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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DSP Group Inc | NASDAQ:DSPG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.98 | 21.99 | 22.00 | 0 | 01:00:00 |
Second Quarter Financial Highlights:
Management Comments:Commenting on the results, Ofer Elyakim, CEO of DSP Group, said, “We are pleased to report that revenues from our growth initiatives grew by 12% year over year to $17.8 million and accounted for 61% of sales. This accomplishment was propelled by record results in our SmartVoice product line, which offset the expected weakness in the Unified Communications product line and temporary slowdown in demand for home gateways as part of our SmartHome product line. Moreover, we are excited about the momentum in our SmartVoice business with second quarter revenues growing by 142%, reaching a record of $5.3 million and demonstrating the strength and diversity of our product offering in addressing a number of new applications including cameras, tablets and smart TVs.”
“Looking ahead to the third quarter of 2019, we project a sequential increase in revenues and remain confident that we are well positioned for sustainable revenue growth in 2019 and onwards, driven by strategic wins across all of our growth initiatives, including a major SmartHome design win with a leading North American service provider that selected our ULE technology for its IoT offering, initial commercial shipments of a high-volume design win in our Unified Communications product line, and the continued growth and diversification of our SmartVoice business with an expanding roster of customers.”
Second Quarter Business Highlights:
Second Quarter GAAP Results:Revenues for the second quarter of 2019 were $29 million, a decrease of 5% from revenues of $30.7 million for the second quarter of 2018. Net loss and loss per share for the second quarter of 2019 were ($0.5) million and ($0.02), respectively. Net loss and loss per share for the second quarter of 2018 were ($0.3) million and ($0.01), respectively.
Second Quarter Non-GAAP Results:Non-GAAP net income and diluted earnings per share for the second quarter of 2019 were $1.7 million and $0.07, respectively, as compared to non-GAAP net income and diluted earnings per share of $1.6 million and $0.07, respectively, for the second quarter of 2018. Non-GAAP net income and diluted earnings per share for the second quarter of 2019 excluded the impact of amortization of acquired intangible assets in the amount of $0.1 million associated with previous acquisitions; equity-based compensation expenses of $2.1 million; non-cash exchange rate differences resulting from the new lease accounting standard (ASC 842) in the amount of $0.2 million; and changes in deferred taxes in the amount of $0.1 million related to intangible assets acquired in previous acquisitions and equity-based compensation expenses. Non-GAAP net income and diluted earnings per share for the second quarter of 2018 excluded the impact of amortization of acquired intangible assets in the amount of $0.4 million associated with previous acquisitions; equity-based compensation expenses of $1.7 million; and changes in deferred taxes in the amount of $0.2 million related to intangible assets acquired in previous acquisitions and equity-based compensation expenses.
Earnings Conference Call Details: DSP Group will discuss its second quarter financial results, along with its outlook and guidance for the third quarter of 2019, on its conference call at 8:30 a.m. ET today, and invites you to listen via our conference call or a live broadcast over the Internet.Investors may access the conference call by dialing +1 866 966-1396 (domestic US) or +44 (0) 20 7192-8000 (international). The password is 5793887#.
The broadcast via the Internet can be accessed by all interested parties through the Investor Relations section of DSP Group’s website at www.dspg.com or link to: https://edge.media-server.com/mmc/p/hjy465xb A replay of the conference call will be available for a week following the call. To listen to the session, please dial +1 917 677-7532, domestically or +44 (0) 33 3300-9785, internationally and enter the company access code: 5793887#.
Presentation of Non-GAAP Net Income and EPSThe Company believes that the non-GAAP presentation of net income and diluted earnings per share presented in this press release is useful to investors in comparing results for the second quarter ended June 30, 2019 to the same period in 2018 because the exclusion of the above noted expenses may provide a more meaningful analysis of the Company’s core operating results. Further, the Company believes it is useful to investors to understand how the expenses associated with equity-based compensation are reflected in its statements of income.
Forward Looking Statements This press release contains statements that qualify as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, including optimism associated with various design wins, as well as Mr. Elyakim’s statements that a sequential increase in revenues is anticipated for the third quarter of 2019 and sustainable growth in 2019 and onwards due to strategic design-wins. The results from these statements may not actually arise as a result of various factors, including the market penetration of DSP Group’s unified communications, ULE, voice user interface, SmartVoice and SmartHome products; unexpected delays in the commercial launch of new products; unexpected inventory adjustments, the speed of decline in the cordless market; DSP Group’s ability to manage costs; DSP Group’s ability to develop and produce new products at competitive costs and in a timely manner and the ability of such products to achieve broad market acceptance; and general market demand for products that incorporate DSP Group’s technology in the market. These factors and other factors which may affect future operating results or DSP Group’s stock price are discussed under “RISK FACTORS” in the Form 10-K for fiscal 2018, as well as other reports DSP Group has filed with the Securities and Exchange Commission and which are available on DSP Group’s website (www.dspg.com) under Investor Relations. DSP Group assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.About DSP GroupDSP Group®, Inc. (NASDAQ: DSPG) is a global leader in wireless chipsets for a wide range of smart-enabled devices. The company was founded in 1987 on the principles of experience, insight and continuous advancement which enable the company to consistently deliver next generation solutions in the areas of voice, audio, video and data connectivity. Experts in voice processing, DSP Group invests heavily in innovation for the smart future, the result is leading-edge semiconductor technology that is enabling our customers to develop a new wave o products that bring enhanced user experiences through innovation, like conversation technology. From mobile phones to VoIP and virtual assistants using cloud-based voice services, DSP Group is the answer to the growing demand for the ever-expanding collection of voice controlled smart devices. For more information, visit www.dspg.com.Contact:Tali Chen, Chief Marketing Officer, Tali.Chen@dspg.com
SECOND QUARTER 2019 RESULTS - INFOGRAPHIC
DSP GROUP, INC. | |||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Revenues | $ | 29,034 | $ | 30,651 | $ | 57,310 | $ | 58,762 | |||||
Cost of revenues | 14,615 | 15,598 | 28,435 | 29,995 | |||||||||
Gross profit | 14,419 | 15,053 | 28,875 | 28,767 | |||||||||
Operating expenses: | |||||||||||||
Research and development, net | 8,559 | 8,891 | 17,481 | 17,889 | |||||||||
Sales and marketing | 4,386 | 3,761 | 8,869 | 7,829 | |||||||||
General and administrative | 2,674 | 2,669 | 5,229 | 5,250 | |||||||||
Amortization of intangible assets | 104 | 425 | 208 | 850 | |||||||||
Total operating expenses | 15,723 | 15,746 | 31,787 | 31,818 | |||||||||
Operating loss | (1,304 | ) | (693 | ) | (2,912 | ) | (3,051 | ) | |||||
Financial income, net | 400 | 403 | 713 | 799 | |||||||||
Loss before taxes on income | (904 | ) | (290 | ) | (2,199 | ) | (2,252 | ) | |||||
Income tax benefit | (383 | ) | (2 | ) | (612 | ) | (211 | ) | |||||
Net loss | $ | (521 | ) | $ | (288 | ) | $ | (1,587 | ) | $ | (2,041 | ) | |
Net loss per share: | |||||||||||||
Basic | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.09 | ) | |
Diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.09 | ) | |
Weighted average number of shares used in per share computations of loss per share: | |||||||||||||
Basic | 22,757 | 22,681 | 22,650 | 22,680 | |||||||||
Diluted | 22,757 | 22,681 | 22,650 | 22,680 | |||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||||||
GAAP net loss | $ | (521 | ) | $ | (288 | ) | $ | (1,587 | ) | $ | (2,041 | ) |
Equity-based compensation expense included in cost of revenues | 122 | 108 | 237 | 206 | ||||||||
Equity-based compensation expense included in research and development, net | 775 | 701 | 1,525 | 1,353 | ||||||||
Equity-based compensation expense included in sales and marketing | 474 | 265 | 876 | 671 | ||||||||
Equity-based compensation expense included in general and administrative | 689 | 586 | 1,327 | 1,129 | ||||||||
Amortization of intangible assets | 104 | 425 | 208 | 850 | ||||||||
Non-cash exchange rates differences resulting from the new lease accounting standard (ASC 842) | 206 | - | 512 | - | ||||||||
Changes of deferred taxes related to intangible assets and equity-based compensation expense | (105 | ) | (184 | ) | (186 | ) | (381 | ) | ||||
Non-GAAP net income | $ | 1,744 | $ | 1,613 | $ | 2,912 | $ | 1,787 | ||||
Weighted-average number of common stock used in computation of GAAP diluted net earnings per share (in thousands) | 22,757 | 22,681 | 22,650 | 22,680 | ||||||||
Weighted-average number of shares related to outstanding options, stock appreciation rights and restricted share units (in thousands) | 1,522 | 1,398 | 1,457 | 1,378 | ||||||||
Weighted-average number of common stock used in computation of non-GAAP diluted net earnings per share (in thousands) | 24,279 | 24,079 | 24,107 | 24,058 | ||||||||
GAAP diluted net loss per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.09 | ) |
Equity-based compensation expense | 0.08 | 0.07 | 0.17 | 0.14 | ||||||||
Amortization of intangible assets | 0.01 | 0.02 | 0.01 | 0.04 | ||||||||
Non-cash exchange rates differences resulting from the new lease accounting standard (ASC 842) | 0.01 | - | 0.02 | - | ||||||||
Changes of deferred taxes related to intangible assets and equity-based compensation expense | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||
Non-GAAP diluted net earnings per share | $ | 0.07 | $ | 0.07 | $ | 0.12 | $ | 0.07 | ||||
DSP GROUP, INC. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands) | ||||||
June 30, | December 31, | |||||
2019 | 2018 | |||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalentsRestricted deposits | $ | 13,1971,089 | $ | 12,146493 | ||
Marketable securities and short term deposits | 30,222 | 35,713 | ||||
Trade receivables, net | 17,149 | 13,475 | ||||
Inventories | 9,193 | 9,819 | ||||
Other accounts receivable and prepaid expenses | 3,585 | 3,670 | ||||
Total current assets | 74,435 | 75,316 | ||||
Property and equipment, net | 5,858 | 2,748 | ||||
Long term marketable securities and deposits | 77,380 | 75,538 | ||||
Severance pay fund | 15,120 | 14,158 | ||||
Operating leases | 11,937 | - | ||||
Deferred income taxes | 4,879 | 3,580 | ||||
Intangible assets, net | 7,112 | 7,321 | ||||
Long term prepaid expenses and lease deposits | 949 | 1,229 | ||||
117,377 | 101,826 | |||||
Total assets | $ | 197,670 | $ | 179,890 | ||
Liabilities and Stockholders’ Equity | ||||||
Current liabilities: | ||||||
Trade payables | $ | 7,990 | $ | 9,579 | ||
Lease liability | 2,088 | - | ||||
Other current liabilities | 13,266 | 13,120 | ||||
Total current liabilities | 23,344 | 22,699 | ||||
Accrued severance pay | 15,310 | 14,348 | ||||
Lease liability | 10,362 | - | ||||
Accrued pensions | 830 | 827 | ||||
Deferred income taxes | 135 | 151 | ||||
Total long term liabilities | 26,637 | 15,326 | ||||
Stockholders’ equity: | ||||||
Common stock | 23 | 22 | ||||
Additional paid-in capital | 382,849 | 378,855 | ||||
Accumulated other comprehensive loss | (946 | ) | (2,324 | ) | ||
Less – Cost of treasury stock | (116,940 | ) | (122,325 | ) | ||
Accumulated deficit | (117,297 | ) | (112,363 | ) | ||
Total stockholders’ equity | 147,689 | 141,865 | ||||
Total liabilities and stockholders’ equity | $ | 197,670 | $ | 179,890 |
1 Year DSP Chart |
1 Month DSP Chart |
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