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Spire Corporation Reports Results For Fourth-Quarter And Year-End 2011

Stocks in this article: SPIR

Roger G. Little, Chairman and CEO, stated “I am pleased with our revenue performance as evidenced by the top line growth on a quarter over quarter basis. Our Solar Business comprised 82% of our total revenue in 2011 which included the delivery of several Turn-Key Module Lines and a Back-End Thin Line along with increased volume for our high margin solar Simulators. The operating improvements are a result of the Company focusing on our core competencies, continued process improvements for our PV equipment business, and pursuing cost containment measures.”

Mr. Little continued, “The new staff additions to the Engineering Procurement and Construction business unit has help support the completion of a two megawatt solar system installed during the fourth-quarter of fiscal year 2011.

About Spire Corporation

Spire Corporation is a diversified company serving the solar energy, biomedical, telecommunications and defense industries worldwide with innovative products and services based upon a common technology platform. For further details on the Company and its products, please visit www.spirecorp.com.

           
Spire Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
 
Three Months Ended

December 31,

Year Ended

December 31,

  2011       2010     2011       2010  

Net sales and revenues

$ 19,511   $ 17,987   $ 61,558   $ 79,842  

Gain on termination of contracts

  409     1,051     409     1,888  

Loss from continuing operations

  (635 )   (176 )   (3,612 )   (2,835 )

Loss from continuing operations before income tax benefit

(676 ) (200 ) (3,745 ) (3,043 )

Income tax benefit – continuing operations

  908     0     890     1,146  

Net income (loss) from continuing operations

232 (200 ) (2,855 ) (1,897 )

Loss from discontinued operations before sale of business unit

0 0 0 (123 )

Gain on sale of discontinued operations & legal settlement –    net of taxes

  1,372     0     1,372     1,612  

Net income (loss)

$ 1,604   $ (200 ) $ (1,483 ) $ (408 )

Basic and diluted income (loss) per share:

From continuing operations after income taxes $ 0.03 $ (0.02 ) $ (0.34 ) $ (0.23 )
From discontinued operations, net of tax   0.16     0.00     0.16     0.18  
Basic income (loss) per share $ 0.19   $ (0.02 ) $ (0.18 ) $ (0.05 )

Weighted average number of common and common

    equivalent shares outstanding – basic

  8,458,285     8,356,044     8,386,188     8,341,356  

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

 

  8,459,469     8,356,044     8,386,188     8,341,356  
       

Summary of Condensed Consolidated Balance Sheet

 

 

December 31,2011

Assets

Current assets $ 17,636
Net property and equipment 3,281
Other assets   3,261
Total assets $ 24,178

Liabilities and stockholders' equity

Current liabilities $ 11,936
Total long-term liabilities 3,532
Stockholders’ equity   8,710
Total liabilities and stockholders’ equity $ 24,178

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.



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