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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
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