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  "documentTitle": "DSP Group, Inc. (DSPG)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2013-05-13 00:00:00",
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      "kind": "callout",
      "text": "Half the revenue but more than twice the profitability",
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      "kind": "list",
      "text": "DSP's closest competitor, SiTel Semiconductor, prior to its acquisition by Dialog Semiconductor, generated far higher profitability on substantially less revenue, despite also investing in a number of new product areas including VOIP, home automation, and short range wireless communications.\nWhile SiTel's historical information prior to the acquisition is limited, the information that is available shows that SiTel has been far more profitable that DSP.",
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      "text": "EBITDA Margin: 13.7%",
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      "kind": "paragraph",
      "text": "Our nominees will closely oversee all expenses and look to drive DSP toward similar best in class operating performance while continuing to invest in new products to drive future revenue growth.",
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      "kind": "paragraph",
      "text": "Focus on improving the operating performance of the Company:",
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      "text": "(1) SiTel historical revenue is sourced from Dialog Semiconductor public financials. EBITDA numbers are estimates from a case study found on HgCapital (the majority owner of the business prior to its sale to Dialog Semiconductor).\n(2) DSP financials are sourced from company filings.",
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      "kind": "table",
      "text": "DSP Semiconductor Financials (2) Revenue 2006-2010, EBITDA 2006-2010, EBITDA Margin 2006-2010",
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      "kind": "table",
      "text": "SiTel Semiconductor Financials (1) Revenue 2006-2010, EBITDA 2006-2010, EBITDA Margin 2009-2010",
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      "kind": "title",
      "text": "Our Independent Nominees Have a Better Plan to Create Value",
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      "evidence": "Slides 37-45 present Starboard Value LP's nominees as a better solution.",
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