17.8.2006: Meldung: Spire Corporation Reports Q2 2006 Results

Spire Corporation reported revenues of $3,895,000 for the three months ended June 30, 2006, compared to $7,347,000 for the three months ended June 30, 2005. Net loss was $2,081,000 or $0.26 per basic share for the three months ended June 30, 2006, compared with net income, including the gain on the sale of licenses, of $4,698,000 or $0.69 per basic share for the three months ended June 30, 2005.

Revenues for the six months ended June 30, 2006, were $9,268,000, compared to $11,527,000 for the six months ended June 30, 2005. Net loss was $4,085,000 or $0.54 per basic share for the six months ended June 30, 2006, compared with net income, including the gain on the sale of licenses, of $3,118,000 or $0.45 per basic share for the six months ended June 30, 2005.

Roger G. Little, Chairman and CEO of Spire, said, "This was a tough quarter in comparison to last year. We delivered one major equipment line during first six months compared with two major equipment lines and one major solar system for the same period last year. We have experienced certain delays in customer purchases of our solar equipment due to the current industry shortage of polysilicon; however, we are seeing higher margins."

Mr. Little concluded, "This quarter we completed a private placement of equity to strengthen our balance sheet that provided $7.7 million of added working capital to fund the next stage in the Company"s growth. Our biomedical device business received market clearance from the Food and Drug Administration for a next-generation, coated hemodialysis catheter."

About Spire Corporation

Spire Corporation is a diversified technology company providing innovative solar energy manufacturing equipment, biomedical devices and optoelectronic components. For more information visit www.spirecorp.com.

SPIRE CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
2006 2005 2006 2005
------------- ------------- ------------ ------------
Net sales and
revenues $ 3,895,000 $ 7,347,000 $ 9,268,000 $11,527,000
---------------- ------------- ------------- ------------ ------------
Gain on sale of
licenses -- 6,320,000 -- 6,320,000
------------- ------------- ------------ ------------
Income (loss)
from operations (2,117,000) 4,819,000 (4,094,000) 3,316,000
----------------
Other income
(expense), net 36,000 (121,000) 9,000 (198,000)
------------- ------------- ------------ ------------
Income (loss)
before income
taxes (2,081,000) 4,698,000 (4,085,000) 3,118,000
------------- ------------- ------------ ------------
Net income
(loss) $(2,081,000) $ 4,698,000 $(4,085,000) $ 3,118,000
---------------- ------------- ------------- ------------ ------------
Earnings (loss)
per share of
common stock -
basic $ (0.26) $ 0.69 $ (0.54) $ 0.45
---------------- ------------- ------------- ------------ ------------
Earnings (loss)
per share of
common stock -
diluted $ (0.26) $ 0.67 $ (0.54) $ 0.44
---------------- ------------- ------------- ------------ ------------
Weighted average
number of
common and
common
equivalent
shares
outstanding -
basic 7,905,479 6,856,616 7,572,598 6,855,783
------------- ------------- ------------ ------------
Weighted average
number of
common and
common
equivalent
shares
outstanding -
diluted 7,905,479 7,042,492 7,572,598 7,045,315
------------- ------------- ------------ ------------


SUMMARY OF CONDENSED CONSOLIDATED BALANCE SHEET

June 30, 2006
----------------
Assets
-----------------------------------------------------
Current assets $ 15,801,000
Net property and equipment 3,626,000
Other assets 2,356,000
----------------
Total assets $ 21,783,000
----------------
Liabilities and stockholders" equity
-----------------------------------------------------
Current portion of capital lease obligations $ 1,094,000
Accounts payable and accrued liabilities 3,580,000
Advances on contracts in progress 1,589,000
----------------
Total current liabilities 6,263,000

Total long-term liabilities 2,270,000

Stockholders" equity 13,250,000
----------------
Total liabilities and stockholders" equity $ 21,783,000
----------------

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, 781-275-6000
Chairman & CEO
Aktuell, seriös und kostenlos: Der ECOreporter-Newsletter. Seit 1999.
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x