Spectrum Signal Processing Inc (NASDAQ SC: SSPI) Last Update: 4:00:00 PM ET Jul 29, 2004
Spectrum Signal Processing Reports Positive Second Quarter Results
BURNABY, British Columbia, Jul 29, 2004 (BUSINESS WIRE) -- Spectrum Signal Processing, Inc. (SSPI)(SSY) today announced its financial results for the second quarter of 2004. Spectrum reports all results in US dollars and in accordance with US GAAP. Second quarter financial highlights include:
- Revenues of $4.2 million; - Gross margins of 60%; - Net operating expenses of $2.4 million; - Net earnings of $0.2 million; and, - A cash balance of $2.1 million at June 30, 2004.
"At the beginning of this year, we communicated our goal of returning Spectrum to outright profitability over the course of 2004," said Mr. Brent Flichel, Spectrum's Chief Financial Officer. "I'm pleased to announce that we have achieved this milestone in our second quarter. Looking forward, we expect to maintain a profitable base business from which to grow our portfolio of design-ins."
FINANCIAL RESULTS
Revenues for the second quarter of 2004 were $4.2 million, a decrease of 2% compared to revenues of $4.3 million for the first quarter of 2004 and an increase of 2% compared to revenues of $4.1 million for the second quarter of 2003. Wireless revenues were $3.0 million for the second quarter of 2004, an increase of 7% compared to wireless revenues of $2.8 million for the first quarter of 2004 and an increase of 36% compared to wireless revenues of $2.2 million for the second quarter of 2003. Packet-voice revenues were $1.2 million for the second quarter of 2004, a decrease of 20% compared to packet-voice revenues of $1.5 million for the first quarter of 2004 and a decrease of 37% compared to packet-voice revenues of $1.9 million for the second quarter of 2003. The year-over-year decrease in packet-voice revenues reflects the company's residual product and services revenues earned pursuant to an agreement concluded with UTStarcom in December 2003. The company's packet-voice revenues are expected to decline over the second half of 2004.
Gross margins for the second quarter of 2004 were 60%, compared to 58% for the first quarter of 2004 and 42% for the second quarter of 2003.
Operating expenses for the second quarter of 2004 were $2.4 million, compared to $4.8 million for the first quarter of 2004 and $4.2 million for the second quarter of 2003. Operating expenses for the second quarter of 2004 included a $0.2 million expense offset recorded pursuant to the Company's research and development funding agreement with Technology Partnerships Canada (TPC). Operating expenses for the first quarter of 2004 included restructuring related charges of $2.6 million and TPC expense offsets of $0.6 million.
Spectrum recorded net earnings of $153,000 for the second quarter of 2004, or $0.01 per share, compared to a net loss of $2.3 million, or $0.16 per share, for the first quarter of 2004 and a loss of $2.5 million, or $0.17 per share, for the second quarter of 2003.
Spectrum's cash position, net of bank indebtedness, at June 30, 2004 stood at $2.1 million, compared to $1.3 million at March 31, 2004.
OPERATIONAL HIGHLIGHTS During the second quarter of 2004, Spectrum announced:
- A $1.2 million contract award from an international defense contractor for the supply of six SDR-3000 platforms for use in the development and field trial testing of an electronic warfare system;
- A contract award from Lockheed Martin Space Systems which will use Spectrum's SDR-3000 platform to develop advanced communications systems targeted at a variety of defense communications programs;
- The achievement of a Joint Tactical Radio System (JTRS) milestone via the successful port of a software-defined version of the COBRA waveform to Spectrum's SDR-3000 platform thereby proving the premise of waveform portability across JTRS radio platforms; and,
- A contract award from Oakridge National Labs, which will use Spectrum's SDR-3000 platform to develop and demonstrate multi-standard Radio Frequency Identification (RFID) readers.
CONFERENCE CALL INFORMATION
Spectrum will conduct a conference call and live audio webcast on July 29, 2004 at 4:30 pm Eastern / 1:30 pm Pacific time. The call can be accessed via telephone by dialing 1.877.211.7911, or via audio webcast at www.spectrumsignal.com. A replay of the call will be available from July 29, 2004 to August 3, 2004 and can be accessed by dialing 1.416.695.5800 followed by the access code 3079977#, or by visiting www.spectrumsignal.com.
FORWARD-LOOKING SAFE HARBOUR STATEMENT
The statements by Brent Flichel, and the above statements contained in this Business Outlook, are forward-looking statements that involve a number of risks and uncertainties. In addition to factors discussed above, among other factors that could cause actual results to differ materially are the following: change in business strategy, political, business and economic conditions, growth rates of the defense and commercial wireless markets, government budget cycles, changes in customer order patterns, the cost and availability of key components, successful contract negotiations, competitive factors, technology changes, the ability to successfully develop and market new products, the acceptance of new products, pricing pressures, and the ability to grow new defense and commercial wireless business. Readers are referred to Spectrum's assumptions and other risk factors set out in the most current Form 20-F filed with the Securities and Exchange Commission and with the British Columbia Securities Commission. The company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which reflect management's best effort to provide guidance based on all known conditions on the date the statements are made. The company may or may not update these forward-looking statements in the future.
Spectrum Signal Processing Reports Positive Second Quarter Results
BURNABY, British Columbia, Jul 29, 2004 (BUSINESS WIRE) -- Spectrum Signal Processing, Inc. (SSPI)(SSY) today announced its financial results for the second quarter of 2004. Spectrum reports all results in US dollars and in accordance with US GAAP. Second quarter financial highlights include:
- Revenues of $4.2 million; - Gross margins of 60%; - Net operating expenses of $2.4 million; - Net earnings of $0.2 million; and, - A cash balance of $2.1 million at June 30, 2004.
"At the beginning of this year, we communicated our goal of returning Spectrum to outright profitability over the course of 2004," said Mr. Brent Flichel, Spectrum's Chief Financial Officer. "I'm pleased to announce that we have achieved this milestone in our second quarter. Looking forward, we expect to maintain a profitable base business from which to grow our portfolio of design-ins."
FINANCIAL RESULTS
Revenues for the second quarter of 2004 were $4.2 million, a decrease of 2% compared to revenues of $4.3 million for the first quarter of 2004 and an increase of 2% compared to revenues of $4.1 million for the second quarter of 2003. Wireless revenues were $3.0 million for the second quarter of 2004, an increase of 7% compared to wireless revenues of $2.8 million for the first quarter of 2004 and an increase of 36% compared to wireless revenues of $2.2 million for the second quarter of 2003. Packet-voice revenues were $1.2 million for the second quarter of 2004, a decrease of 20% compared to packet-voice revenues of $1.5 million for the first quarter of 2004 and a decrease of 37% compared to packet-voice revenues of $1.9 million for the second quarter of 2003. The year-over-year decrease in packet-voice revenues reflects the company's residual product and services revenues earned pursuant to an agreement concluded with UTStarcom in December 2003. The company's packet-voice revenues are expected to decline over the second half of 2004.
Gross margins for the second quarter of 2004 were 60%, compared to 58% for the first quarter of 2004 and 42% for the second quarter of 2003.
Operating expenses for the second quarter of 2004 were $2.4 million, compared to $4.8 million for the first quarter of 2004 and $4.2 million for the second quarter of 2003. Operating expenses for the second quarter of 2004 included a $0.2 million expense offset recorded pursuant to the Company's research and development funding agreement with Technology Partnerships Canada (TPC). Operating expenses for the first quarter of 2004 included restructuring related charges of $2.6 million and TPC expense offsets of $0.6 million.
Spectrum recorded net earnings of $153,000 for the second quarter of 2004, or $0.01 per share, compared to a net loss of $2.3 million, or $0.16 per share, for the first quarter of 2004 and a loss of $2.5 million, or $0.17 per share, for the second quarter of 2003.
Spectrum's cash position, net of bank indebtedness, at June 30, 2004 stood at $2.1 million, compared to $1.3 million at March 31, 2004.
OPERATIONAL HIGHLIGHTS During the second quarter of 2004, Spectrum announced:
- A $1.2 million contract award from an international defense contractor for the supply of six SDR-3000 platforms for use in the development and field trial testing of an electronic warfare system;
- A contract award from Lockheed Martin Space Systems which will use Spectrum's SDR-3000 platform to develop advanced communications systems targeted at a variety of defense communications programs;
- The achievement of a Joint Tactical Radio System (JTRS) milestone via the successful port of a software-defined version of the COBRA waveform to Spectrum's SDR-3000 platform thereby proving the premise of waveform portability across JTRS radio platforms; and,
- A contract award from Oakridge National Labs, which will use Spectrum's SDR-3000 platform to develop and demonstrate multi-standard Radio Frequency Identification (RFID) readers.
CONFERENCE CALL INFORMATION
Spectrum will conduct a conference call and live audio webcast on July 29, 2004 at 4:30 pm Eastern / 1:30 pm Pacific time. The call can be accessed via telephone by dialing 1.877.211.7911, or via audio webcast at www.spectrumsignal.com. A replay of the call will be available from July 29, 2004 to August 3, 2004 and can be accessed by dialing 1.416.695.5800 followed by the access code 3079977#, or by visiting www.spectrumsignal.com.
FORWARD-LOOKING SAFE HARBOUR STATEMENT
The statements by Brent Flichel, and the above statements contained in this Business Outlook, are forward-looking statements that involve a number of risks and uncertainties. In addition to factors discussed above, among other factors that could cause actual results to differ materially are the following: change in business strategy, political, business and economic conditions, growth rates of the defense and commercial wireless markets, government budget cycles, changes in customer order patterns, the cost and availability of key components, successful contract negotiations, competitive factors, technology changes, the ability to successfully develop and market new products, the acceptance of new products, pricing pressures, and the ability to grow new defense and commercial wireless business. Readers are referred to Spectrum's assumptions and other risk factors set out in the most current Form 20-F filed with the Securities and Exchange Commission and with the British Columbia Securities Commission. The company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which reflect management's best effort to provide guidance based on all known conditions on the date the statements are made. The company may or may not update these forward-looking statements in the future.
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