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Spire Corporation (Nasdaq: SPIR - News), a global solar company providing production equipment and turnkey manufacturing lines to manufacture photovoltaic (PV) modules, today reported revenues from continuing operations for the first-quarter ended March 31, 2010 of $18.9 million, a 66% increase from $11.4 million for the same quarter of 2009. Net loss for the first-quarter of 2010 was $0.7 million, or $0.08 per share, compared with a net loss of $1.5 million, or $0.18 per share, for the first-quarter of 2009. Loss from continuing operations before gains on termination of contracts was $1.3 million for the three months ended March 31, 2010, as compared to $2.7 million for the same quarter of 2009 or an improvement of $1.4 million year over year due to product mix and improved margins. These losses include $87,000 and $190,000, or $0.01 and $0.02 per share, for the first-quarters of 2010 and 2009, respectively, from the Company’s catheter business which was sold in December 2009 and has been classified as discontinued operations.
Roger G. Little, Chairman and CEO, said, “We are pleased with our sales growth driven by our Spire Solar business, which represents 81% of our total revenue for the quarter. We delivered a portion of the 50 megawatt per year module manufacturing line to UNICOR - Federal Prison Industries, Inc. with the balance of the equipment expected to be shipped in the second quarter of 2010. In addition, we continue to see strong volume with respect to our market leading SPI-Sun Simulator™ as well as an increase in the volume of solar cell revenue.”
Net cash used in operating activities was $5.1 million for the three months ended March 31, 2010 compared to net cash used in operating activities of $2.8 million for the same period last year. As of March 31, 2010, Spire had $5.1 million in cash and cash equivalents of which $3.3 million is unrestricted.
Mr. Little went on to say, “Spire Semiconductor revenues for the first quarter of 2010 increased 101% to $1.3 million, as compared to $656,000 for the same period last year. The increase was primarily attributable to shipments to the Department of Energy’s National Renewable Energy Laboratory, in connection with the development of a 42% efficient concentrator solar cell.”
“Spire Biomedical processing services continued to show sustainable growth, with a 10% increase in revenues to $2.0 million on a year over year basis with strong operating margins. With respect to the sale of the catheter business to Bard Access Systems, Inc. previously announced, we continue to manufacture catheters for Bard during the transition period and expect conclusion of the services agreement in the second quarter of 2010 and to receive additional milestone payments.”
About Spire Corporation
Spire Corporation, voted 2009’s Turnkey PV Manufacturing Line Company of the Year, is a global solar company providing capital equipment and turnkey production lines to manufacture PV cells and modules. For corporate or product information, contact Spire Corporation at 781-275-6000, or visit www.spirecorp.com.
Spire Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended March 31, 2010 2009 Net sales and revenues $ 18,865 $ 11,387
Gross Margin 3,762 1,365 Gain on termination of contracts 837 1,535 Loss from continuing operations (448 ) (1,178 ) Total other expense, net (127 ) (129 ) Loss from continuing operations before income tax provision (575 ) (1,307 ) Income tax provision – continuing operations – (27 ) Net loss from continuing operations (575 ) (1,334 ) Loss from discontinued operations – net of tax (87 ) (190 ) Net loss $ (662 ) $ (1,524 ) Basic and diluted loss per share:
From continuing operations after income tax $ (0.07 ) $ (0.16 ) From discontinued operations, net of tax (0.01 ) (0.02 ) Basic and diluted loss per share $ (0.08 ) $ (0.18 )
Weighted average number of common and common
equivalent shares outstanding – basic and diluted 8,334,688 8,333,132 Summary of Unaudited Condensed Consolidated Balance Sheets (in thousands) March 31, 2010 December 31, 2009 Assets
Current assets $ 40,028 $ 44,981 Property and equipment, net 5,191 5,364 Other assets 3,200 3,048 Total assets $ 48,419 $ 53,393 Liabilities and Stockholders' Equity
Current liabilities $ 36,675 $ 41,263 Long-term liabilities 2,717 2,626 Stockholders’ equity 9,027 9,504 Total liabilities and stockholders’ equity $ 48,419 $ 53,393
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.
Spire Corporation Robert S. Lieberman, 781-275-6000 Chief Financial Officer & Treasurer Info@SpireCorp.com
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