4/28/2003 - Spectrum Signal Processing Inc. (NASDAQ: SSPI / TSX: SSY) a leading provider of high performance wireless signal processing and packet-voice solutions, announced its financial results for the first quarter ended March 31, 2003. Spectrum reports all results in U.S. dollars and in accordance with U.S. GAAP.
For the quarter ended March 31, 2003, Spectrum recorded sales of $5.7 million, consistent with sales in the prior quarter and down 6% from sales of $6.1 million in the first quarter of 2002. Spectrum recorded break-even net earnings for quarter ended March 31, 2003, compared to a net loss of $2.4 million in the prior quarter (including a $1.6 million restructuring charge), or a loss of $0.16 per share and net earnings of $218,000 or $0.02 per share for the first quarter of 2002. Spectrum’s gross margin was 62% in the first quarter of 2003, compared to a 57% gross margin in the prior quarter and a 60% gross margin in the first quarter of 2002.
Spectrum’s cash position at March 31, 2003 stood at $2.8 million, down from $3.5 million at December 31, 2002 and up from the $1.3 million in cash at March 31, 2002. The reduction in the company’s cash is primarily due to capital asset outlays and increased working capital requirements attributable to the timing of customer deliveries during the quarter.
“First quarter expenses, net of a positive $260,000 Technology Partnerships Canada offset, remained stable, helping us to achieve break-even financial performance,” stated Pascal Spothelfer, Spectrum’s President and CEO. “Looking forward, we affirm our annual revenue guidance of $26 million to $29 million, annual gross margins in the 56% to 59% range, and positive net earnings for the year, all of which will be driven by increasing sales of new aXsTM and flexComm products.”
Mr. Spothelfer added, “Market validation of our wireless and packet-voice products continues to be strong as exhibited by UTStarcom initiating its first deployment purchase orders and NASA selecting Spectrum's SDR-3000 technology for its CLIDE program. On the partnership front, we have established key Value Added Reseller agreements with Harris Corporation and Wind River Systems over the last several weeks."
Spectrum will conduct a conference call and live audio web cast on April 24, 2003 at 4:30 pm Eastern / 1:30 pm Pacific time. The call can be accessed by dialing 1.800.273.9672, or by accessing the audio web cast from Spectrum’s web site at www.spectrumsignal.com. A replay of the call will be available from April 24, 2003 to May 1, 2003 and can be accessed by dialing 1.416.695.5800 followed by the access code 1395302, or by visiting www.spectrumsignal.com.
About Spectrum Signal Processing Inc.
Spectrum Signal Processing designs, develops and markets high performance wireless signal processing and packet-voice processing subsystems for use in communications infrastructure equipment. Spectrum’s optimized hardware, software and chip technology work together to collect, compress and convert voice and data signals. Leveraging its 16 years of design expertise, Spectrum provides its customers with faster time to market and lower costs by delivering highly flexible, reliable and high-density solutions. Spectrum subsystems are targeted for use in government communications systems, satellite hubs, cellular base stations, media gateways and next-generation voice and data switches. More information on Spectrum and its aXs and flexComm product lines is available at www.spectrumsignal.com.
TMaXs is a trademark of Spectrum Signal Processing Inc.
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