Pat,
The more I read, the more I like....
BURNABY, B.C., Oct. 27 /CNW-PRN/ - Spectrum Signal Processing (NASDAQ
NMS: SSPIF, TSE: SSY) today reports quarterly revenue for the three months
ended September 30, 1997 of $10,644,000 compared to $9,828,000 for the same
period ended September 30, 1996. The Company reports net income of $541,000
or $0.06 per share as compared with net income of $553,000 or $0.06 per share
in the same quarter a year ago. Over the nine months ending September 30,
1997 the Company's revenue totaled $25,613,000 compared to $23,935,000 for the
same period last year and net income totaled 1,550,000 or $0.17 per share
compared with net income of $937,000 or $0.10 per share for the same nine
month period in 1996.
''We are executing on our strategy to phase out the low margin Desktop CT
business in order to concentrate on higher margin DSP Systems business which
is ahead of plan at 65% revenue growth in the first nine months of the year.
This transition is evident in the third quarter increase in gross margin from
48% in 1996 to 55% in 1997, reflecting the higher contribution of DSP Systems
business,'' said Barry Jinks, Spectrum president and CEO. ''However, this
transition is slowing our traditional year over year revenue and earnings
growth in the short term and we expect this trend to continue in the fourth
quarter,'' he added. The company continues to invest significantly in new
research and development efforts, particularly in 'C6x products which have
seen strong initial demand as witnessed in the first sales wins announced last
month.
Spectrum recently announced the most significant product launch in the
company's history with the introduction of the industry's highest performance
product solutions based on Texas Instruments new 'C6x chip. Spectrum received
industry recognition for being the first to demonstrate working 'C6x
multi-processing capabilities at DSP World, the industry's largest trade show,
which took place in mid September. Although 'C6x products willnot be
available until early 1998, Spectrum has already received its first two sales
wins totaling $1.2 million for 'C6x product solutions. The company believes
these early successes are an indication of the future demand for Spectrum's
'C6x solutions and expects to see significant 'C6x revenue in 1998, when the
product suite starts shipping.
Spectrum Signal Processing is the leading worldwide 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,
Hewlett Packard, Northrop Grumman, NEC, Daewoo Telecom, 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 IS09001 quality certified and is located at No.
100 - 8525 Baxter Place, Burnaby, B.C., Canada, ph (604) 421-5422; fax (604)
421-1764. Spectrum be found on the web at www.spectrumsignal.com.
Spectrum Signal Processing Inc.
Consolidated Statement of Operations
(thousands of dollars Cdn., except per share amounts)
Three Months Ended Nine Months Ended
------------------ -----------------
9/30/97 9/30/96 9/30/97 9/30/96
Sales $10,644 $9,828 $25,613 $23,935
Income before taxes $ 861 $ 882 $ 2,478 $ 1,333
Net income $ 541 $ 553 $ 1,550 $ 937
Earnings per share $ 0.06 $ 0.06 $ 0.17 $ 0.10
Shares used in Calculations 9,243 9,2O4 9,229 9,185
Any statements made by the company that are not historical facts are
forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties, including the
timely development and acceptance of new products, the impact of competitive
products and pricing, changing market conditions and the other risks detailed
in the company's prospectus and from time to time in other filings. Actual
results may differ materially from those projected. These forward-looking
statements represent the company's judgment as of the date of this release.
The company may or may not update these forward-looking statements in the
future.
SOURCE: Spectrum Signal Processing Inc.
-0- 10/27/97
/CONTACT: Susan Schoenhals, Spectrum - Investor Relations,
(604) 421-5422, Email: Susan_Schoenhals(at)spectrumsignal.com/
(SSY. SSPIF)
Ground Breaking Design Wins For TMS320C6x Products
Strongest acceptance of recently announced products
in Company's history
SAN DIEGO, Sept. 17 /PRNewswire/ -- Spectrum Signal Processing
(Nasdaq NMS: SSPIF / TSE: SSY) today announces at DSP World, the industry's
premier trade show, its first two sales wins totaling $1.2 million for its
recently announced 'C6x product solutions supporting Texas Instruments'
TMS320C6x architecture. The initial orders were placed by long standing
customer, the U.S. Department of Defense (DoD) and a leading CD-ROM technology
provider in the compact disc manufacturing industry. These advance orders for
Spectrum's Monaco VME boards, Daytona PCI boards, modules and DSP software
reflect an overwhelming acceptance of the performance specifications of
Spectrum's new C6x products.
"These early 'C6x-based product wins for Spectrum indicate the strong
demand for TI's new DSP processor. Spectrum's unique array of capabilities
positions it to be a major supplier of DSP system solutions based on the
'C6x," comments Will Strauss, president of Forward Concepts, a leading DSP
market research firm.
"TI's 'C6x high-performance programmable DSPs could enable the replacement
of multiple DSPs by one chip, resulting in cost per channel savings --
particularly for cellular infrastructure and RAS/ISP modem banks," said Joyce
Putscher, Senior Analyst at Micro Logic for In-Stat Inc., an Arizona-based
technology research firm specializing in semi-conductors and more recently
DSPs.
After conducting a thorough survey of 'C6x product offerings in the
market, the U.S DoD chose Spectrum's 'C6x solution to fulfill its
communications requirements on a key program. They also indicated that they
are looking at utilizing Spectrum's 'C6x architecture for future projects.
Similarly, the CD-ROM technology provider, who asked to be unnamed due to
the competitive advantages this solution provides, chose the high-performance
features and technical details of Spectrum's 'C6x products over all other
competitors. Spectrum's boards will be embedded into their flagship product
which is currently in volume production. An ongoing flow of orders for
Spectrum's 'C6x products is expected from this customer.
"These wins are a testament to the superior architecture of Spectrum's
'C6x products and are an early indication of how well Spectrum's solutions are
suited to meet the demands of real world applications," says Ron Wages,
Spectrum's Vice President of Marketing. He added, "The Company expects its
'C6x product solutions to appeal to a wide array of vertical markets including
cellular infrastructure and remote access servers."
Barry Jinks, Spectrum's president & CEO echoes, "We have never experienced
such a strong initial interest in newly announced products. We expect to see
significant 'C6x revenue in 1998, when this product family starts shipping".
Spectrum Signal Processing is the world's leading 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.
Spectrum can be found on the web at www.spectrumsignal.com and is located at
No. l00 - 8525 Baxter Place, Burnaby, B.C., Canada. (604) 421-5422; fax
(604)421-1764.
SOURCE Spectrum Signal Processing Inc.
-0- 09/17/97
/CONTACT: Susan Schoenhals, Spectrum - Investor Relations, 604-421-5422,
Email: Susan_Schoenhals@spectrumsignal.com, or Tanis MacSween, Spectrum -
Marketing Communications, 604-421-5422, Email:
Tanis_MacSween@spectrumsignal.com/
(SSPIF SSY.)
CO: Spectrum Signal Processing Inc.
ST: California
IN: CPR
SU: PDT
MB-DB
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