Wireless chipset company DSP Group Inc. (Nasdaq: DSPG) has reported revenue of $36.7 million for the third quarter of 2012, representing a decrease of 24% from revenue of $48.4 million for the third quarter of 2011.
The company made a net loss for the third quarter of $2.42 million, compared with a net loss of $4.81 million for the third quarter of 2011. Diluted earnings per share (EPS) for the third quarter of 2012 were a loss of $0.11 per share, compared with a loss of $0.21 per share for the third quarter of 2011.
Non-GAAP net income and diluted EPS for the third quarter of 2012 were $114,000 and $0.01 per share, respectively, compared with $846,000 and a loss per share of $0.04 for the third quarter of 2011. Analysts had expected a loss per share of 0.08, and revenue of $36.9 million.
DSP Group CEO Ofer Elyakim said, "Despite our dissatisfaction with the low level of sales recorded in the third quarter, driven by softer market demand for consumer electronics in general and cordless telephony products in particular, we succeeded in offsetting this weakness and ended the quarter with non-GAAP net income, driven by improving gross margins and a more flexible cost structure. Finally, we remain on track to meet our objective of generating positive operating cash flows for 2012."
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2012
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