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.
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