DSP GROUP, INC. (NASDAQ:DSPG) Files An 8-K Results of Operations and Financial Condition
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 27, 2017, DSP Group, Inc. (the Company) announced its
financial results for the quarter ended March 31, 2017. A copy of
the press release, dated April 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 March 31, 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 March 31, 2017 and
2016 that excluded (a) for the quarter ended March 31, 2017, the
impact of amortization of acquired intangible assets in the
amount of $425,000 associated with previous acquisitions;
equity-based compensation expenses of $1.5 million; and changes
in deferred taxes in the amount of $182,000 related to intangible
assets acquired in previous acquisitions and equity-based
compensation expenses (b) for the quarter ended March 31, 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 millionand amortization
of deferred tax liability related to intangible assets acquired
in previous cquisitions in the amount of $80,000.
The Company believes that the non-GAAP presentation in the press
release is useful to investors in analyzing the results for the
quarters ended March 31, 2017 and 2016 because the exclusion of
such expense may provide a more meaningful analysis of the
Companys 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 Companys 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 Companys
business. The non-GAAP presentation should not be viewed as a
substitute for the Companys reported GAAP results.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
d. Exhibits
|
Exhibit No. |
Description |
|
99.1 |
Press Release of DSP Group, Inc., dated April 27, 2017. |
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. DSP GROUP, INC. (NASDAQ:DSPG) Recent Trading Information
DSP GROUP, INC. (NASDAQ:DSPG) closed its last trading session up +0.35 at 12.40 with 152,199 shares trading hands.