16.05.03

16.5.2003: Meldung: Spire Corporation: First Quarter 2003 Results

Spire Corporation (Nasdaq: SPIR - News), which provides products and services to solar energy and biomedical device markets, today reported revenues for the first quarter ended March 31, 2003 of $2,959,000, compared to $3,327,000 for the first quarter of 2002. Net loss for the first quarter was $774,000, or $0.11 per share, compared to a net loss of $605,000, or $0.09 per share for the first quarter of 2002. Revenues of Spire Biomedical for the first quarter rose to $1,716,000, a 15% increase from $1,468,000 for the same quarter of 2002. The increase is a result of the continued strong demand for ion beam-based processing services and the rising sales of the Company"s split-tip hemodialysis catheter. Spire Solar revenues were $1,243,000, a 33% decline from $1,859,000 for the same quarter of 2002, primarily due to unanticipated delays in PV systems deliveries from Spire Solar Chicago.
Roger G. Little, President and CEO of Spire, said, "We are encouraged by the excellent performance of Spire Biomedical, which has expanded the capacity of its ion implantation processing facilities to meet increased demand from our customers, makers of artificial joints and other medical device components. Ion implantation is a high technology solution for improving the performance and longevity of orthopedic devices. Spire Biomedical also received a $750,000 National Institutes of Health award for an R&D program to further improve the performance of orthopedic implants. The goal of this program is to advance Spire"s surface-hardening treatment to reduce polyethylene wear, still a leading cause of failure in these implants."
"Although we are disappointed by the shipments from our Spire Solar Chicago operations, we have resolved the permit problems which prevented deliveries of PV systems during the quarter. Currently, Spire Solar Chicago is installing grid-connected systems at a number of new sites. Our Bedford-based solar module equipment business shipped a 5 megawatt SPI-LINE(TM) turnkey photovoltaic module production line to Huangshan Ho Tin Solar Technology Development Ltd. located in China, under a $1.35 million contract."
Spire Biomedical, Inc., a wholly owned subsidiary of Spire Corporation, provides premium medical products and biotechnology surface engineering services for improving the performance of implantable medical devices. For more information, visit Spire Biomedical"s web site at www.spirebiomedical.com.
Spire Corporation, through its wholly owned subsidiary of Spire Solar, Inc., provides solar electric systems for distributed power generation and is a leading supplier of photovoltaic module manufacturing equipment and turnkey solar energy businesses. For more information, visit Spire Corporation"s web site at www.spirecorp.com.

SPIRE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended March 31,
2003 2002
Net sales and revenues $2,959,000 $3,327,000
Loss from operations (781,000) (608,000)
Interest income, net 7,000 3,000
Loss before income taxes (774,000) (605,000)
Net loss $(774,000) $(605,000)
Loss per share of common stock - basic
and diluted $(0.11) $(0.09)
Weighted average number of common and
common equivalent shares outstanding -
basic and diluted 6,756,582 6,732,660
SUMMARY OF CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, December 31,
2003 2002
Assets
Current assets $13,745,000 $15,052,000
Net property and equipment 2,515,000 2,472,000
Other assets 266,000 248,000
Total assets $16,526,000 $17,772,000
Liabilities and stockholders" equity
Current liabilities $4,058,000 $4,528,000
Unearned purchase discount 1,466,000 1,469,000
Stockholders" equity 11,002,000 11,775,000
Total liabilities and stockholders"
equity $16,526,000 $17,772,000
Certain matters described in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on market growth, competition and dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in the Company"s Form 10-KSB filed with the Securities and Exchange Commission.

Contact:

Spire Corporation
Roger G. Little, President & CEO
rlittle@spirecorp.com
or
Gregory G. Towle, Financial Controller
gtowle@spirecorp.com
781/275-6000

Source: Spire Corporation
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