SANTA CLARA, Calif., Nov. 6 /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 512,000 shares of its Common Stock during the past two
weeks, at an average price of $21.63 per share, for an aggregate price of
approximately $11 million.
After giving effect to the most recent repurchases, approximately 1.3
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.
Dror Levy, CFO of DSP Group, stated, "We have confidence in our
business and in our ability to capitalize on 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."
Under the repurchase program, share purchases may be made from time to
time depending on market conditions, share price, trading volume, our cash
needs and other business factors, and such purchases will be made in
accordance with the requirements of the Securities and Exchange Commission.
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.
For more information, please contact Ofer Elyakim, Director of Investor
Relations & Business Development, DSP Group Inc. at (408) 986-4421; or
e-mail: ofere@dsp.co.il
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. Levy about DSP Group's
"confidence in DSP Group's business and in its ability to capitalize on
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.
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
& Business Development of DSP Group Inc., +1-408-986-4421,
ofere@dsp.co.il
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