REPEAT DSP Communications Announces Financial Results for the First Quarter of 1996.CUPERTINO Cu·per·ti·no A city of western California west of San Jose. It has an electronics industry. Population: 50,000. , Calif.--(BUSINESS WIRE)--April 24, 1996--DSP Communications Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DSPC DSPC distearoylphosphatidylcholine DSPC Direct Shell Production Casting DSPC Direct Strip Production Complex DSPC Director Strategic Planning Coordination DSPC Digital Studio Picture Control ) announced that revenues for its first quarter ending March 31, 1996 were $17,322,000, an increase of 307% compared to the same period in 1995. Revenue growth was driven by the continued increase in sales of the company's PDC (1) (Primary Domain Controller) A Windows NT/2000 service that manages security for its local domain. Every domain has one PDC, which contains a database of usernames, passwords and permissions. chipsets in Japan. During the quarter the company commenced sales of its new half rate chipset A group of chips designed to work as a unit to perform a function. For example, a modem chipset contains all the primary circuits for transmitting and receiving. A PC chipset provides the electronic interfaces between all subsystems (see PC chipset for illustration). . Net income for the period was $3,575,000 or 18 cents a share compared to $574,000 or 4 cents a share in the first quarter of 1995. On April 24 the Company closed a follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. of 4,000,000 shares at $26.00 a share, of which 901,368 shares were sold by a selling shareholder. Nathan Nathan (nā`thən), in the Bible. 1 Court prophet in the time of David and Solomon. He announced the oracle to David concerning his dynasty. He confronted David over David's adultery with Bath-sheba and over her husband's murder. Hod, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said "In our first quarter of 1996 we have achieved further record growth driven by the Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and PDC market. Our half rate chipset has been well received. We are now supplying six major consumer electronics companies. The investing public has expressed renewed confidence in our company with the successful conclusion of our follow-on offering, and we look forward to meeting the many exciting opportunities ahead of us." DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive Communications Inc. develops, designs and markets DSP based software, chipsets, and systems for wireless personal communications applications. DSPC's subsidiary, CTP CTP (cytidine triphosphate): see cytosine. (1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step. Systems Ltd. provides wireless PBX (Private Branch eXchange) An inhouse telephone switching system that interconnects telephone extensions to each other as well as to the outside telephone network (PSTN). solutions for the office environment and for other low mobility applications. DSPC is headquartered in Cupertino, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and has subsidiaries in Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. and Japan. -0-
DSP Communications, Inc.
Condensed Consolidated Income Statement
(U.S. Dollars and shares in thousands except per share data)
Quarter ended
March 31,
1996 1995
Revenues:
Product $16,124 $ 3,477
Technology development 1,198 779
------ ------
17,322 4,256
Costs of revenues:
Product 9,212 1,778
Technology development 858 411
------ ------
10,070 2,189
Gross profit 7,252 2,067
Operating expenses:
Research and development 1,007 512
Sales and marketing 880 474
General and administrative 1,655 544
----- -----
3,542 1,530
----- -----
Operating income 3,710 537
Net interest & other income 375 184
----- -----
Income before provision for income taxes 4,085 721
Provision for income taxes (510) (147)
------ ------
Net Income $ 3,575 $ 574
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Net Income per share $ 0.18 $ 0.04
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Shares used in computing net
income per share 20,246 13,786
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DSP Communications, Inc.
Condensed Consolidated Balance Sheet
(U.S. Dollars in thousands)
March 31, December 31,
1996 1995
ASSETS
Current Assets:
Cash, cash equivalents
and short-term investments $36,907 $27,988
Trade accounts receivable 5,220 8,838
Other current assets 1,581 1,448
------ ------
Total current assets 43,708 38,274
Equipment, net 2,265 1,823
Other assets 3,814 4,022
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$49,787 $44,119
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LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,684 $ 3,419
Other payables and accrued
liabilities 5,517 5,189
Deferred income 1,231 473
------ ------
Total current liabilities 10,432 9,081
Other liabilities 200 170
Stockholders' equity:
Paid-in capital 47,756 47,044
Accumulated deficit (8,601) (12,176)
------- -------
Total stockholders' equity 39,155 34,868
------- -------
$49,787 $44,119
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CONTACT: DSP Communications Inc. Gerald Gerald - ["Gerald: An Exceptional Lazy Functional Programming Language", A.C. Reeves et al, in Functional Programming, Glasgow 1989, K. Davis et al eds, Springer 1990]. Dogon, 408/777-2718 |
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