Spectrum Signal Processing of Burnaby, British Columbia, had what its chief executive officer called a “frustrating” quarter, reporting a net loss of $530,000 for the quarter ending June 30.
The loss compares with a net loss of $396,000 in the second quarter of 2005. Spectrum Signal brought in $3.8 million in revenues during the quarter, up from $3.4 million in revenues during the second quarter of 2005. Though headquartered in Canada, the company reported its finances using U.S. dollars.
But Pascal Spothelfer, president and chief executive officer of Spectrum Signal, said that these numbers represent more of a return to normalcy than a revenue increase.
“The last three months have been anything but pleasant,” Spothelfer said.
In order to fight the company’s losses, Brent Flichel, the chief financial officer, said that Spectrum would be “evaluating financing alternatives,” and expects to close on some sort of financing in the next three months.
The company specializes in radios driven by computer software, and builds platforms which are used for a variety of applications, including surveillance and satellite communications.
During the quarter, the company was awarded a deal to participate in a “design-in” with Lockheed Martin Corp. to use Spectrum’s flexComm satellite-compatible radio for Lockheed’s various next-generation communications efforts. Financial details of the arrangement were not disclosed.
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