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Spire Corporation Reports Results For Second-Quarter 2012

Stocks in this article: SPIR

Roger G. Little, Chairman and CEO, stated, "The quarterly revenue and operating loss is in line with our expectations as a result of the collapse of the PV equipment market driven by worldwide overcapacity of module manufacturing. We anticipated the market collapse and have taken significant cost reduction measures."

Mr. Little concluded, "Based on recent industry marketing forecasts, we expect the PV equipment market to begin to recover in late 2013 then potentially increasing in global demand extending through at least 2016. As this happens, we believe that we are positioned to capitalize on equipment re-tooling, the growth of regional PV module manufacturing and PV module supply chain transactions. During this quarter, we successfully introduced and delivered our first Spi-Sun Simulator TM 5600SLP and anticipate sales of this new system to increase as module manufacturers replace older equipment, address measurement needs of high efficiency module technology and expand production."

About Spire Corporation

Spire Corporation is a global solar company providing capital equipment and turn-key production lines to manufacture PV modules. For further details on the Company and its products, please visit www.spirecorp.com.

                       

Spire Corporation and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 
Three Months Ended June 30, Six Months Ended June 30,
  2012     2011     2012     2011  

Net sales and revenues

$

6,620

 

$

13,871

 

$

14,095

 

$

31,599

 

Operating income (loss) from continuing operations

(1,787 ) 1,243 (3,396 ) (37 )

Total other expense, net

  (35 )   (39 )   (64 )   (67 )
Income (loss) from continuing operations before
income tax benefit (provision) (1,822 ) 1,204 (3,460 ) (104 )
Income tax benefit (provision) – continuing
operations   --     (15 )   1,992     (15 )

Income (loss) from continuing operations

(1,822 ) 1,189 (1,468 ) (119 )
Income (loss) from discontinued operations,
net of tax   --     (495 )   3,011     (1,198 )

Net income (loss)

$

(1,822

)

$

694

 

$

1,543

 

$

(1,317

)

Basic income (loss) per share:

 

 

From continuing operations, net of tax $ (0.21 ) $ 0.14 $ (0.17 ) $ (0.02 )
From discontinued operations, net of tax   --     (0.06 )   0.35     (0.14 )
Basic income (loss) per share $ (0.21 ) $ 0.08   $ 0.18   $ (0.16 )

Diluted income (loss) per share:

 

 

From continuing operations, net of tax $ (0.21 ) $ 0.14 $ (0.17 ) $ (0.02 )
From discontinued operations, net of tax   --     (0.06 )   0.35     (0.14 )
Diluted income (loss) per share $ (0.21 ) $ 0.08   $ 0.18   $ (0.16 )
Weighted average number of common and
common equivalent shares outstanding – basic   8,562,633     8,362,633     8,562,633     8,361,514  
Weighted average number of common and
common equivalent shares outstanding – diluted   8,562,633     8,362,937     8,562,633     8,361,514  
 
           

Summary of Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 

June 30,2012

December 31,2011

Assets

Current assets $ 17,044 $ 17,636
Property and equipment, net 1,084 1,354
Other assets   3,021   5,188

Total assets

$ 21,149   $ 24,178
 

Liabilities and Stockholders' Equity

Current liabilities $ 7,371 $ 11,936
Long-term liabilities 3,302 3,532
Stockholders’ equity   10,476   8,710
Total liabilities and stockholders’ equity $ 21,149   $ 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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