[earnings!]
Whoa! I was expecting them before the open tomorrow.
Here they are as big as life:
RELEASE DATE: February 12, 1998
CONTACT: Susan Schoenhals, Spectrum Signal Processing Inc., 604-421-5422
Email: Susan_Schoenhals@spectrumsignal.com
SPECTRUM SIGNAL PROCESSING INC. REPORTS
RECORD REVENUE AND PROFIT FROM CONTINUING OPERATIONS FOR 1997
Ongoing DSP Systems Business posts 33% revenue growth and 68% earnings increase
Burnaby, B.C., Canada - February 12, 1998 - Spectrum Signal Processing (NASDAQ NMS: SSPIF / TSE: SSY) today reported revenue from continuing operations for the year ended December 31, 1997 of $36,452,000 compared to $27,358,000 for the same period a year ago, an increase of 33%. For the year ended December 31, 1997, the Company reported record after tax earnings from continuing operations of $3,307,000 o $0.36 per share, an increase of 68% versus net earnings of $1,974,000 or $0.21 per share for the comparable period in 1996. During 1997, the Company made the decision to discontinue its low margin Desktop Computer Telephony board business, which had revenue in 1997 of $719,000 compared to $9,556,000 for the same period in 1996, in order to concentrate on its DSP Systems business. The discontinued business had a loss after tax of $737,000 or ($0.08) per share in the year ended December 31, 1997, compared to net earnings of $176,000 or $0.02 per share for the same period a year ago.
For the fourth quarter of 1997, Spectrum reported quarterly revenue from continuing operations of $11,318,000 compared to $10,972,000 for the same period a year ago. The Company reported continuing quarterly after tax earnings of $1,070,000 or $0.12 per share for the three months ended December 31, 1997 compared to earnings of $1,054,000 or $0.11 per share in the fourth quarter of 1996.
"I am excited about the Company's progress in the DSP Systems business. The margin improvement in this business validates the decision we made to exit the Desktop Computer Telephony market earlier this year," said Barry Jinks, president & CEO. "I am also very pleased the Company met its earnings plan with the help of increased margins in DSP Systems and favorable exchange rate fluctuations. We have solidified our position as the worldwide leader in DSP system solutions and will continue to make strategic investments in the first half of 1998 to ensure future growth. The Company's expansion of its presence in Europe and in its key vertical markets will increase costs in the first half of 1998, however these investments are expected to show returns in the second half of the year," added Jinks.
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, 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 is located at #100 - 8525 Baxter Place, Burnaby, B.C., Canada. ph (604) 421-5422; fax (604) 421-1764. Spectrum can be found on the web at www.spectrumsignal.com.
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.
Full report:
spectrumsignal.com |
