Spectrum Signal Processing stays independent; lays off 40 staffers

Spectrum Signal Processing Inc. recently conducted a strategic review, and decided to remain independent, while tightening its focus and restructuring its operations to achieve profitability. Spectrum had talked with several companies interested in acquiring part or all of the company, but none of the offers were better than its own standalone plan.

02/01/2004


Spectrum Signal Processing Inc. recently conducted a strategic review, and decided to remain independent, while tightening its focus and restructuring its operations to achieve profitability. Spectrum had talked with several companies interested in acquiring part or all of the company, but none of the offers were better than its own standalone plan.

Under its standalone strategy, Spectrum will restructure its business to focus on its wireless systems product line, which generated approximately $16.1 million in revenue during 2003. Investment in the company's voice-over-packet product line will be suspended, and Spectrum will continue seeking to divest this business group. Finally, the company is implementing plans to reduce annual operating costs, excluding depreciation, restructuring, and other charges, by approximately 27% or $4 million compared to 2003. These cost reductions will allow Spectrum to achieve positive operating earnings in 2004, excluding amortization, restructuring and other charges, with wireless product revenue levels comparable to 2003.

As part of its restructuring, Spectrum will reduce its staff by approximately 40 people, including four VPs in its business groups. Senior management positions in the new organization will be filled internally. The company expects to incur $2.5 million to $3.5 million in restructuring and other costs, including non-cash items over the next six to 12 months. Spectrum intends to pursue an equity financing in the near term to fund its restructuring activities.





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Robotic safety, collaboration, standards; DCS migration tips; IT/OT convergence; 2017 Control Engineering Salary and Career Survey
Integrated mobility; Artificial intelligence; Predictive motion control; Sensors and control system inputs; Asset Management; Cybersecurity
Big Data and IIoT value; Monitoring Big Data; Robotics safety standards and programming; Learning about PID
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
This article collection contains several articles on how automation and controls are helping human-machine interface (HMI) hardware and software advance.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
click me