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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, engineering, procurement and construction ("EPC") integration services for solar systems and biomedical processing services, today reported revenues from continuing operations for the third-quarter ended September 30, 2012 of $4.2 million. This represents a 48% reduction from $8.2 million for the same quarter of 2011. The decline is predominately a result of the reduced number of units shipped in the module equipment business.
Net loss for the third-quarter of 2012 was $2.3 million, or $0.27 per diluted share, compared to a net loss of $1.8 million, or $0.21 per diluted share for the third-quarter of 2011. Loss from continuing operations was $2.1 million for the three months ended September 30, 2012, as compared to a loss of $1.1 million, or an increase in the operating loss of $1.0 million for the three months ended September 30, 2011.
Revenues from continuing operations for the nine months ended September 30, 2012 were $18.3 million, a 54% decrease from $39.8 million for the same nine month period in 2011. Net loss for the nine months ended September 30, 2012 was $0.7 million, or $0.09 per diluted share, compared with a net loss of $3.1 million, or $0.37 per diluted share, for the same period in 2011.
Net cash used in operating activities was $1.5 million for the nine months ended September 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 $3.6 million for the nine months ended September 30, 2011 which includes $1.1 million of cash used in operating activities of discontinued operations. As of September 30, 2012, the Company had unrestricted cash and cash equivalents of $5.2 million.
Roger G. Little, Chairman and CEO, stated, "The solar industry continued to experience a slowdown in manufacturing expansion driven by worldwide overcapacity as originally projected for the current fiscal year. The Company has developed several plans including cost containment efforts and potential strategic alternatives to offset the decline in business due to these global economic conditions."