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DSP Group, Inc. Reports Fourth Quarter 2010 Earnings

SAN JOSE, Calif., Jan. 31, 2011 (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 fourth quarter ended December 31, 2010.

Fourth Quarter Results:

Revenues for the fourth quarter of 2010 were $43,372,000, a decrease of 21% from revenues of $54,720,000 for the fourth quarter of 2009. Net loss for the fourth quarter of 2010 was $8,792,000, as compared to net loss of $2,871,000 for the fourth quarter of 2009. Loss per share for the fourth quarter of 2010 was $0.38, as compared to a loss per share of $0.13 for the fourth quarter of 2009.

Year End Results:

Revenues for the year ended December 31, 2010 were $225,482,000, an increase of 6% over 2009 revenues of $212,186,000. Net loss for 2010 was $7,425,000, compared to a net loss of $8,436,000 for 2009. Loss per share for 2010 was $0.32, compared to a loss per share of $0.36 for 2009.

Non-GAAP Results:

Non-GAAP net loss and loss per share for the fourth quarter of 2010 were $4,017,000 and $0.17, respectively, as compared to non-GAAP net income of $2,827,000 and diluted EPS of $0.12 for the fourth quarter of 2009. Non-GAAP net loss and loss per share for the fourth quarter of 2010 excluded the impact of amortization of acquired intangible assets of $2,495,000 associated with the acquisition of NXP's CIPT business; equity-based compensation expenses of $2,211,000; and restructuring expenses of $69,000 associated with the reorganization of our operations. Non-GAAP net income and diluted EPS for the fourth quarter of 2009 excluded the impact of amortization of acquired intangible assets of $3,081,000 associated with the acquisition of NXP's CIPT business and equity-based compensation expenses of $2,617,000.

Non-GAAP net income and diluted EPS for the year ended December 31, 2010 were $9,495,000 and $0.40, respectively, representing an increase of 191% from the non-GAAP net income of $3,258,000 and an increase of 186% from the non-GAAP diluted EPS of $0.14 for the year ended December 31, 2009. Non-GAAP net income and diluted EPS for the year ended December 31, 2010 excluded the impact of amortization of acquired intangible assets of $9,975,000 associated with the acquisition of NXP's CIPT business; equity-based compensation expenses of $9,553,000; restructuring expenses of $463,000 associated with the reorganization of our operations; 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 statutes of limitation; and income of $2,500,000 resulting from the reversal of a reserve that was determined to be no longer needed due to the expiration of applicable statutes of limitation included in the cost of goods sold.

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