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Spire Corporation Reports Results For Second-Quarter 2013

Stocks in this article: SPIR

Spire Corporation (“Spire”) (OTCQB: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic (“PV”) modules and providing engineering, procurement and construction integration services for solar systems and biomedical processing services, today reported revenues from continuing operations for the second-quarter ended June 30, 2013 of $3.6 million, a 46% decrease from $6.6 million for the same quarter of 2012. This decline is primarily due to a decrease of $2.8 million in individual module equipment units delivered during the second-quarter of fiscal year 2013 as overcapacity in the global market continues to adversely affect the entire PV industry.

Net loss for the second-quarter of 2013 was $1.8 million, or $0.19 per diluted share, compared with a net loss of $1.8 million, or $0.21 per diluted share, for the second-quarter of 2012. Loss from continuing operations was $1.8 million for the three months ended June 30, 2013, as compared to net loss from continuing operations of $1.8 million for the same period in 2012.

Gross margin for the second-quarter of 2013 was $0.5 million, or 14% of revenue, compared to $1.2 million, or 18% of revenue, for the same period in 2012, representing a reduction in gross margin percentage of 22% for the three months ended June 30, 2013, primarily due to the decline in sales, lower indirect costs offset by the amount of overhead absorbed due to the reduction in sales volume.

Net cash used in operating activities was $1.9 million for the six months ended June 30, 2013, which includes $0.2 million of cash used in operating activities of discontinued operations, as compared to net cash used in operating activities of $4.3 million for the six months ended June 30, 2012 which includes $1.7 million of cash used in operating activities of discontinued operations. As of June 30, 2013, Spire had $1.7 million of unrestricted cash and cash equivalents.

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