Spire Corporation ("Spire") (Nasdaq: SPIR), a global solar company
providing capital equipment and turn-key manufacturing lines to produce
photovoltaic ("PV") modules, engineering, procurement and construction
("EPC") integration services for solar systems and biomedical processing
services, today reported revenues from continuing operations for the
third-quarter ended September 30, 2012 of $4.2 million. This represents
a 48% reduction from $8.2 million for the same quarter of 2011. The
decline is predominately a result of the reduced number of units shipped
in the module equipment business.
Net loss for the third-quarter of 2012 was $2.3 million, or $0.27 per
diluted share, compared to a net loss of $1.8 million, or $0.21 per
diluted share for the third-quarter of 2011. Loss from continuing
operations was $2.1 million for the three months ended September 30,
2012, as compared to a loss of $1.1 million, or an increase in the
operating loss of $1.0 million for the three months ended September 30,
2011.
Revenues from continuing operations for the nine months ended September
30, 2012 were $18.3 million, a 54% decrease from $39.8 million for the
same nine month period in 2011. Net loss for the nine months ended
September 30, 2012 was $0.7 million, or $0.09 per diluted share,
compared with a net loss of $3.1 million, or $0.37 per diluted share,
for the same period in 2011.
Net cash used in operating activities was $1.5 million for the nine
months ended September 30, 2012, which includes $3.7 million of cash
provided by operating activities of discontinued operations, as compared
to net cash used in operating activities of $3.6 million for the nine
months ended September 30, 2011 which includes $1.1 million of cash used
in operating activities of discontinued operations. As of September 30,
2012, the Company had unrestricted cash and cash equivalents of $5.2
million.
Roger G. Little, Chairman and CEO, stated, "The solar industry continued
to experience a slowdown in manufacturing expansion driven by worldwide
overcapacity as originally projected for the current fiscal year. The
Company has developed several plans including cost containment efforts
and potential strategic alternatives to offset the decline in business
due to these global economic conditions."
Mr. Little concluded, "Based on the most recent industry marketing
forecasts, the soonest we expect the PV equipment market to begin to
show evidence of a recovery is in late 2013, and then increase global
demand extending through at least 2017. When this happens, we believe
that we are positioned to capitalize on market trends, including
equipment re-tooling, the growth of regional PV module manufacturing,
and PV module supply chain transactions. The Company is expecting to
deliver its first Spi-Sun SimulatorTM 5600SLP utilizing
enhanced blue light technology to China during the fourth quarter of
fiscal year 2012. In addition to the delivery of several new
Spi-Sun SimulatorTM 5600SLP during the third quarter of
2012, the Company anticipates sales volume of these systems to increase
as module manufacturers replace older equipment, address measurement
needs of thin films and high efficiency module technology, and expand
production."
About Spire Corporation
Spire
Corporation is a global solar company providing capital equipment
and turn-key production lines to manufacture PV modules. For further
details on the Company and its products, please visit www.spirecorp.com.
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Spire Corporation and Subsidiaries
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Unaudited Condensed Consolidated Statements of Operations
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(in thousands, except share and per share amounts)
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2012
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2011
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2012
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2011
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Net sales and revenues
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$
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4,228
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$
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8,180
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$
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18,323
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$
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39,779
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Operating loss from continuing operations
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(2,018
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)
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(1,045
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)
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(5,414
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)
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(1,082
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)
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Total other expense, net
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(39
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)
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(25
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)
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(103
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)
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(92
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)
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Loss from continuing operations before income tax benefit
(provision)
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(2,057
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)
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(1,070
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)
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(5,517
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)
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(1,174
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)
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Income tax benefit (provision) – continuing operations
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24
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|
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(3
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)
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2,016
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|
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(18
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)
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Loss from continuing operations
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(2,033
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)
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|
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(1,073
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)
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|
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(3,501
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)
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|
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(1,192
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)
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Income (loss) from discontinued operations, net of tax
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|
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(250
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)
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(697
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)
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2,761
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|
|
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(1,895
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)
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Net loss
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$
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(2,283
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)
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$
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(1,770
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)
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$
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(740
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)
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$
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(3,087
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)
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Basic and diluted income (loss) per share:
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From continuing operations, net of tax
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$
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(0.24
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)
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$
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(0.13
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)
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$
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(0.41
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)
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$
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(0.14
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)
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From discontinued operations, net of tax
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(0.03
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)
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|
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(0.08
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)
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|
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0.32
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|
|
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(0.23
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)
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Basic and diluted loss per share
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$
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(0.27
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)
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$
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(0.21
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)
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$
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(0.09
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)
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$
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(0.37
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)
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Weighted average number of common and common equivalent shares
outstanding – basic and diluted
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|
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8,562,633
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8,362,633
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8,562,633
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8,361,891
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Summary of Unaudited Condensed Consolidated Balance Sheets
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(in thousands)
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September 30,
2012
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December 31,
2011
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Assets
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Current assets
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$
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13,971
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$
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17,636
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Property and equipment, net
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1,331
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|
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1,354
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Other assets
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|
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3,084
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|
|
5,188
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Total assets
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$
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18,386
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$
|
24,178
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|
|
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Liabilities and stockholders' equity
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|
|
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Current liabilities
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$
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6,620
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$
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11,936
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Long-term liabilities
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|
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3,418
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|
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3,532
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Stockholders’ equity
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|
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8,348
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|
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8,710
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Total liabilities and stockholders’ equity
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$
|
18,386
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$
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24,178
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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.
