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TheStreet Open House

DSP Group, Inc. Reports Second Quarter 2013 Earnings

Stocks in this article: DSPG

SAN JOSE, Calif., July 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 second quarter ended June 30, 2013.

Financial Results Highlights:

  • Q2 revenues of $40.7 million, up 3% sequentially, at high end of guidance  
  • Company achieved second consecutive quarter of positive GAAP operating income  
  • Non-GAAP gross margins of 39.9%, at the high end of guidance  
  • EBITDA increased for seventh consecutive quarter to $3.4 million, or 8% of revenues  
  • Non-GAAP net income increased to $3.5 million, reaching 9% of revenues  
  • GAAP diluted EPS of $0.03 and non-GAAP diluted EPS of $0.15 

Management Comments:

Commenting on the results, Ofer Elyakim, CEO of DSP Group, stated, "We are pleased with our second quarter financial performance, which exceeded our guidance in almost every financial metric. Our ability to maintain GAAP operating profitability, which included non-recurring proxy-related costs, is a powerful demonstration of our successful operational turnaround.

During the second quarter we continued our investments in new product initiatives, and have made important progress with key customers' projects that have reached mass shipment phase. Additionally, we secured additional important design wins across our new platforms".

Mr. Elyakim added, "We continue to focus on generating positive operating profitability, as our track record has shown, and in executing our business plan in a prudent manner as we expand our reach beyond cordless telephony products to new product lines and market domains that will bring new revenue streams to DSP Group in the longer term".

Product Highlights:

  • DSP Group secured two additional design wins for its DVF99 VoIP processor, with two leading OEMs  
  • Orange's new line of Livebox TM home gateways integrate DSP Group's DECT CAT-iq solutions  
  • Mindspeed's Comcerto 2000 network processor integrated DSP Group's DECT-ULE (Ultra Low Energy) to serve the wireless home initiative  
  • Intelbras, Latin America's market leader chose DSP Group's VoIP platform to power its IP phones  
  • DSP Group's DECT CAT-iq 2.0 SoC enables HD voice for the cable modem market with Intel's Puma-based gateways  
  • DSP Group and Sensory have jointly developed a voice activation solution for smartphones and wearable devices

2013 Second Quarter results:

GAAP Results:

Net income for the second quarter of 2013 was $750,000 on revenues of $40,692,000, compared to a net loss of $2,224,000 on revenues of $44,191,000 for the same period last year. Earnings per share for the second quarter of 2013 were $0.03 per share, as compared to a loss per share of $0.10 per share for the second quarter of 2012.

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