Spire Corporation ("Spire") (Nasdaq: SPIR), a diversified global company providing solar photovoltaic (PV) equipment and systems, biomedical processing services and optoelectronic components announced today revenues from continuing operations for the year ended December 31, 2011 of $61.6 million, a 22.8% decrease from $79.8 million in 2010. Net loss for the year ended December 31, 2011 was $1.5 million, or $0.18 per diluted share, compared to a net loss of $0.4 million, or $0.05 per diluted share, for the same period of 2010. These results include a gain on a settlement with a contract manufacturer of $1.4 million, net of a tax provision of $0.9 million, or $0.16 per diluted share for 2011. Fiscal year 2010 results include a gain on the sale of the assets of its Medical Device business to Bard Access Systems, Inc. of $1.6 million, net of a tax provision of $1.0 million, or $0.20 per diluted share. In addition, the Company recorded gains of $0.4 million and $1.9 million, respectively, on terminations of contracts for 2011 and 2010.
Spire’s revenues for the fourth-quarter ended December 31, 2011 were $19.5 million from continuing operations, an increase of 8.5% from $18.0 million in the fourth-quarter of 2010. Net income for the quarter was $1.6 million, or $0.19 per diluted share, compared to a net loss of $0.2 million, or ($0.02) per diluted share, for the fourth-quarter of 2010. Spire recorded net income from continuing operations of $0.2 million in the fourth-quarter of 2011 compared to a net loss from continuing operations of $0.2 million in the fourth-quarter of 2010.
Gross margin for fiscal year 2011 was $12.5 million, or 20.3% of revenue, compared to $14.7 million, or 18.4% of revenue for fiscal year 2010, representing an improvement in gross margin percentage of 10.3% over the prior year.
Net cash used in operating activities of continuing operations was $3.1 million for the year ended 2011 as compared to net cash used in operating activities of continuing operations of $2.4 million for the same period last year. At year-end 2011, Spire had cash and cash equivalents of $4.8 million as compared to $6.3 million at December 31, 2010.
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