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Spire Corporation Reports Results for Fourth-Quarter and Year-End 2010

^{Published on 2011-03-15 14:30:32 - Market Wire}
 

BEDFORD, Mass.--([ BUSINESS WIRE ])--[ Spire Corporation ] (Nasdaq: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic (PV) modules and providing Engineering, Procurement and Construction (EPC) integration services for [ solar systems ] today reported record revenues from continuing operations for the year ended December 31, 2010 of $79.8million, a 14.3% increase from $69.9million in 2009. Net loss for the year ended December 31, 2010 was $0.4million, or $0.05 per diluted share, compared to a net loss of $5.3 million, or $0.63 per diluted share, for the same period of 2009. These results include a gain on the sale of the assets of its Medical Device business to Bard Access Systems, Inc. of $1.6 million, net of a tax provision of $1.0 million, or $0.20 per diluted share, for 2010 and a gain of $5.5million, net of a tax provision of $2.2million, or $0.66 per diluted share for 2009. In addition, the Company recorded gains of $1.9million and $3.1 million, respectively, on terminations of contracts for 2010 and 2009.

Spirea™s revenues for the fourth-quarter ended December 31, 2010 were $18.0 million from continuing operations, a decrease of 8.6% from $19.7million in the fourth-quarter of 2009. Net loss for the quarter was $0.2million, or $0.02 per diluted share, compared to net income of $4.3 million, or $0.52 per diluted share, for the fourth-quarter of 2009. Spire recorded a net loss from continuing operations of $0.2million in the fourth-quarter of 2010 compared to a net loss from continuing operations of $0.7million in the fourth-quarter of 2009.

Gross margin for fiscal year 2010 totaled $14.7 million, or 18.4% of revenue, compared to $6.5 million, or 9.3% of revenue for fiscal year 2009, representing an increase of $8.2million, or 126%.

Net cash used in operating activities of continuing operations was $2.4million for the year ended 2010 as compared to net cash used in operating activities of continuing operations of $3.7 million for the same period last year. At year-end 2010, Spire had cash and cash equivalents of $6.3million of which $6.28 million is unrestricted.

[ Roger G. Little ], Chairman and CEO, said aThis was a good year for Spire. Our revenue growth was driven by broad-based expansion of our solar business which accounted for 84% of our total revenues. We added a number of new solar customers. We delivered several [ turn-key module lines ] and an increased number of high margin [ solar simulators ]. We continue to drive processing and engineering improvements for our PV equipment and are pursuing cost containment initiatives.a

Conference Call Information

Spire Corporation will conduct a conference call webcast for investors to discuss the information contained in this press release on Wednesday, March 16, 2011 at 4:30 p.m. EDT. On the call, Chairman, Chief Executive Officer and President, Roger G. Little, and Chief Financial Officer and Treasurer, Robert S. Lieberman will discuss Spirea™s fourth-quarter and year-end 2010 financial results, as well as the Companya™s business outlook and growth strategy. During the conference call, the Company may answer questions concerning business and financial developments, trends, and other business and financial matters. The Companya™s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.

Those who wish to listen to the conference call webcast should visit the [ Investors ] section of the Companya™s website at [ www.SpireCorp.com ]. The live call can also be accessed by dialing 800.261.3417 (international:617.614.3673) with the pass code 24894849. If you are unable to listen to the live call, the webcast will be archived on the Companya™s website.

About Spire Corporation

[ Spire Corporation ] is a global solar company providing advanced technology, capital equipment and turn-key production lines to manufacture PV modules. To learn more about Spire Corporation, visit [ www.SpireCorp.com ] or email [ PR@SpireCorp.com ].

Summary of Condensed Consolidated Balance Sheet

Certain matters described in this press release including those relating to Spirea™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 Companya™s strategic duration and the effect of such plans on the Companya™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 Form10-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.