SAN JOSE, Calif., April 29, 2013 (GLOBE NEWSWIRE) -- DSP Group ®, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications, announced today its results for the first quarter ended March 31, 2013. Net income for the first quarter of 2013 was $1,172,000 on revenues of $39,650,000, compared to a net loss of $3,262,000 on revenues of $43,504,000 for the same period last year. Earnings per share for the first quarter of 2013 were $0.05, as compared to a loss per share of $0.14 for the first quarter of 2012.
- Q1 Revenues, Up 3% Sequentially and Down 9% Year over Year, Were at the High End of Guidance
- Company Achieved Milestone Returning to Positive GAAP Operating Income
- GAAP EPS of $0.05 and Non-GAAP Diluted EPS of $0.11 Both Above Consensus Expectations
- Gross Margins of 39.6% Exceeded Guidance and Improved for Sixth Consecutive Quarter
- Despite Difficult Environment, EBITDA Increased for Sixth Consecutive Quarter to $2.6 Million Reaching 7% of Revenues
- Net Cash and Cash Equivalence Balance of Approximately $120 Million
Ofer Elyakim, CEO of DSP Group, stated, "We are pleased with our first quarter financial results, which exceeded our guidance in almost every financial metric. Our return to GAAP operating profitability is a powerful demonstration of our successful turnaround, especially in light of the uncertain market dynamics in the DECT market."Mr. Elyakim added, "We shall continue to execute prudently on our business plan, with a focus on enhancing shareholder value and generating positive operating cash flows and EBITDA in 2013. In addition, we expect our non-GAAP financial results for the second quarter to be in line with the results reported for the first quarter and for revenues to be in range of $38 million to $41 million."