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Spire Corporation Reports Third Quarter 2011 Results

Stocks in this article: SPIR

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 third quarter ended September 30, 2011 of $8.9 million. This represents a 57% reduction from $20.6 million for the same quarter of 2010 which was favorably impacted by non-recurring solar cell materials revenue of $2.5 million and $7.3 million of revenue related to the installation of four solar systems, on a year over year basis. Net loss for the third quarter of 2011 was $1.8 million, or $(0.21) per share, compared to a net loss of $915 thousand, or $(0.11) per share for the third quarter of 2010.

Revenues from continuing operations for the nine months ended September 30, 2011 were $42.0 million, a 32% decrease from $61.9 million for the same nine month period in 2010 which included non-recurring revenues in solar cell materials of $10.5 million and $8.1 million of revenue recognized with respect to the installation of five solar systems, on a year over year basis. Net loss for the nine months ended September 30, 2011 was $3.1 million, or $(0.37) per share, compared with a net loss of $208 thousand, or $(0.03) per share, for the same period in 2010. These results include a net gain of zero for the nine month period ended September 30, 2011 and $1.5 million, or $0.18 per share, for the nine month period ended September 30, 2010 from the Company‚Äôs Medical Products business unit which has been classified as a discontinued operation.

Net cash used in operating activities of continuing operations was $3.4 million for the nine months ended September 30, 2011, as compared to $2.4 million for the same period in 2010. As of September 30, 2011, the Company had unrestricted cash and cash equivalents of $2.3 million.

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