Spire Corporation Reports Results For Fourth-Quarter And Year-End 2011
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,|
|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|
|Net property and equipment||3,281|
|Liabilities and stockholders' equity|
|Total long-term liabilities||3,532|
|Total liabilities and stockholders’ equity||$||24,178|
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