SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the Month of: March, 1999
SPECTRUM SIGNAL PROCESSING INC.
(Registrant's Name)
One Spectrum Court, 2700 Production Way, Suite 200
Burnaby, British Columbia, Canada V5A 4X1
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g30-2(b): 82------------.
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SPECTRUM SIGNAL PROCESSING INC.
One Spectrum Court
#200 - 2700 Production Way
Burnaby , B.C.
V5A 4X1
May 30, 2000
TO: British Columbia Securities Commission
Ontario Securities Commission
Toronto Stock Exchange
Dear Sirs:
RE: SPECTRUM SIGNAL PROCESSING INC. ( THE "COMPANY")
We confirm that the following material was sent by mail on May 30, 2000 to the
registered shareholders of the Company:
1. 2000 First Quarter Report
Yours truly,
SPECTRUM SIGNAL PROCESSING INC.
Per: /s/ Karen Elliott
Karen Elliott
Investor Relations Coordinator
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SPECTRUM SIGNAL PROCESSING, INC.
CONSOLIDATED BALANCE SHEETS
(EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS, EXCEPT SHARE AMOUNTS)
PREPARED IN ACCORDANCE WITH UNITED STATES GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES
December 31, March 31,
ASSETS 1999 2000
------------ --------
(Audited) (Unaudited)
<S> <C> <C>
Current assets
Cash and cash equivalents. . . . . . . . . . . . . . . $ 1,422 $ 1,527
Accounts receivable. . . . . . . . . . . . . . . . . . 6,461 3,475
Inventories. . . . . . . . . . . . . . . . . . . . . . 2,402 3,535
Deferred income taxes. . . . . . . . . . . . . . . . . - -
Prepaid expenses . . . . . . . . . . . . . . . . . . . 69 179
-------------------------------------------------------- ------------ --------
10,354 8,716
Property and equipment . . . . . . . . . . . . . . . . . 2,545 2,673
Other assets . . . . . . . . . . . . . . . . . . . . . . 3,669 3,252
-------------------------------------------------------- ------------ --------
$ 16,568 $14,641
============ ========
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------------------
Current liabilities
Bank indebtedness. . . . . . . . . . . . . . . . . . $ - $ -
Accounts payable. . . . . . . . . . . . . . . . . . . $ 3,319 $ 2,672
Accrued liabilities . . . . . . . . . . . . . . . . . 1,618 1,771
Current portion of long-term debt . . . . . . . . . . 73 72
-------------------------------------------------------- ------------ --------
5,010 4,515
Long-term debt . . . . . . . . . . . . . . . . . . . . . - -
Deferred income taxes. . . . . . . . . . . . . . . . . . 89 89
Stockholders' equity
Share capital
Authorized: 50,000,000 common shares, no par value
Issued: 10,484,568 (1999 - 10,395,204)
Outstanding: 10,251,268 (1999 - 10,161,904). . . . . . 16,374 16,757
Warrants . . . . . . . . . . . . . . . . . . . . . . . . 140 140
Additional paid-in capital . . . . . . . . . . . . . . . 76 76
Treasury stock, at cost, 233,300 shares (1999 - 233,300) (1,232) (1,232)
Deficit. . . . . . . . . . . . . . . . . . . . . . . . . (2,513) (4,268)
Accumulated other comprehensive income
Cumulative translation adjustments . . . . . . . . . . (1,376) (1,436)
-------------------------------------------------------- ------------ --------
11,469 10,037
------------ --------
$ 16,568 $14,641
============ ========
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SPECTRUM SIGNAL PROCESSING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
(EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS, EXCEPT PER SHARE AMOUNTS)
PREPARED IN ACCORDANCE WITH UNITED STATES GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES
3 months ended March 31,
1999 2000
------------ --------
(Unaudited) (Unaudited)
<S> <C> <C>
Sales. . . . . . . . . . . . . . . . . $ 5,638 $ 4,161
Cost of sales. . . . . . . . . . . . . 2,165 1,670
-------------------------------------- ------------ --------
3,473 2,491
Expenses
Administrative . . . . . . . . . . . 926 1,256
Sales and marketing. . . . . . . . . 1,456 1,317
Research and development . . . . . . 832 1,493
Amortization . . . . . . . . . . . . 359 366
3,573 4,432
------------ --------
Loss from operations . . . . . . . . . (100) (1,941)
Other
Interest expense and bank charges. . (45) (1)
Other income . . . . . . . . . . . . 56 8
-------------------------------------- ------------ --------
11 7
Loss before income taxes . . . . . . . (89) (1,934)
Income tax expense (recovery). . . . . 67 (179)
-------------------------------------- ------------ --------
Net loss . . . . . . . . . . . . . . . (156) (1,755)
-------------------------------------- ------------ --------
Deficit, beginning of period . . . . . (1,671) (2,513)
Deficit, end of period . . . . . . . . $ (1,827) $(4,268)
====================================== ============ ========
Loss per share
Basic. . . . . . . . . . . . . . . . $ (0.02) $ (0.17)
Diluted. . . . . . . . . . . . . . . $ (0.02) $ (0.17)
EBITDA . . . . . . . . . . . . . . . . 418 (1,371)
EBITDA per share
Basic. . . . . . . . . . . . . . . . $ 0.04 $ (0.13)
Diluted. . . . . . . . . . . . . . . $ 0.04 $ (0.13)
Weighted average shares (in thousands)
Basic. . . . . . . . . . . . . . . . 10,036 10,197
Diluted. . . . . . . . . . . . . . . 10,036 10,197
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<CAPTION>
SPECTRUM SIGNAL PROCESSING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS)
PREPARED IN ACCORDANCE WITH UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
3 months ended March 31,
1999 2000
------------ --------
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss from operations. . . . . . . . . . . . . . . . . . . . . . . $ (156) $(1,755)
Adjustments to reconcile net earnings (loss) to net cash
provided by operating activities
Amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . 518 570
Acquired in-process research and development. . . . . . . . . . . - -
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . 67 3
Changes in operating assets and liabilities
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 1,745 2,940
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . (43) (1,149)
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . 9 (110)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . (1,760) (619)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . 5 164
Deferred revenue. . . . . . . . . . . . . . . . . . . . . . . . - -
Net cash provided by operating activities . . . . . . . . . . . . . . . 385 44
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CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment. . . . . . . . . . . . . . . . . . (85) (322)
Proceeds from disposition of property and equipment . . . . . . . . . - -
Software and related development costs. . . . . . . . . . . . . . . . - -
Net cash used in investing activities . . . . . . . . . . . . . . . . . (85) (322)
------------------------------------------------------------------------ ------------ --------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in bank indebtedness . . . . . . . . . . . . . . . . . . . . 763 -
Repayment of bank indebtedness. . . . . . . . . . . . . . . . . . . . - -
Issue of shares from share options. . . . . . . . . . . . . . . . . . - 388
Repayment of long-term debt . . . . . . . . . . . . . . . . . . . . . (23) -
Net cash provided by financing activities . . . . . . . . . . . . . . . 740 388
------------------------------------------------------------------------ ------------ --------
Effect of foreign currency exchange rates on cash and cash equivalents. (1) (5)
------------------------------------------------------------------------ ------------ --------
Net increase (decrease) in cash and cash equivalents during the period. 1,039 105
Cash and cash equivalents, beginning of period. . . . . . . . . . . . . 1,693 1,422
Cash and cash equivalents, end of period. . . . . . . . . . . . . . . . $ 2,732 $ 1,527
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SPECTRUM SIGNAL PROCESSING INC.
------------------------------------
(Registrant)
/s/Martin C. McConnell
VP Finance & Chief Financial Officer
January 14, 1999 and Secretary
Date: -------------------- By: ----------------------------------
(Signature)
