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 Third-Quarter 2012

Mr. Little concluded, "Based on the most recent industry marketing forecasts, the soonest we expect the PV equipment market to begin to show evidence of a recovery is in late 2013, and then increase global demand extending through at least 2017. When this happens, we believe that we are positioned to capitalize on market trends, including equipment re-tooling, the growth of regional PV module manufacturing, and PV module supply chain transactions. The Company is expecting to deliver its first Spi-Sun Simulator TM 5600SLP utilizing enhanced blue light technology to China during the fourth quarter of fiscal year 2012. In addition to the delivery of several new Spi-Sun Simulator TM 5600SLP during the third quarter of 2012, the Company anticipates sales volume of these systems to increase as module manufacturers replace older equipment, address measurement needs of thin films and 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 EndedSeptember 30,

Nine Months EndedSeptember 30,

  2012       2011     2012       2011  

Net sales and revenues

$

4,228

 

$

8,180

 

$

18,323

 

$

39,779

 

Operating loss from continuing operations

(2,018 ) (1,045 ) (5,414 ) (1,082 )

Total other expense, net

  (39 )   (25 )   (103 )   (92 )

Loss from continuing operations before income tax benefit (provision)

(2,057 ) (1,070 ) (5,517 ) (1,174 )

Income tax benefit (provision) – continuing operations

  24     (3 )   2,016     (18 )

Loss from continuing operations

(2,033 ) (1,073 ) (3,501 ) (1,192 )

Income (loss) from discontinued operations, net of tax

  (250 )   (697 )   2,761     (1,895 )

Net loss

$

(2,283

)

$

(1,770

)

$

(740

)

$

(3,087

)

Basic and diluted income (loss) per share:

 

 

From continuing operations, net of tax $ (0.24 ) $ (0.13 ) $ (0.41 ) $ (0.14 )

From discontinued operations, net of tax

  (0.03 )   (0.08 )   0.32     (0.23 )
Basic and diluted loss per share $ (0.27 ) $ (0.21 ) $ (0.09 ) $ (0.37 )

Weighted average number of common and common equivalent shares outstanding – basic and diluted

  8,562,633    

8,362,633

   

8,562,633

   

8,361,891

 
 
 

Summary of Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 
 

September 30,2012

 

December 31,2011

Assets

Current assets $ 13,971 $ 17,636
Property and equipment, net 1,331 1,354
Other assets   3,084   5,188

Total assets

$ 18,386 $ 24,178
 

Liabilities and stockholders' equity

Current liabilities $ 6,620 $ 11,936
Long-term liabilities 3,418 3,532
Stockholders’ equity   8,348   8,710
Total liabilities and stockholders’ equity $ 18,386 $ 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.

Copyright Business Wire 2010
2 of 2

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 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

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