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Spire Corporation Reports Second-Quarter 2011 Results

Stocks in this article: SPIR

Spire Corporation (Nasdaq: SPIR), a global solar company that provides capital equipment and turn-key manufacturing lines to produce photovoltaic (PV) modules, as well as offering Engineering, Procurement, and Construction (EPC) integration services for solar systems, today reported revenues from continuing operations for the second-quarter ended June 30, 2011 of $14.7 million, a 34% reduction from $22.3 million for the same quarter of 2010. Net income for the second-quarter of 2011 was $0.7 million, or $0.08 per share, compared to net income of $1.4 million, or $0.16 per share for the second-quarter of 2010. Net income for the second-quarter of 2010 includes a net gain of $1.6 million or $0.19 per share from the Company’s Medical Products Business Unit which has been classified as discontinued operations.

Revenues from continuing operations for the first six months ended June 30, 2011 were $33.1 million, a 20% decrease from $41.2 million for the same six month period in 2010. Net loss for the six months ended June 30, 2011 was $1.3 million, or $(0.16) per share, compared to net income of $707 thousand, or $0.09 per share, for the same period in 2010. These results include net income of $1.5 million, or $0.18 per share, for the six month period ended June 30, 2010 from the Company’s Medical Products Business Unit which has been classified as discontinued operations.

Gross margin for the second-quarter ended June 30, 2011 was $5.2 million or 35% of revenue, compared to $3.7 million, or 16% for the second-quarter of 2010, representing an increase of $1.5 million, or 41% on a year-over-year basis.

Net cash used in operating activities of continuing operations was $0.5 million for the six months ended June 30, 2011, compared to net cash used in operating activities of $1.9 million for the same period in 2010, an improvement of $1.4 million. As of June 30, 2011, the Company had unrestricted cash and cash equivalents of $5.3 million.

Roger G. Little, Chairman and CEO, said, “We are encouraged by our operating performance for the second-quarter of fiscal year 2011. The Company’s strategic focus on its core business lines, with an emphasis on its metrology suite, generated operating income for the three month period ended June 30, 2011. Through continued investments in the sales and marketing area, along with productivity advances, the Company recognized revenue on over 50 individual units of solar equipment during the quarter. This historic volume improved gross margins based on the favorable product mix when compared to the same quarter in fiscal year 2010.”

Mr. Little went on to say, “We are positioned to drive future earnings through top-line growth related to our capital equipment for the PV solar industry, augmented by opportunities for our EPC integration services. We have continued confidence that our current portfolio of solar equipment, along with new equipment currently under design, will enable us to pursue strategies to capitalize on these opportunities. We will also look to take further advantage of our manufacturing capabilities, in order to improve the lead times of our equipment, increase our speed to market, and significantly reduce costs.”

Conference Call Information

Spire Corporation will host a conference call on Thursday, August 4, 2011 at 4:30 p.m. (EDT). On the call, Spire Corporation’s Chairman and CEO, Roger G. Little and Chief Financial Officer and Treasurer, Robert S. Lieberman, will discuss Spire’s second-quarter 2011 financial results, as well as the Company’s business outlook and growth strategy.

During the call, the Company may answer questions concerning business and financial developments, trends, and other business and financial matters. The Company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.

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