North Coast Solar Stocks

November 16, 2009

Spire Corporation Reports Third-Quarter 2009 Results

Filed under: SPIR — Tags: , , , , , , — Jason @ 5:36 pm

— Revenues for first nine months grew 9% year over year

— Entered into Agreement to sell its medical products business unit

5:36 pm EST, Monday November 16, 2009

BEDFORD, Mass.–(BUSINESS WIRE)–Spire Corporation (SPIR), a global solar company providing capital equipment to manufacture photovoltaic (PV) modules, turnkey manufacturing lines and solar PV systems, today reported revenues from continuing operations for the third-quarter ended September 30, 2009 of $16.5 million, as compared to $16.6 million for the same quarter of 2008. Net loss for the third-quarter of 2009 was $3.5 million, or $(0.42) per share, compared with net income of $445,000, or $0.05 per share, for the third-quarter of 2008. These losses include losses of $1.2 million and $77,000, or $(0.15) and $(0.01) per share, for the third-quarter periods of 2009 and 2008, respectively, from the Company’s medical products business unit which has been classified as discontinued operations.

Revenues from continuing operations for the first nine months ended September 30, 2009 were $50.1 million, a 9% increase from $46.2 million for the same nine month period in 2008. Net loss for the nine months ended September 30, 2009 was $9.6 million, or $(1.15) per share, compared with a net loss of $347,000, or $(0.04) per share, for the same period in 2008. These results include losses of $1.6 million and $358,000, or $(0.20) and $(0.04) per share, for the nine month periods ended September 30, 2009 and 2008, respectively, from the Company’s medical products business unit which has been classified as discontinued operations.

Net cash provided by operating activities of continuing operations was $429,000 for the nine months ended September 30, 2009, compared to net cash provided by operating activities of $2.9 million for the same period in 2008. As of September 30, 2009, the Company had cash and cash equivalents of $6.3 million of which $4.9 million is unrestricted.

Roger G. Little, Chairman and CEO, said, “We are encouraged in a tough market by a 3% growth in revenue of our solar products and services business on a year over year basis for the third quarter ended September 30, 2009, as this segment represented 82% of our total revenue. The Company delivered two module lines and several orders for capital equipment to its customers as they position for expected global expansion of PV.”

“The Company also delivered solar cells to UNICOR, a wholly-owned government corporation, for the Spire-installed turnkey PV module factory as part of its ongoing commitment and partnership in support of the federal market. The Company was also awarded a new contract to expand their current 25 megawatt (MW) module manufacturing capacity by the addition of a 50MW module manufacturing line to be located in Sheridan, Oregon.”

Mr. Little went on to say “Spire Semiconductor revenues in the third quarter of 2009 decreased as compared to the same period last year. However, the Company achieved its first year milestone performance deliverable toward developing a 42% efficient concentrator solar cell under its National Renewable Energy Laboratory contract.”

“Spire Biomedical processing services continues to maintain its strong performance as revenues increased 15% from a year ago. During the quarter, the Company entered into an Asset Purchase Agreement to sell its medical products business unit to Bard Access Systems, Inc. The sale is pending at this time.”

Spire Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2009 2008 2009 2008
Net sales and revenues $ 16,564 $ 16,553 $ 50,124 $ 46,150
Income (loss) from operations (1,999 ) 600 (6,633 ) 969
Other expense, net (257 ) (33 ) (252 ) (549 )
Loss on equity investment in joint venture (45 ) (1,023 ) (409 )
Income tax provision (23 ) (64 )
Loss from discontinued operations – net of taxes (1,248 ) (77 ) (1,639 ) (358 )
Net income (loss) $ (3,527 ) $ 445 $ (9,611 ) $ (347 )
Income (loss) per share – basic and diluted $ (0.42 ) $ 0.05 $ (1.15 ) $ (0.04 )
Weighted average number of common and common

equivalent shares outstanding – basic

 

8,334,688

 

8,330,688

8,334,175

 

8,327,889

Weighted average number of common and common

equivalent shares outstanding – diluted

 

8,334,688

 

8,425,059

 

8,334,175

 

8,327,889

Summary of Unaudited Condensed Consolidated Balance Sheets
(in thousands)
September 30,
2009
December 31,
2008
Assets
Current assets $ 60,884 $ 56,022
Property and equipment, net 6,029 6,075
Other assets 2,909 3,687
Current and other assets of discontinued operations 1,368 2,234
Total assets $ 71,190 $ 68,018
Liabilities and stockholders’ equity
Current liabilities $ 62,057 $ 50,168
Current liabilities of discontinued operations 1,703 873
Total long-term liabilities 2,506 3,459
Stockholders’ equity 4,924 13,518
Total liabilities and stockholders’ equity $ 71,190 $ 68,018

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.

Contact:

Spire Corporation
Christian Dufresne, 781-275-6000
Chief Financial Officer & Treasurer
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