16.11.2004: Meldung: Spire Corporation Third Quarter and Nine Months 2004 Results
Total net sales and revenues for the nine months ended September 30, 2004 were $13,016,000, an increase of 21% compared to $10,787,000 for the nine months ended September 30, 2003. Net loss was $1,898,000 or $0.28 per basic share for the nine months ended September 30, 2004, compared with net earnings of $1,238,000 or $0.18 per basic share for the nine months ended September 30, 2003.
Roger G. Little, President and CEO of Spire, said, "Revenues for the quarter were slightly lower than those of the third quarter of 2003. This decrease was primarily due to the lower sales of our solar equipment. Offsetting this decrease were increases in our solar systems and continued gains in our Biomedical Products and Services area. Loss before income taxes was slightly higher than in the third quarter of 2003 primarily due to the decrease in revenues."
"Year-to-date revenues increased 21% primarily due to an increase in our solar systems sales, the inclusion of Bandwidth"s operating results for a full nine months in 2004 and continued gains within our biomedical product lines. These increases were partially offset by a decline in solar equipment sales. Net earnings (loss) in 2004 decreased $3,136,000 primarily due to the $1,989,000 decrease in the gain on sale of license and, to a lesser extent, the increased fixed costs associated with the Company"s semiconductor foundry."
"We continue to focus on the operations of our core product lines and are monitoring our ongoing expenses. Our operational costs were lower in the third quarter of 2004 than in 2003 due to the net decrease in sales and decreased internal research and development expenses. Selling, general and administrative expenses have steadily declined over the last three quarters even though we increased sales and marketing efforts over the same period. Our balance sheet remains strong with approximately $4.4 million in cash, total assets of more than $19.4 million and no bank debt," concluded Mr. Little.
David R. Lipinski, 781-275-6000
Source: Spire Corporation