This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Spire Corporation Reports Results For Second-Quarter 2012

Spire Corporation ("Spire") (Nasdaq: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic ("PV") modules, engineering, procurement and construction ("EPC") integration services for solar systems and biomedical processing services today reported revenues from continuing operations for the second-quarter ended June 30, 2012 of $6.6 million, a 52% decrease from $13.9 million for the same quarter of 2011. This decline is primarily due to a decrease of $7.3 million in individual module equipment units delivered during the second-quarter of fiscal year 2012 as overcapacity in the global market continues to adversely affect the entire PV industry.

Net loss for the second-quarter of 2012 was $1.8 million, or $0.21 per diluted share, compared with a net income of $0.7 million or $0.08 per diluted share for the second-quarter of 2011. Loss from continuing operations was $1.8 million for the three months ended June 30, 2012, as compared to net income of $1.2 million for the same period in 2011, or a reduction in operating income of $3.0 million for the three months ended June 30, 2012. Net income for the second-quarter of 2011 includes a net loss from discontinued operations, net of taxes of $0.5 million or $0.06 per diluted 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 second-quarter of 2012 was $1.2 million, or 19% of revenue, compared to $5.3 million, or 38% of revenue for the same period in 2011, representing a reduction in gross margin percentage of 19% for the three months ended June 30, 2012, primarily due to the reduced volume and resulting unabsorbed fixed overhead cost.

Net cash provided by operating activities was $0.4 million for the six months ended June 30, 2012, which includes $3.7 million of cash provided by operating activities of discontinued operations, as compared to net cash used in operating activities of $0.7 million for the six months ended June 30, 2011 which includes $0.8 million of cash used in operating activities of discontinued operations. As of June 30, 2012, Spire had $7.2 million of unrestricted cash and cash equivalents.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs