GAAP Results:

Non-GAAP net income and diluted EPS for the third quarter of 2010 were $6,501,000 and $0.27 per share, respectively, as compared to non-GAAP net income of $4,336,000 and diluted EPS of $0.18 per share for the third quarter of 2009. Non-GAAP net income and diluted EPS for the third quarter of 2010 excluded the impact of amortization of acquired intangible assets of $2,494,000 associated with the acquisition of NXP's CIPT business; equity-based compensation expenses of $2,267,000; restructuring expenses of $394,000 associated with the reorganization of our operations; and a tax benefit of $571,000 resulting from the reversal of an income tax contingency reserve that was determined to be no longer needed due to the expiration of applicable statute of limitations. Non-GAAP net income and diluted EPS for the third quarter of 2009 excluded the impact of amortization of acquired intangible assets of $3,072,000 associated with the acquisition of NXP's CIPT business; equity-based compensation expenses of $2,637,000; gains from realization of previously impaired available-for-sale securities of $531,000; and a tax benefit of $7,645,000 resulting from the reversal of an income tax contingency reserve that was determined to be no longer needed due to the expiration of applicable statute of limitations.

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