LOS ALTOS, Calif., Aug. 08, 2016 (GLOBE NEWSWIRE) -- DSP Group®, Inc. (NASDAQ:DSPG), a leading global provider of wireless chipset solutions for converged communications, announced today that in light of its strong cash position and its focus on stockholder value, the Company’s Board of Directors authorized the Company to repurchase additional shares of its common stock, bringing the total repurchase authorization to up to $10 million. As of the end of July 2016, approximately $2 million remained under the 2015 share repurchase authorization.
The purchases may be made in open-market transactions, privately negotiated transactions or pursuant to a predefined Rule 10b5-1 plan. In accordance with the Board authorization, share purchases may be made from time to time depending on market conditions, share price, trading volume, the Company’s cash needs and other business factors.
Ofer Elyakim, CEO of DSP Group, stated, “Our Board of Directors’ decision to increase the share repurchase authorization supports our belief that repurchases at current price levels are in the best interests of the Company and its stockholders. Moreover, the successful adoption of our new product initiatives propels us rapidly towards the inflection point where the high growth, high margin segments become the dominant part of our business and the basis for our long-term value.”
Forward Looking Statements
This press release contains statements that qualify as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, including Mr. Elyakim’s statements about potential buybacks being in the best interests of the Company and its stockholders, the successful adoption of new product initiatives that propels the Company towards an inflection point, where the potential that the high growth, high margin segments become the dominant part of the business and the basis for the Company’s long-term value. The results from these statements may not actually arise as a result of various factors, including the success of DSP Group's new product initiatives, including in VoIP and mobile; the stability of the cordless business; DSP Group's ability to manage costs; DSP Group’s ability to develop and produce new products at competitive costs and in a timely manner or the ability of such products to achieve broad market acceptance; 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 2015, as well as other reports DSP Group has filed with the Securities and Exchange Commission and which are available on DSP Group’s website (www.dspg.com) under Investor Relations. DSP Group assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
About DSP Group
DSP Group®, Inc. (NASDAQ:DSPG) is a leading global provider of wireless chipset solutions for converged communications. Delivering semiconductor system solutions with software and hardware reference designs, DSP Group enables OEMs/ODMs, consumer electronics (CE) manufacturers and service providers to cost-effectively develop new revenue-generating products with fast time to market. At the forefront of semiconductor innovation and operational excellence for over two decades, DSP Group provides a broad portfolio of wireless chipsets integrating DECT/CAT-iq, ULE, Wi-Fi, PSTN, HDClear™, video and VoIP technologies. DSP Group enables converged voice, audio, video and data connectivity across diverse mobile, consumer and enterprise products – from mobile devices, connected multimedia screens, and home automation & security to cordless phones, VoIP systems, and home gateways. Leveraging industry-leading experience and expertise, DSP Group partners with CE manufacturers and service providers to shape the future of converged communications at home, office and on the go. For more information, visit www.dspg.com.