Spire Corporation (Nasdaq: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic (PV) modules and Engineering, Procurement and Construction (EPC) integration services for solar systems, today reported revenues from continuing operations for the first-quarter ended March 31, 2011 of $18.4 million, a 2% decrease from $18.9 million for the same quarter of 2010.
Net loss for the first-quarter of 2011 was $2.0 million, or $0.24 per share compared with a net loss of $0.7 million or $0.08 per share for the first-quarter of 2010. Loss from continuing operations was $2.0 million for the three months ended March 31, 2011 as compared to $1.3 million before a gain on termination of contracts for the first-quarter of 2010, or an increase in operating loss of $0.7 million year-over-year. The net loss for the first-quarter of 2010 includes a net loss of $87 thousand or $0.01 per share from the Company’s Medical Products business unit, which was sold in December 2009 and was classified as discontinued operations.
Net cash used in continuing operations was $0.5 million for the three months ended March 31, 2011, as compared to net cash used in continuing operations of $5.1 million for the three months ended March 31, 2010. As of March 31, 2011, Spire had $5.7 million in cash and cash equivalents.
Roger G. Little, Chairman and CEO, said “Revenues in the first-quarter of fiscal 2011 were about the same as last year, although we were less profitable due to product mix. In particular, we had an increase of 43% in solar cell sales, on a year-over-year basis, to $7.1 million at lower profit margin than from sales of solar equipment and turn-key lines.”“During the quarter, we shipped a record number of Spi-Sun Simulators™, which are now used in over 30 PV module test laboratories and hundreds of manufacturing facilities worldwide.”