SANTA CLARA, Calif., June 13 /PRNewswire-FirstCall/ -- DSP Group, Inc.
(Nasdaq: DSPG), a worldwide leader in developing and providing chip-set
solutions for residential wireless connectivity, announced today that it
had repurchased 976,000 shares of its Common Stock during the period
between April 1, 2006 and June 12, 2006, at an average price of $25.58 per
share, for an aggregate price of approximately $25 million.
After giving effect to the most recent repurchases, approximately 2.0
million shares of the Company's Common Stock remain authorized for
repurchase under the current repurchase program approved by the Company's
board of directors.
Moshe Zelnik, CFO of DSP Group, stated, "We have strong confidence in
our future business prospects and in our ability to capitalize on new
market opportunities. We believe that the buyback program that we have in
place is a wise use of our cash and a good return on investment to our
shareholders."
About DSP Group
DSP Group, Inc. is a fabless semiconductor company, offering advanced
chip-set solutions for a variety of applications. DSP Group is a worldwide
leader in the short-range wireless communication market, enabling home
networking convergence for voice, video & data. By combining its in-house
technologies of Digital Signal Processors (DSPs), portfolio of wireless
communication protocols, including DECT, Bluetooth and Wi-Fi, most advanced
Radio Frequency CMOS and SiGe, as well as VoIP ICs, DSP Group is a
worldwide leader and a one-stop-shop for a wide range of applications.
These applications include ISM band digital 900MHz, 2.4GHz and 5.8GHz
telephony, European DECT (1.9GHz) telephony, Bluetooth systems for voice,
data and video communication and deployment in residential, SOHO, SME,
enterprise and automotive applications. DSP Group ICs provide solutions for
MP3 players, VoIP Phones, Gateways, and Integrated Access Devices and are
widely used in Digital Voice Recorders. More information about DSP Group is
available at http://www.dspg.com.
Forward-Looking Statements
This press release may contain statements that qualify as
"forward-looking statements" under the Private Securities Litigation Reform
Act of 1995, including statements made by Mr. Zelnik about DSP Group's
"strong confidence in DSP Group's future business prospects and its ability
to capitalize on new market opportunities." These forward-looking
statements are based on current expectations and DSP Group assumes no
obligation to update this information. In addition, the events described in
these forward-looking statements may not actually arise. DSP Group's actual
results could differ materially from those described in this press release
as a result of various factors, including slower than expected change in
the nature of the home communications domain, unexpected delays in the
introduction of new products, especially DECT products; failure to achieve
broad market acceptance of existing and new products by existing and
potential OEM customers; DSP Group's inability to add new customers and
develop and produce new products at competitive costs and in a timely
manner; decline or fluctuations in gross margins and the effect on revenues
and profitability; 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 2005 as well as
other reports DSP Group has filed with the Securities and Exchange
Commission and which are available on DSP Group's Web site (http://www.dspg.com)
under Investor Relations.
For more information, please contact Ofer Elyakim, Director of Investor
Relations, DSP Group Inc. at (408) 986-4421; or e-mail: ofere@dsp.co.il
SOURCE DSP Group, Inc.
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Related links:
http://www.dspg.com/
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CONTACT:
Ofer Elyakim, Director of Investor Relations
of DSP Group Inc., +1-408-986-4421, or ofere@dsp.co.il
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