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DSP Group, Inc. Reports First Quarter 2014 Earnings

LOS ALTOS, Calif., May 1, 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 first quarter ended March 31, 2014.

Financial Results Highlights:
  • Non-GAAP diluted EPS of $0.03 and GAAP diluted LPS of $0.04, exceeding guidance
  • First quarter revenues of approximately $32.9 million, above mid-point of guidance
  • Gross margins of 39.6%, at the high end of guidance
  • Maintained positive non-GAAP operating income for the sixth consecutive quarter
  • Non-GAAP net income of $0.8 million, representing eighth consecutive quarter of non-GAAP net income
  • Repurchased 596,000 shares for a total consideration of $5.3 million
  • Net cash and cash equivalents of $117 million

Management Comments:

Commenting on the results, Ofer Elyakim, CEO of DSP Group, stated, "We are pleased with our financial results for the first quarter, which exceeded our guidance in almost every financial metric. Moreover, we believe that the excess inventory depletion cycle which negatively impacted revenues in the first quarter, as originally expected, is now behind us and we are well positioned for sequential revenue growth in the second quarter."

Mr. Elyakim added, "During the quarter we successfully met key milestones in our business plan, which will enable us to more meaningfully expand our reach beyond cordless telephony with new product offerings. One of our most important achievements was a major design win with a tier 1 OEM for VoIP products that will significantly expand our market footprint and revenue growth in the Office segment. We are well positioned to meet all the milestones we have set forth in our plan for this year and consequently achieve an inflection point in our business in 2015."

Products and Market Highlights:
  • Secured a major IP phone design win with a tier 1 OEM based on DSP Group's DVF99 SoC
  • Grandstream launched three new enterprise grade VoIP phones based on DSP Group's DVF99 SoC
  • Sercomm began shipments of its new home gateway to a tier 1 service provider based on our DECT CAT-iq SoC
  • ProSyst, Rockethome and DSP Group partner to offer end-to-end ULE-based home automation and security platform
  • Leading security service provider and a tier 1 OEM customer selected our DECT-ULE SoC to power their wireless security and safety offerings

2014 First Quarter Results

GAAP Results:

Revenues for the first quarter of 2014 were $32,886,000, a decrease of 17% from revenues of $39,650,000 for the first quarter of 2013. Net loss for the first quarter of 2014 was $988,000, as compared to net income of $1,172,000 for the first quarter of 2013. Loss per share for the first quarter of 2014 was $0.04, as compared to a basic and diluted income per share of $0.05 for the first quarter of 2013.

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