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Spire Corporation ("Spire") (Nasdaq: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic ("PV") modules and providing engineering, procurement and construction ("EPC") integration services for solar systems today reported revenues from continuing operations for the first-quarter ended March 31, 2012 of $7.5 million, a 58% decrease from $17.7 million for the same quarter of 2011 primarily due to a decrease of $7.2 million in non-recurring solar cell materials revenue.
Net income for the first-quarter of 2012 was $3.4 million, or $0.39 per share compared with a net loss of $2.0 million or $(0.24) per share for the first-quarter of 2011. Income from continuing operations was $0.4 million for the three months ended March 31, 2012, as compared to a loss of $1.3 million, or an improvement in operating income of $1.7 million as compared to the three months ended March 31, 2011. Net income for the first-quarter of 2012 includes net income from discontinued operations, net of taxes of $3.0 million or $0.35 per share from the Company’s Semiconductor business unit, which was sold in March 2012 and accordingly was classified as discontinued operations.
Gross margin for the first quarter of 2012 was $2.0 million, or 26.1% of revenue, compared to $3.1 million, or 17.6% of revenue for the same period in 2011, representing an improvement in gross margin percentage of 8.5% as compared to the three months ended March 31, 2011, primarily due to lower margins realized on solar cell materials in the prior year.
Net cash provided by operating activities was $1.5 million for the three months ended March 31, 2012, which includes $3.9 million of cash provided by operating activities of discontinued operations, as compared to net cash used in continuing operations of $0.5 million for the three months ended March 31, 2011. As of March 31, 2012, Spire had $8.4 million in cash and cash equivalents.