(Source: Business Wire)
Spire Corporation (Nasdaq: 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 second-quarter ended June 30, 2009 of $22.2 million, a 39% increase from $16million 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% increase from $29.6 million for the same sixmonth 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 $1.2million for the six months ended June30, 2009, compared to net cash provided by operating activities of $4.0 million for the same period in 2008. As of June30, 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% from a year ago, and now representing 86% 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.
