Spire sees record revenues of $22.2 million in Q2

BEDFORD, USA: Spire Corp. reported revenues from continuing operations for the second-quarter ended June 30, 2009 of $22.2 million, a 39 percent increase from $16 million for the same quarter of 2008.

Net loss for the second-quarter of 2009 was $4.6 million, or $(0.55) per share, compared with a net loss of $269,000, or $(0.03) per share, for the second-quarter of 2008.

These losses include losses of $201,000 and $167,000, or $0.03 and $0.02 per share, for the second-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 six months ended June 30, 2009 were $33.6 million, a 13 percent increase from $29.6 million for the same six month period in 2008.

Net loss for the six months ended June 30, 2009 was $6.1 million, or $(0.73) per share, compared with a net loss of $792,000, or $(0.10) per share, for the same period in 2008.

These results include losses of $391,000 and $281,000, or $(0.05) and $(0.04) per share, for the six month period ended June 30, 2009 and 2008, respectively, from the company’s Medical Products Business unit which has been classified as a discontinued operation.

Also, during this period we initiated the dissolution of our solar systems joint venture which represented a loss of $1,023,000 in the first six months of 2009.

Net cash used in operating activities of continuing operations was $1.2 million for the six months ended June 30, 2009, compared to net cash provided by operating activities of $4.0 million for the same period in 2008. As of June 30, 2009, the company had cash and cash equivalents of $5 million of which $3.5 million is unrestricted.

Roger G. Little, Chairman and CEO, said: "We are pleased that we had record revenues this quarter with solar products and services, growing 51 percent from a year ago, and now representing 86 percent of our total revenue. A significant contribution came from the acceptance of our highly automated 50MW/year module assembly line by Martifer Solar of Portugal.

"Spire re-directed its solar PV systems group to focus on Federal systems, after initiating the process of dissolution of its systems joint venture. Spire Solar Systems will provide American systems to Federal agencies creating American jobs.

"Spire Semiconductor continued to advance its solar cell technology by achieving a major milestone toward the 42 percent efficiency goal of its National Renewable Energy Laboratory contract for a triple junction, 500 sun, concentrator solar cell."

"To provide working capital for our growing solar business, we negotiated an expanded $8 million revolving credit facility with Silicon Valley Bank,” concluded Little.