DSP GROUP, INC. (NASDAQ:DSPG) Files An 8-K Results of Operations and Financial ConditionITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 27, 2017, DSP Group, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2017. A copy of the press release, dated July 27, 2017, is attached and filed herewith as Exhibit 99.1. This information, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.
In addition to the disclosure of financial results for the quarter ended June 30, 2017 in accordance with generally accepted accounting principles in the United States (“GAAP”), the press release also included non-GAAP net income and diluted earnings per share, for the quarters ended June 30, 2017 and 2016 that excluded (a) for the quarter ended June 30, 2017, the impact of amortization of acquired intangible assets in the amount of $425,000, associated with previous acquisitions, equity-based compensation expenses of $1.6 million and changes in deferred tax in the amount of $20,000 related to intangible assets and equity-based compensation expenses, and (b) for the quarter ended June 30, 2016, the impact of amortization of acquired intangible assets in the amount of $321,000, associated with previous acquisitions, equity-based compensation expenses of $1.3 million and changes in deferred tax of $80,000 related to intangible assets.
The Company believes that the non-GAAP presentation in the press release is useful to investors in analyzing the results for the quarters ended June 30, 2017 and 2016 because the exclusion of such expense may provide a more meaningful analysis of the Company’s core operating results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No.718 are reflected on its statements of income. The non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP, and are intended to provide additional insight into the Company’s operations that, when viewed with its GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, offer a more complete understanding of factors and trends affecting the Company’s business. The non-GAAP presentation should not be viewed as a substitute for the Company’s reported GAAP results.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
d. Exhibits
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Exhibit No. |
Description |
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99.1 |
Press Release of DSP Group, Inc., dated July 27, 2017. |
DSP GROUP INC /DE/ ExhibitEX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm Exhibit 99.1 DSP Group,…To view the full exhibit click here
About DSP GROUP, INC. (NASDAQ:DSPG)
DSP Group, Inc. is a provider of wireless chipset solutions for converged communications. The Company delivers semiconductor system solutions with software and hardware reference designs and enables original equipment manufacturers (OEMs), original design manufacturers (ODMs), consumer electronics (CE) manufacturers and service providers to develop products. The Company operates through three segments: Home, Office and Mobile. It provides a portfolio of wireless chipsets integrating Digital Enhanced Cordless Telecommunications (DECT), Cordless Advanced Technology-Internet Quality (CAT-iq), Ultra Low Energy (ULE), Wireless Fidelity (Wi-Fi), Public Switched Telephone Network (PSTN), HDClear, video and Voice over Internet Protocol (VoIP) technologies. It offers wireless voice and data transmission solutions for various applications, including mobile handsets.