As filed with the Securities and Exchange Commission on July 19, 2004
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 19, 2004
DSP GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-23006 | 94-2683643 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
3120 Scott Boulevard, Santa Clara, CA | 95054 | |
(Address of Principal Executive Offices) | (Zip Code) |
408/986-4300
(Registrants Telephone Number, Including Area Code)
With a copy to:
Bruce Alan Mann, Esq.
Morrison & Foerster LLP
425 Market Street
San Francisco, CA 94105
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
c. Exhibits
Exhibit No. |
Description | |
99.1 | Press Release of DSP Group, Inc., dated July 19, 2004. |
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 19, 2004, DSP Group, Inc. (the Company) announced its financial results for the quarter ended June 30, 2004. A copy of this press release, dated July 19, 2004, is attached and filed herewith as Exhibit 99.1, and is incorporated herein by reference.
In addition to the disclosure of financial results for the second quarter of 2004 in accordance with generally accepted accounting principles in the United States (GAAP), the press release also disclosed pro forma net income and diluted earnings per share (EPS) figures, which are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a companys performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The pro forma net income and diluted EPS figures disclosed in the press release for the second quarter of 2004 excluded a capital gain of 7,671,000 resulting from the sale of 801,000 shares of AudioCodes Ltd. and related taxes of $3,068,000, as well as a one-time goodwill impairment charge of $4,304,000 arising from the GAAP-required reevaluation of the remaining goodwill from the acquisition of VoicePump Inc. in March 2000.
The Company believes that this pro forma presentation of net income and diluted EPS is useful to investors in analyzing the results for the quarter ended June 30, 2004 because it excludes items that management does not consider meaningful for purposes of analyzing the Companys operating results and budget-planning decisions. In addition, the Company has historically reported similar pro forma financial measures to its investors and believes that the inclusion of comparative numbers provides consistency in the Companys financial reporting.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DSP GROUP, INC. | ||||
Date: July 19, 2004 |
By: |
/s/ Moshe Zelnik | ||
Moshe Zelnik | ||||
Vice President, Finance, | ||||
Chief Financial Officer and Secretary |
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