DSP Group reports third consecutive profitable quarter

Non-GAAP earnings per share were $0.08 on revenue of revenue of $35.4 million in the third quarter.

Wireless chipset solutions company DSP Group Inc. (Nasdaq: DSPG)reported a net profit of $398,000 for the third quarter of 2013 on revenue of $35.4 million, compared with a net loss of $2.4 million on revenue of $36.7 million for the same period last year. Diluted earnings per share for the third quarter of 2013 were $0.02, compared with a loss of $0.11 per share for the third quarter of 2012.

On a non-GAAP basis, net profit and diluted EPS for the third quarter of 2013 were $1.77 million and $0.08, compared with $114,000 and $0.01 for the third quarter of 2012.

The company predicts non-GAAP EPS of $0.03 on revenue of $33-$37 million in the fourth quarter.

DSP Group CEO Ofer Elyakim said, "We are pleased with our financial performance in the third quarter. Despite softer market demand for cordless telephony products, we managed to surpass the mid-point of our revenue projection and exceeded our guidance in almost every financial metric. Driven by improving margins and a more streamlined cost structure, we achieved our third consecutive quarter of positive GAAP net income. We remain firmly on track to meet our stated objective of generating positive operating cash flow for 2013, and continue to successfully execute on our business goals of building a solid foundation for growth and diversifying into new market verticals. "

Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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