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Spire Corporation Reports Third Quarter 2011 Results

Stocks in this article: SPIR

Roger G. Little, Chairman and CEO, said, “Third quarter operating results were disappointing as we experienced the world wide slowdown in capital equipment spending in the solar industry. However, we anticipated the slowdown early in the year and reduced our costs considerably minimizing operational losses.”

“Operationally, we are encouraged by the continued success of our metrology product line. We are investing in manufacturing equipment advancements, especially in metrology, to better help our customers optimize throughput, efficiency and yield in their module manufacturing lines.”

Mr. Little continued, “We have hired new staff to expand our EPC business, taking advantage of recent cost reductions of modules and the fast growing domestic market for systems.

“Also we have a number of high volume potential customers evaluating our world record efficiency concentrator solar cells. In addition, we are reviewing strategic alternatives within our business segments,” concluded Mr. Little.

Conference Call Information

Spire Corporation will host a quarterly conference call to discuss the third quarter 2011 results on Friday, November 11, 2011 at 4:30 p.m. (EST).

On the call, Spire Corporation’s Chairman and CEO, Roger G. Little and Chief Financial Officer and Treasurer, Robert S. Lieberman who will review Spire’s financial results for the third quarter of 2011.

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.

Those who wish to listen to the conference call should visit the Investors section of the Company’s website, www.spirecorp.com. The dial-in number to participate in the conference call is 800-295-3991; international callers may use +1 617-614-3924 . The passcode for all participants is 32774586. For those who miss the event, an archive will be available at www.spirecorp.com.

About Spire Corporation

Spire Corporation is a global solar company providing capital equipment and turn-key production lines to manufacture PV modules. For further details on the Company and its products, please visit the Company's website at www.spirecorp.com.

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 and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

           
Three Months Ended September 30, Nine Months Ended September 30,
2011     2010 2011     2010

Net sales and revenues

$

8,943

 

$

20,645

 

$

42,047

 

$

61,855

 

Operating loss from continuing operations

(1,742 ) (1,050 ) (2,977 ) (2,659 )

Total other expense, net

  (25 )   (32 )   (92 )   (184 )

Loss from continuing operations before  income tax provision

(1,767 ) (1,082 ) (3,069 ) (2,843 )

Income tax benefit (provision) – continuing  operations

  (3 )   167     (18 )   1,146  

Loss from continuing operations

(1,770 ) (915 ) (3,087 ) (1,697 )

Income from discontinued operations, net of tax

  --     --     --     1,489  

Net loss

$

(1,770

)

$

(915

)

$

(3,087

)

$

(208

)

Basic and diluted income (loss) per share:

 

From continuing operations, net of tax $ (0.21 ) $ (0.11 ) $ (0.37 ) $ (0.21 )
From discontinued operations, net of tax   --     --     --     0.18  
Basic and diluted loss per share $ (0.21 ) $ (0.11 ) $ (0.37 ) $ (0.03 )

Weighted average number of common and  common equivalent shares outstanding – basic

 

8,362,633

   

8,338,188

   

8,361,891

   

8,336,406

 

Weighted average number of common and  common equivalent shares outstanding – diluted

 

 

8,362,633

   

 

8,338,188

   

 

8,361,891

   

 

8,336,406

 
 
Summary of Unaudited Condensed Consolidated Balance Sheets

(in thousands)

           

September 30,2011

December 31,2010

Assets

Current assets $ 27,095 $ 26,451
Property and equipment, net 3,625 4,588
Other assets   3,131   3,546
Total assets Total assets $ 33,851 $ 34,585

Liabilities and stockholders' equity

Current liabilities $ 23,778 $ 21,285
Long-term liabilities 3,244 3,395
Stockholders’ equity   6,829   9,905
Total liabilities and stockholders’ equity $ 33,851 $ 34,585




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