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  "documentTitle": "DSP Group, Inc. (DSPG)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-05-13 00:00:00",
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  "notes": "Uses a comparison between actual DSP performance and hypothetical SiTel margins to illustrate the opportunity cost of R&D spending.",
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      "kind": "callout",
      "text": "SiTel generated margins between 12% - 19%, even while spending on new products",
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      "text": "Excessive overhead and significant investments outside the core Digital Telephony businesses have failed to generate returns, and instead have resulted in massive losses for the Company",
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      "kind": "disclaimer",
      "text": "(1) DSP financials are sourced from its SEC filings... (2) Digital Telephony revenue is not a defined term... (3) Operating profit margins of 10% to 20% represents general ranges...",
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      "kind": "metric",
      "text": "Operating Profit / (Loss): $273.3M",
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      "kind": "paragraph",
      "text": "In an effort to offset the decline in the Digital Telephony business, DSP has chosen to invest a substantial amount of its R&D in new products with the hope that these new products would generate significant revenue over time. However, DSP has generated substantial losses from its new products.",
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      "text": "DSP Historical and Estimated Financial Performance",
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      "text": "Excessive overhead and significant investments outside the core Digital Telephony businesses have failed to generate returns, and instead have resulted in massive losses for the Company",
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      "text": "The Profitability in the Core Digital Telephony Business has Been Overshadowed by Substantial Spending on New Products",
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