DSP Group swings to profit [Globes, Tel Aviv, Israel]
(Globes (Tel Aviv) Via Acquire Media NewsEdge) Jan. 30--Chipset maker DSP Group Inc. (Nasdaq: DSPG) swung to net profit on flat revenue for the fourth quarter, beating its guidance.
Revenue rose 1 percent to $38.4 million for the fourth quarter of 2012 from $38.2 million for the corresponding quarter of 2012. GAAP-based net loss narrowed to $139,000 ($0.01 per share) for the fourth quarter from $4.8 million for the corresponding quarter. Non-GAAP net profit was $1.3 million ($0.06) for the fourth quarter, compared with a net loss of $4.3 million for the corresponding quarter. The company beat the analysts' earnings per share consensus of $0.01.
Earlier this month, DSP Group raised its revenue guidance for the fourth quarter to $38.2 million, above the higher end of it earlier guidance of $35-38 million. It added that it expected to report a positive non-GAAP operating income, due to higher revenues and lower operating costs.
For the year as a whole, revenue fell 16 percent to $162.8 million from $193.9 million in 2011. GAAP-based net loss was halved to $8 million ($0.37 per share) in 2012 from $16.3 million in 2011. Non-GAAP net profit was $775,000 ($0.04 per share), compared with a net loss of $4.2 million in 2011. The company beat the analysts' earnings per share consensus of a loss of $0.01 on $161.7 million revenue.
DSP Group CEO Ofer Elyakim said, "Our financial results for the fourth quarter exceeded our guidance on all fronts and demonstrated a return to operating profitability and solid execution in a challenging macro-economic environment and continued uncertainty in our core DECT market."
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