Semiconductor company DSP Group Inc. (DSPG) Thursday reported a net loss for the second-quarter compared to profit last year, hurt by higher operating expenses. Adjusted earnings declined from last year, but matched analysts' estimate. Revenues for the quarter increased 41%.
San Jose, California-based DSP reported a GAAP net loss of $7.36 million or $0.26 per share for the quarter, compared to net income of $2.96 million or $0.10 per share in the year-ago quarter.
On a non-GAAP basis, the company reported net income of $1.02 million or $0.04 per share for the quarter compared to $7.17 million or $0.25 per share in the year-ago quarter. On average, five analysts polled by First Call/Thomson Financial expected earnings of $0.04 per share.
Non-GAAP results excluded the impact of amortization of acquired intangible assets associated with the acquisition of the Cordless and VoIP Terminals business of NXP B.V., equity-based compensation expenses, and the aggregate tax benefits associated with such expenses.
Revenues for the quarter increased 41% to $74.15 million from $52.44 million in the year-ago quarter. Analysts expected revenues of $72.99 million for the quarter.
Second quarter operating expenses climbed to $34.77 million from $19.90 million in the prior-year quarter.
Year-to-date GAAP net loss was $14.96 million or $0.51 per share compared to profit of $4.33 million or $0.15 per share in the same period last year. On a non-GAAP basis, the company posted net income of $2.46 million or $0.08 per share for the period, lower than $12.50 million or $0.44 per share last year.
Revenues for the six-month period climbed to $146.88 million from $101.72 million in the year-ago period.
DSPG closed Thursday's trading at $7.12, down $0.05 or 0.70%, on 257 thousand shares.
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