SANTA CLARA, Calif., Aug. 2 /PRNewswire-FirstCall/ -- DSP Group, Inc.
(Nasdaq: DSPG), a worldwide leader in developing and providing solutions for
the residential wireless market, announced today that it repurchased 1,044,000
shares of its Common Stock during July 2004, at an average price of $20.53 per
share, for an aggregate price of approximately $21.4 million.
After giving effect to the most recent repurchases, approximately
1.7 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.
During 2003, DSP Group repurchased 746,000 shares of its Common Stock, at
an average price of $21.66 per share, for an aggregate price of approximately
$16.3 million. On June 30, 2004, the Company had cash, cash equivalents and
marketable securities in the amount of approximately $321.5 million, which the
Company currently believes is adequate to both fund its business growth and
make additional repurchases as the Company so determines in the future.
Moshe Zelnik, VP Finance and CFO of DSP Group, stated, "We have strong
confidence in our future business prospects and 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 that is a worldwide
leader in the short-range wireless market. By combining its DSP core
technology with advanced RF CMOS, communication technology, video technology
and speech-processing algorithms, DSP Group develops and provides a wide
portfolio of short-range communication solutions, which are utilized for
residential, SOHO, SME, enterprise and automotive applications. DSP Group
solutions include digital 900MHz, 2.4GHz, DECT (1.9GHz), 5.8GHz and Bluetooth
for voice, data and video communication as well as solutions for DVRs (Digital
Voice Recorders) and MP3 applications. DSP Group also develops and markets
embedded, integrated silicon/software solutions for
Voice-over-Digital-Subscriber Line (VoDSL) and Voice-over-Internet-Protocol
(VoIP) applications, as well as other Voice-over-Packet applications for
Integrated Access Devices (IAD) and IP phones. 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 about the sufficiency of the Company's cash, cash
equivalents and marketable securities to both fund its business growth and
repurchase additional stock and statements made by Mr. Zelnik relating to the
Company's future business prospects and its ability to capitalize on new
market opportunities. These forward-looking statements are based on current
expectations and the Company assumes no obligation to update this information.
In addition, the events described in these forward-looking statements may not
actually arise. The Company's actual results could differ materially from
those described in this press release as a result of various factors,
including unexpected delays in the introduction of new products; failure to
achieve broad market acceptance of existing and new products by existing and
potential OEM customers; the inability to add new customers and develop and
produce new products at competitive costs and in a timely manner; and general
market demand for products that incorporate the Company's technology in the
market. These factors and other factors which may affect future operating
results are discussed under "RISK FACTORS" in the Form 10-K for the year ended
December 31, 2003, as well as other reports the Company has filed with the
Securities and Exchange Commission and which are available on its Web site
(http://www.dspg.com) under Investor Relations.
For more information, contact
Yaniv Arieli
President of U.S. Operations
Investor Relations
DSP Group, Inc.
Tel: 408-986-4423
Fax: 408-986-4442
e-mail: yarieli@dspg.com
SOURCE DSP Group, Inc.
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Related links:
http://www.dspg.com
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CONTACT:
Yaniv Arieli, President of U.S. Operations,
Investor Relations, of DSP Group, Inc., +1-408-986-4423, or fax,
+1-408-986-4442, or yarieli@dspg.com
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