Pat,
SSPIF has some interesting partners and customers...
BURNABY, B.C., April 28 /PRNewswire/ -- Spectrum Signal Processing
(Nasdaq-NNM: SSPIF; TSE: SSY) today reports quarterly revenue for the three
months ended March 31, 1997 of $6,701,000 compared to $6,352,000 for the three
months ended March 31, 1996. Spectrum reported its seventh consecutive
quarterly net profit in the first quarter of 1997 of $448,000 or $0.05 per
share as compared with a net profit of $142,000 or $0.02 per share in the
first quarter 1996, representing a 215% increase in net profit.
During the first quarter of 1997, Spectrum announced several significant
developments. The company signed a new agreement with longtime partner
Loughborough Sound Images of England to extend manufacturing and distribution
rights which complements Spectrum's broad product line. The company signed a
cross-licensing agreement with Northrup Grumman Corporation to develop
Commercial-off-the-Shelf (COTS) DSP technology, reinforcing Spectrum's
leadership position in this market. At the Computer Telephony Expo in March,
Spectrum demonstrated its digital PBX capabilities with Nortel's
"Communicator" which Spectrum designed and manufactures for Nortel.
Spectrum also received wide acceptance of its announcement to develop
products based upon Texas Instruments' revolutionary TMS320C6x processor.
This was complemented by the recent announcement of the company's new Vice
President Marketing, Ron Wages, formerly of Texas Instruments and one of the
industry's leading DSP experts.
"We are pleased that net income exceeded plan, and although revenue was
slightly lower than expected due to delays in some orders, net income
increased due to improved gross margins in the quarter," states Barry Jinks,
Spectrum president CEO. "The forecast for second quarter orders is good,
and the company maintains a positive outlook for growth during the year."
Jinks adds, "We are extremely excited about the addition of Ron Wages to the
Spectrum executive team and expect he will make significant contributions to
the organization."
Spectrum Signal Processing is the leading North American supplier of DSP
system solutions. The company offers DSP software, off-the-shelf hardware,
custom ASIC design and complete custom systems. Customers such as Nortel,
NEC, IBM, the US Dept. of Defense, and Lockheed Martin benefit from Spectrum's
innovative, programmable DSP products by gaining competitive advantages such
as faster time to market and low-cost feature set upgradeability. Spectrum
Signal Processing is publicly traded on NASDAQ NMS under the symbol SSPIF and
on the TSE under the symbol SSY. The company is ISO9001 quality certified and
can be found on the web at www.spectrumsignal.com and is located at No. 100 -
8525 Baxter Place, Burnaby, B.C., Canada, (604) 421-5422, Fax (604) 421-1764.
Spectrum is ISO 9001 Quality Assurance Certified.
Visit Spectrum on the Internet at spectrumsignal.com
SPECTRUM SIGNAL PROCESSING INC.
STATEMENT OF OPERATIONS
(IN THOUSANDS OF DOLLARS, CDN., EXCEPT PER SHARE AMOUNTS)
Three Months Ended
------------------
03/31/97 03/31/96
Sales $6,701 $6,352
Income (loss) before taxes $717 $166
Net income (loss) $448 $142
Earnings (loss) per share $0.05 $0.02
Shares used in calculations 9,229 9,165
SOURCE Spectrum Signal Processing Inc.
-0- 04/28/97
/CONTACT: Susan Schoenhals, Investor Relations for Signal Processing,
604-421-5422, or susan schoenhals@spectrumsignal.com/
(SSPIF)
CO: Spectrum Signal Processing Inc.
ST: British Columbia
IN: CPR
SU: ERN
KS-CW
-- LAM032 --
7772 04/28/97 09:05 EDT prnewswire.com
Copyright 1997, PR Newswire |
