SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X]X Quarterly report pursuant to Section 13 or 15(d) of the Securities
----- Exchange Act of 1934
For the quarterly period ended OCTOBERJULY 31, 19971998 or
----------------
[_]-------------
Transition report pursuant to Section 13 or 15(d) of the Securities
----- Exchange Act of 1934
For the transition period from _______________________ to ____________________________
Commission File Number 0-14677
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DSP TECHNOLOGY INC.
-------------------- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 94-2832651
---------------- ---------------------------------------------- ---------------------
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification Number
48500 KATO RD., FREMONT, CA 94538
--------------------------- ---------- ---------------------------------------- ---------------------
(Address of principal executive offices) (Zip Code)
(510) 657-7555
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(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
YES NO
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate number of shares outstanding of each of the issuer's classes of common
stock, at the latest practical date:
CLASS OUTSTANDING AS OF DECEMBER 12, 1997SEPTEMBER 8, 1998
----- -----------------------------------
COMMON STOCK 2,241,161
12,241,310
DSP TECHNOLOGY INC. AND SUBSIDIARIES
TABLE OF CONTENTS
FORM 10-Q
Page
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Balance Sheets -
October 31, 1997 and January 31, 1997 3
Consolidated Statements of Income -
Three months and nine months ended October 31, 1997 and 1996 4
Consolidated Statements of Cash Flows -
Nine months ended October 31, 1997 and 1996 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
Item 6. Exhibits and Reports on Form 8-K. 9
Signatures 9
DSP TECHNOLOGY INC. AND SUBSIDIARIES
TABLE OF CONTENTS
FORM 10-Q
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Balance Sheets -
July 31, 1998 and January 31, 1998 3
Consolidated Statements of Income -
Three months and six months ended July 31, 1998 and 1997 4
Consolidated Statements of Cash Flows -
Six months ended July 31, 1998 and 1997 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 11
2
DSP TECHNOLOGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
October 31, January 31,
1997 1997
------------ -----------
ASSETS (Unaudited)
Current assets:
Cash and certificates of deposit $ 1,579 $ 1,323
Accounts receivable 8,384 4,784
Inventories 2,734 2,015
Deferred income taxes 154 154
Prepaid expenses 310 304
------- -------
Total current assets 13,161 8,580
Property and equipment 1,359 1,540
Cost in excess of net assets of acquired
business 307 362
Other assets 1,314 1,317
------- -------
$16,141 $11,799DSP TECHNOLOGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
July 31, January 31,
1998 1998
----------- -----------
ASSETS (Unaudited)
Current assets:
Cash and certificates of deposit $ 1,302 $ 4,701
Accounts receivable 6,578 5,581
Inventories 3,433 2,682
Deferred income taxes 577 577
Prepaid expenses 236 216
------- -------
Total current assets 12,126 13,757
Property and equipment 2,081 1,341
Cost in excess of net assets of acquired
business 185 244
Other assets 1,518 1,388
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$15,910 $16,730
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 790 $ 687
Accrued liabilities 3,027 3,755
Income taxes payable 542 1,142
------- -------
Total current liabilities 4,359 5,584
Deferred income taxes 461 489
Commitments and contingencies -- --
Shareholders' equity:
Preferred stock. Authorized 2,500,000
shares; none issued -- --
Common stock. 25,000,000 shares
authorized; shares issued and
outstanding: 2,251,610 at July 31
and 2,264,860 at January 31 3,121 3,301
Retained earnings 7,969 7,356
------- -------
Total shareholders' equity 11,090 10,657
------- -------
$15,910 $16,730
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 400 $ 799
Accrued liabilities 4,719 1,849
Income taxes payable 762 206
------- -------
Total current liabilities 5,881 2,854
Deferred income taxes 258 258
Commitments and contingencies -- --
Shareholders' equity:
Preferred stock. Authorized 2,500,000 shares;
one issued -- --
Common stock. 25,000,000 shares authorized;
shares issued and outstanding: 2,240,261 at
October 31 and 2,179,962 at January 31 3,237 2,988
Retained earnings 6,765 5,699
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Total shareholders' equity 10,002 8,687
------- -------
$16,141 $11,799
======= =======
The accompanying notes are an integral part of these financial statements.
3
DSP TECHNOLOGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three months ended NineSix months ended
OctoberJuly 31, OctoberJuly 31,
------------------- ----------------------------------- ----------------
1998 1997 19961998 1997
1996
------ -------------- -------- ------- -------
Net sales $5,892 $4,572 $15,804 $12,758$5,792 $5,445 $11,311 $9,912
Cost of sales 2,640 1,868 7,3772,765 2,570 5,306 4,737
------ ------ ------- -------------
Gross profit 3,252 2,704 8,427 7,4523,027 2,875 6,005 5,175
Operating expenses:
Research and development 718 564 1,826 1,633597 530 1,190 1,108
Marketing, general and administrative 1,719 1,737 5,029 4,8591,837 1,605 3,792 3,310
------ ------ ------- -------
2,437 2,301 6,855 6,492------
2,434 2,135 4,982 4,418
------ ------ ------- -------------
Operating income 815 403 1,572 960
Interest593 740 1,023 757
Other income 47 13 156 9550 69 106 109
------ ------ ------- -------------
Income before income taxes 862 416 1,728 1,055643 809 1,129 866
Income taxes 345 140 691 351236 324 426 346
------ ------ ------- -------------
Net income $ 517407 $ 276485 $ 1,037703 $ 704520
====== ====== ======= =============
Net income per common and common
equivalent shareshare:
Basic $ .18 $ .22 $ .12.31 $ .45 $ .31.24
====== ====== ======= =======
Weighted average common and common
equivalent shares outstanding 2,350 2,290 2,323 2,305======
Diluted $ .16 $ .21 $ .28 $ .22
====== ====== ======= ======
Weighted average shares used in computing
basic net income per share 2,264 2,187 2,269 2,183
====== ====== ======= ======
Weighted average shares and equivalents used
in computing diluted net income per share 2,519 2,321 2,537 2,329
====== ====== ======= ======
The accompanying notes are an integral part of these financial statements.
4
DSP TECHNOLOGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands)
Nine
Six months ended
OctoberJuly 31,
--------------------------------------------
1998 1997
1996
------- --------------- --------
(Unaudited)
Cash flows from operating activities:
Net income $ 1,037703 $ 704485
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 804 610485 537
Changes in current assets and liabilities:
Accounts receivable (3,600) (1,058)(997) (2,313)
Inventories (719) (237)(751) (718)
Prepaid expenses (6) (62)(20) (36)
Accounts payables (399) (38)103 231
Accrued liabilities 2,870 (489)(728) 1,445
Income taxes payable 556 (272)(600) 435
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Net cash provided by (used in) operating activities 543 136(1,805) 66
------- -------
Cash flows from investing activities:
Purchases of property and equipment (268) (806)(999) (195)
Investment in software development (320) (405)(294) (195)
Other 52 (109)(121) 116
------- -------
Net cash (used in) investing activities (536) (1,320)(1,414) (274)
------- -------
Cash flows from financing activities:
Repurchase of common stock (238) --
Proceeds from issuance of common stock 249 6758 24
------- -------
Net cash provided by financing activities 249 67(180) 24
------- -------
Increase (decrease)Decrease in cash 256 (1,117)(3,399) (184)
------- -------
Cash at beginning of period 4,701 1,323 2,015
------- -------
Cash at end of period $ 1,5791,302 $ 8981,139
======= =======
Supplemental disclosure of cash flow information:
Cash paid during period for income taxes $ 77865 $ 55910
======= =======
The accompanying notes are an integral part of these financial statements.
5
DSP TECHNOLOGY INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation.
---------------------
The accompanying consolidated financial statements have been prepared,
without audit, in accordance with Securities and Exchange Commission
requirements for interim financial statements. Therefore, they do not
include all the disclosures that would be presented in the Company's Annual
Report on Form 10-K. The financial statements should be read in
conjunction with the Company's January 31, 19971998 financial statements and
accompanying notes thereto.
The information furnished reflects all adjustments (consisting only of
normal recurring adjustments) that are, in the opinion of management,
necessary for a fair presentation of financial position, results of
operations and cash flows for the interim period. The results of
operations for the periods presented are not necessarily indicative of
results to be expected for the full year.
For accounting purposes, the Company changed to a 52/53 week convention
with the fiscal year ending on the Sunday nearest the end of January.
However, for financial reporting purposes, each fiscal quarter or year is
presented as if it ended on the last day of such period. The thirdsecond
quarter fiscal 19981999 ended NovemberAugust 2, 1997.1998.
2. Inventories. Inventories are stated at the lower of cost (first-in, first-
-----------
out) or market. Inventories consist of:
October 31, January 31,
1997 1997
----------- ------------
(thousands)
Raw materials $1,325 $1,221
Work in process 1,092 476
Finished goods 317 318
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$2,734 $2,015July 31, January 31,
1998 1998
-------- -----------
(thousands)
Raw materials $1,962 $1,695
Work in process 983 637
Finished goods 488 350
------ ------
$3,433 $2,682
====== ======
3. Accounts Receivable and Accrued Liabilities. Accounts receivable and
--------------------------------------------
accrued liabilities at October 31, 1997 include $1,833,000 in receivables
for customer advanced payment commitments against contracts. In the future,
the Company will not recognize the receivable; instead, it will recognize
the accrued liability at the time the Company receives the advance payment
from the customer.
4. The Company reincorporated in Delaware on September 12, 1997.
6
Item 2. Management's Discussion and Analysis of Financial Condition and Results
- --------------------------------------------------------------------------------
of Operations
- -------------
This section of the report contains forward-looking statements regarding
the Company's expected growth and enhanced future performance. All forward-
looking statements are subject to risk and actual results could differ
materially from those projected in the forward-looking statements as a result of
many factors which are set forth below.
Results of Operations
- ---------------------
Net sales for the thirdsecond quarter of fiscal 19981999 ended NovemberAugust 2, 19971998
increased by $1,320,000 or 29%6% to $5,892,000$5,792,000 from $4,572,000$5,445,000 in the thirdsecond quarter of fiscal
19961997 ended October 31, 1996.August 3, 1997. Net sales for the first ninesix months of fiscal 19981999
were $15,804,000$11,311,000 or 24%14% higher than net sales of $12,758,000$9,912,000 in the first ninesix
months of fiscal 1997.1998. The increases were due to continued strong demand for the company's RedLine data acquisition productshigher shipments across all
product lines and turnkeycustom services.
Third quarter cost of sales as a percentage of net sales increased to 45%
in this year from 41% in the same period last year.
Cost of sales as a percentage of net sales also increased to 47%remained in the first nine months this year
compared to 42% in fiscal 1997's first nine months. As anticipated,47%-48% range
for all the increases inperiods being reported. The Company's overall cost of sales
were a result ofpercentage is subject to change due to various factors, including variation in
product mix, with lower-margin
service-related revenues becoming a bigger partchanges in component costs and timing of the Company's business.custom service revenues.
Research and development ("R&D") expenses increased by $154,000$67,000 to $718,000$597,000 in the
thirdsecond quarter this year compared to $564,000$530,000 in the same period last year. R&Dyear while
expenses in the first nine monthshalf of this year increased slightlyby $82,000 to $1,826,000$1,190,000 from
$1,633,000$1,108,000 in the first nine monthshalf of fiscal 1997.1998. The increases were due primarily
to addition of engineering personnel to develop new products. These expenses
have resulted in several new product introductions so far, this year. As a
percentage of net sales, however, research and development expenses remained at
about 11% for all the periods being reported The Company anticipates expenses
to continue to increase in both the third quarterdollars as it adds personnel and the first nine months were
primarily due to higher development
costs associated with new RedLine products
scheduled for introduction in the Springprojects. However, it is expected that research and development expenses will
remain at approximately 11% of 1998 and beyond.net sales.
Marketing, general and administrative expenses in the thirdsecond quarter of
fiscal 1998 decreased slightly1999 increased by 14% to $1,719,000 from $1,737,000$1,837,000 compared to the same period a year
ago. Expenses in the same quarter
last year. For the first ninesix months of this year marketing, general and
administrative expenses increased by $170,000 or 3%15% to
$5,029,000 compared to
$4,859,000$3,792,000 from $3,310,000 last year. As a percentage of sales however, expenses
decreased to
29% from 38% in the third quarter andincreased to 32% from 38%29% in the second quarter this year and to 34% from 33% in
the first nine monthshalf of this year compared to the respective periods last year. The
higher expensesincreases in spending in this year's second quarter and first half were principally due to additional sales and marketing staff, and higher
internal sales commissions due to
higher trade show expenses to introduce new products and increased sales bookings.related
expenses due to the increase in sales activity. The Company expects that
marketing, general and administrative expenses will decrease as a percentage of
net sales in the second half of this year as a result of the anticipated growth
in revenues.
Other income, net of interest expense was $50,000 in this year's second
quarter compared to $69,000 last year and $106,000 in the first half compared to
$109,000 in the same period last year.
The effective tax raterates computed were 40% for the thirdsecond quarter and 40% for
the first nine monthshalf this
year were in the 37%-38% range compared to 34% for the third40% in last year's second quarter and
33%
for the first nine months last year.half, respectively. The lower tax rates computed depend primarily on
the profit contribution mix between the Company's U.S. operations and U.K.
subsidiary. The higher rates this year reflect the higher
domestic profitforeign income contribution along with lower state tax rates this year versuscompared
to last year. Domestic tax rates tend to be higher than the Company's foreign
subsidiary's tax rate. Other factors that may affect the tax
rates include R&D tax credits and software capitalization levels.rates. The companyCompany reviews the tax rate quarterly and could
make minor adjustments to reflect changing estimates.
7
Liquidity and Capital Resources
- -------------------------------
Cash increaseddecreased by $256,000$3,399,000 during the ninesix month period ended November 2,
1997. AccountsJuly 31,
1998. The decrease was due to the increase in accounts receivable increased by $3,600,000 brought about
by high shipments in the last month of the period, increase in inventory in
anticipation of certain large system orders, the purchase of eight acres of land
near the Company's Ann Arbor facility for $732,000 and the inclusionrepurchase of approximately
$1,833,000 in customer advanced deposit commitments. The primary use28,000
shares of the Company's cashcommon stock at an average price of $8.35 per share
under its stock repurchase program.
The purchase of land late in the second quarter was in anticipation of
growth over the next 3-5 years. The Company is currently in the process of
obtaining building permits to build the first nine months of fiscal 1998 has been:phase on the purchase of
capital equipment usedproperty. Due to equip additional personnel andthe
rising building lease costs in the Ann Arbor, Michigan area, the Company found
that it would cost the Company less to upgrade our
information systems capabilities, and investment in software development.own its own facility. Based on the
current building plans, the Company feels that the building site is sufficient
to allow the Company to grow over the next five years.
Working capital at November 2, 1997 improved to $7,911,000July 31, 1998 was $7,767,000 compared to $5,726,000$8,173,000 at
the beginning of the fiscal year, while the current ratioratios stood at 2.62.8 to 1.0
at November 2, 1997July 31, 1998 and at 3.02.5 to 1.0 at January 31, 1997.1998. At November 2, 1997,July 31, 1998, the
Company has a $1,000,000$4,000,000 secured bank line of credit. The Company currently
anticipates that internally generated funds and bank borrowings will be
sufficient to satisfy its anticipated operating and capital needs over the
foreseeable future.
At November 2, 1997,July 31, 1998, the Company had no material outstanding commitments to
purchase capital equipment. Management believes that inflation has not had a
material effect on the Company's operations or financial condition.
Factors That May Affect Future Results
- --------------------------------------
In addition to the other information contained in this Report, the
following are important factors that should be considered carefully in
evaluating the Company and its business.
New Products and Rapid Technological Change. The Company's future operating results may be affected by a number of
factors, including: timing of receipt of major system orders; timing of service
revenues; product mix;markets for the Company's
ability to timely introduce new products services and enhancements for its customers and achieve market acceptance asare characterized by continued demands for increasingly sophisticated
measurement and control systems continue;
uncertainties relative to global economic conditions;and turnkey solutions. The Company's success
depends upon its ability to attractintroduce new products and retain for qualified personnelto enhance its existing
products with features that meet changing end user requirements. There can be
no assurance that new products or enhancements will gain market acceptance or
that the Company will be successful in various technical positions;developing product enhancements or new
products that respond to technological change, evolving industry standards and
changing customer requirements.
Development and Management of Systems Integration Services. At the
Company's
abilitybeginning of fiscal 1997, management began to withstand competition particularly from several companies that are
much larger in size than the Company; international currency fluctuations;
natural disasters, particularly earthquakes which may strike the California area
where the Company's headquarters and manufacturing facility are located; and
availability and cost of components for its products.
Management expandedexpand the services side of the
Company'scompany's transportation market business. These services include systems
integration, project management, commissioning and installation. These services are usuallyinstallation and, coupled
with the sale of ourcompany's RedLine products, and has allowedmanagement believes these capabilities will
allow us to pursue further the company's growth in the transportation market by
providing "one-stop" orfull-service to the company's customers. These services provide us
the capability to provide turnkey shoppingsystems where they are required. Hence, the
Company has invested in project management, custom manufacturing, system
integration, installation and commissioning staff during the past two years.
The Company believes that the successful marketing and expansion of its
transportation products will be increasingly
8
dependent on its ability to our customers. Thisoffer these services. However, the introduction of
these services business raises several risk factors.risks for the Company. Specifically, the success
depends on the time it takes for servicesthese personnel and future staff to come up to
speed on ourthe company's products, customers and the services they will provide;
ability to compete for qualified personnel in various technical positions;
market acceptance of the services; timing of service revenues; and the ability
to manage customer projects profitably;profitably. The successful management of these
projects depends on the timely availability and quality of key products, the
availability of key personnel, the ability to integrate ourdifferent products with other
vendors' products; availabilityfrom
a variety of vendors effectively and qualitythe management of other vendors' products; and
otherdifficult scheduling and
delivery risks.problems. Most of the Company's systems integration projects use fixed
price contracts. The pricing of fixed price contracts requires accurate cost
estimation in order to be profitable.
Potential Fluctuations in Quarterly Results. The Company's quarterly
operating results may vary significantly, depending on a number of factors, some
of which could adversely affect the Company's operating results and the trading
price of the Company's Common Stock. These factors include timing of receipt of
system orders from and shipments to major customers; variation in the Company's
product mix and component costs; economic conditions prevailing within the
Company's geographic markets and in the world-wide automotive industry; market
acceptance of new products and services; the timing and levels of operating
expenditures; and exchange rate fluctuations. Any unfavorable change in these
or other factors could have a material adverse effect on the Company's operating
results for a particular quarter.
Quarterly sales depend in part on the volume and timing of orders received
during a quarter, which are difficult to forecast. Moreover, a disproportionate
percentage of the Company's net sales in any quarter are typically generated in
the last month of a quarter. As a result, a shortfall in net sales in any
quarter as compared to expectations may not be identifiable until the end of the
quarter. In addition, a significant portion of the Company's sales are derived
from a few customers. Hence, a decrease in the purchasing levels from one or
more of these customers could adversely impact operating results.
Dependence on International Sales. Part of the Company's revenue growth in
the past few years was due to increases in the Company's international sales,
particularly in Western Europe and Asia. International sales accounted for
approximately 35%, 32%, and 18% of net sales in fiscals 1998, 1997 and 1996.
The Company's international sales are subject to the risks inherent in
international sales, including political and economic changes and disruptions,
various regulatory requirements, and tariffs or other barriers. In addition,
fluctuations in exchange rates may render the Company's products less
competitive relative to local product offerings or may cause foreign customers
to delay or decrease potential orders. One or more of these factors may have a
material effect on the Company's future international sales and, consequently,
on the Company's operating results.
Competition. The markets for the Company's products are intensely
competitive and subject to rapid technological change. Some of the Company's
competitors have significantly greater financial, technical, product
development, manufacturing or marketing resources than the Company. In
addition, some of these competitors have a larger installed base than the
Company, particularly outside the United States. The Company believes that its
ability to compete depends on a number of factors, including price, product
functionality, product quality and reliability, system integration capabilities,
and post-sale service and support. There can be no assurance that the Company
will be able to continue to compete successfully with respect to these factors.
Competitors could introduce additional products or add features to their
existing products that are superior to the Company's products or that achieve
greater market acceptance.
9
Because of the foregoing factors, as well as other factors affecting the
Company's operating results, past financial performance should not be considered
to be a reliable indicator of future performance, and investors should not use
historical trends to anticipate results or trends in future periods.
8
Part II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
The annual meeting of stockholders was held on May 18, 1998.
The stockholders approved a proposal to elect the Board of Directors of the
Company to serve for the ensuing fiscal year. The proposal received the
following votes:
FOR AGAINST ABSTENTIONS
--------- ------- -----------
Howard O. Painter, Jr. 2,088,150 0 73,750
F. Gil Troutman, Jr. 2,088,150 0 73,750
J. Scott Kamsler 2,088,150 0 73,750
Michael A. Ford 2,076,250 0 85,650
The stockholders approved a proposal to increase the number of shares of
the Company's Common Stock reserved for issuance under its 1991 Stock Option
Plan by 111,000 shares. The proposal received the following votes:
FOR AGAINST ABSTENTIONS BROKER NON-VOTES
- --------- ------- ----------- ----------------
1,684,930 450,575 0 26,395
The stockholders ratified the appointment of the accounting firm of Grant
Thornton as independent accountants of the Company for the fiscal year ending
January 31, 1999. The proposal received the following votes:
FOR AGAINST ABSTENTIONS BROKER NON-VOTES
- --------- ------- ----------- ----------------
2,149,750 10,550 1,600 0
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------------------------------------------------
A. Exhibits: The following exhibits are filed or incorporated by reference as part of
this Report:
Ex. No. Description
- ------- -----------
3.1 Agreement and Plan of Merger between DSP Technology Inc., a California
corporation, and DSP Technology Inc., a Delaware corporation, dated
April 28, 1997, including as Exhibit A, Registrant's Certificate of
Incorporation.
3.2 Amended Restated By-Laws of Registrant.
10.53 1991 Stock Option Plan, as amended
27 Financial27-Financial Data ScheduleSchedule.
B. Reports on Form 8-K: None.
10
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 thereunto duly authorized.
DSP TECHNOLOGY INC.
-----------------------
(Registrant)
By: /s/ Jose M. Millares
------------------------------------------------
Jose M. Millares
Chief Financial Officer
Date: December 16, 1997
9
EXHIBIT INDEX
Ex. No. Description
- ------- -----------
3.1 Agreement and Plan of Merger between DSP Technology Inc., a California
corporation, and DSP Technology Inc., a Delaware corporation, dated
April 28, 1997, including as Exhibit A, Registrant's Certificate of
Incorporation.
3.2 Amended Restated By-Laws of Registrant.
10.53 1991 Stock Option Plan, as amended
27 Financial Data ScheduleSeptember 10, 1998
11