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DSP Group(R), Inc. Reports Fourth Quarter 2013 Results

Stocks in this article: DSPG

SAN JOSE, Calif., Jan. 30, 2014 (GLOBE NEWSWIRE) -- DSP Group, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications, announced today its results for the fourth quarter and the year ended December 31, 2013.

Financial Results Highlights for the Fourth Quarter:

  • GAAP diluted EPS of $0.02 and non-GAAP diluted EPS of $0.07, both exceeding guidance
  • Fourth quarter revenues of approximately $35.3 million, above mid-point of guidance
  • Gross margins of 40%, at the high end of guidance
  • Non-GAAP net income of $1.7 million, reaching 5% of revenues
  • Realized fourth consecutive quarter of positive GAAP net income
  • Cash flow from operating activities of approximately $8.3 million
  • Repurchased 390,000 shares of our common stock for consideration of $3.5 million
  • Net cash and cash equivalents increased by $2.6 million to approximately $127.6 million

Financial Results Highlights for the Year:

  • GAAP diluted EPS of $0.12 and non-GAAP diluted EPS of $0.41
  • Revenues of approximately $151 million
  • Gross margins of 39.6%, 200 basis points higher than in 2012
  • Non-GAAP net income of $9.5 million, reaching 6% of revenues
  • Realized GAAP net income of $2.7 million
  • Cash flow from operating activities of approximately $13.3 million
  • Net cash and cash equivalents increased by $7.4 million to approximately $127.6 million

Management Comments:

Commenting on the results, Ofer Elyakim, CEO of DSP Group, stated, "We are delighted to report our fourth consecutive quarter of positive GAAP net income and over $8 million of positive operating cash flow this quarter. While the cordless telephony market continues to be in secular decline, we have been carefully managing our cost structure, maintaining our leadership position in the DECT industry and prudently investing in important growth initiativesWe are particularly pleased to be generating solid financial performance while maintaining our investments in new technologies and applications to support our future growth."

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