Spire Corporation: Record Results for Fourth-Quarter and Year-End 2008

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Spire Corporation, a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic modules and cells worldwide, today reported record revenues for the year ended December 31, 2008 of $68.7 million, a 85% increase from $37.1 million in 2007. In addition, the Company recorded a $6.8 million  gain on a contract termination resulting in net income of $4.8 million  or $0.56 per diluted share for the year, compared with a net loss of $1.9 million, or $0.23 per diluted share, for 2007. We had an operating loss for the year of $267,000 before the gain on the contract termination.

Spire’s revenues for the fourth-quarter ended December 31, 2008 were $19.7 million, an increase of 69% from $11.6 million in the fourth-quarter of 2007, a record for the Company. Net income for the quarter was $5.1 million or $0.61 per diluted share, compared to a net loss of $1.1 million or $0.13 per share for the fourth-quarter of 2007. We had an operating loss of $878,000 in the fourth-quarter of 2008 before the gain on the contract termination.

Below the operating line for 2008, other expenses were $1.45 million which included a non-cash loss of $807,000 from our unconsolidated investment in our joint venture, Gloria Spire Solar, net interest expense of $212,000 and a foreign exchange loss of $430,000. For the fourth-quarter of 2008, other expenses totaled $491,000 compared to $95,000 for the same period last year. A provision of $270,000 for income taxes was made for 2008 compared to a benefit of $877,000 in 2007 due to a net operating loss for the year.

Net cash flow from operating activities was $5.5 million for the year ended 2008 compared to an operating cash flow loss of $7.3 million for the same period last year. At year-end 2008, Spire had $6.0 million in unrestricted cash and cash equivalent.

Roger G. Little, Chairman and CEO, said, “The fourth-quarter of 2008 was our eighth straight quarter of record revenue growth, mostly coming from solar turnkey lines and equipment. We delivered turnkey lines to India, Taiwan, China, and the United States. We also received a $54 million contract to supply solar cells to one of our customers, the Federal Prison Industries for two years.”

Mr. Little went on to say, “Spire Semiconductor revenues in 2008 increased by 21% compared to 2007. We were also selected by the Department of Energy’s National Renewable Energy Laboratory for a $3.7 million, 20% cost shared program to develop a 42% efficient concentrator solar cell.”

“Spire Biomedical processing services continued to show good performance and our contract research and development activity increased substantially due to the start of newly awarded contracts. We have no additional update on our catheter product line other than we are continuing to evaluate strategic alternatives,” concluded Mr. Little.

 About Spire Corporation

Spire Corporation is a global solar company providing turnkey production lines and capital equipment to manufacture photovoltaic modules and cells worldwide. Spire Semiconductor provides processing technology for Spire’s silicon solar cell manufacturing lines and produces and sells custom gallium arsenide cells for solar concentrator systems. For corporate or product information, contact Spire Corporation, “The Turnkey Solar Factory Company,” at 781-275-6000, or visit www.spirecorp.com.

Spire Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except share data)

        Three Months Ended

December 31,
        Year Ended

December 31,
        2008           2007         2008           2007

Net sales and revenues


$


19,693


$


11,647


$


68,652


$


37,068


Gain on sale of trademark





28





2,735


Gain on termination of contract


6,761





6,761





Gain (loss) from operations


5,883


(965


)


6,494


(3,922


)

Total other income (expense), net


(491


)


(95


)


(1,449


)


(189


)

Gain (loss) before income taxes and extraordinary gain


5,392


(1,060


)


5,045


(4,111


)

Income tax (provision) benefit


(270


)


(7


)


(270


)


877


Net income (loss) before extraordinary gain


5,122


(1,067


)


4,775


(3,234


)

Extraordinary gain (loss) on investment in joint venture





(10


)





1,301


Net income (loss)


$


5,122


$


(1,077


)


$


4,775


$


(1,933


)

Basic income (loss) per share:

From continuing operations after income taxes         $     0.61             $     (0.13     )         $     0.57             $     (0.39     )
From extraordinary gain, net of tax               —                     —                     —                     0.16     
Basic income (loss) per share         $     0.61               $     (0.13     )         $     0.57               $     (0.23     )

Diluted income (loss) per share:

From continuing operations after income taxes         $     0.61             $     (0.13     )         $     0.56             $     (0.39     )
From extraordinary gain, net of tax               —                     —                     —                     0.16     
Diluted income (loss) per share         

$
    0.61               $     (0.13     )         $     0.56               $     (0.23     )

Weighted average number of common and common

equivalent shares outstanding - basic
              8,330,688                     8,305,043                     



8,328,592




8,272,123


Weighted average number of common and common

equivalent shares outstanding - diluted
              8,412,381                     8,305,043                     



8,464,623




8,272,123


Summary of Condensed Consolidated Balance Sheets

                December 31, 2008

Assets

Current assets             $     57,876
Net property and equipment                 6,089
Other assets                   4,053
Total assets             $     68,018

Liabilities and stockholders' equity

Current liabilities             $     51,041
Total long-term liabilities                 3,459
Stockholders’ equity                   13,518
Total liabilities and stockholders’ equity             $     68,018


Certain matters described in this press release including those relating to Spire’s prospects for growth constitute forward-looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the Company’s strategic duration and the effect of such plans on the Company’s financial results. These forward-looking statements are 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-K and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in the press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.

Contact:
Spire Corporation
Christian Dufresne, 781-275-6000
Chief Financial Officer & Treasurer
Source: Spire Corporation
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