2013 Second Quarter results:
Net income for the second quarter of 2013 was $750,000 on revenues of $40,692,000, compared to a net loss of $2,224,000 on revenues of $44,191,000 for the same period last year. Earnings per share for the second quarter of 2013 were $0.03 per share, as compared to a loss per share of $0.10 per share for the second quarter of 2012.
Non-GAAP net income and diluted EPS for the second quarter of 2013 were $3,520,000 and $0.15 per share, respectively, as compared to non-GAAP net income of $520,000 and non-GAAP diluted EPS of $0.02 per share for the second quarter of 2012. Non-GAAP net income and diluted EPS for the second quarter of 2013 excluded the impact of amortization of acquired intangible assets of $418,000 associated with the CIPT and BoneTone acquisitions, equity-based compensation expenses of $1,045,000, amortization of deferred tax liability related to intangible assets acquired with the acquisition of BoneTone communications in the amount of $96,000 and proxy contest related expenses of $1,403,000.
Non-GAAP net income and diluted EPS for the second quarter of 2012 excluded the impact of amortization of acquired intangible assets of $593,000 associated with the CIPT and BoneTone acquisitions, equity-based compensation expenses of $1,458,000 and restructuring expenses of $693,000.
Earnings conference call:
DSP Group will discuss its second quarter financial results, along with its outlook and guidance for the third quarter of 2013, on its conference call at 8:30 a.m. ET today and invites you to listen to a live broadcast over the Internet. The broadcast can be accessed by all interested parties through the Investor Relations section (investor message board) of DSP Group's Web site at www.dspg.com or link to: http://www.media-server.com/m/p/oypasa52
If you cannot join the call, please listen to the replay, which will be available for one week after the call on DSP Group's Web site or by calling the following numbers:
--US Dial-In # +1 347 366 9565 (passcode: 4817060#)
--International Dial-In # +44 203 427 0598 (passcode: 4817060#)
Presentation on non-GAAP Net Income Calculation
The Company believes that the non-GAAP presentation of net income and diluted EPS presented in this press release is useful to investors in comparing results for the quarter ended June 30, 2013 to the same period in 2012 because the exclusion of the above noted expenses may provide a more meaningful analysis of the Company's core operating results. Further, the Company believes it is useful to investors to understand how the expenses associated with equity-based compensations expenses are reflected on its statements of income.