BEDFORD, Mass., May 14, 2010 (BUSINESS WIRE) –Spire Corporation (Nasdaq: SPIR), a global solar company providing production equipment and turnkey manufacturing lines to manufacture photovoltaic (PV) modules, today reported revenues from continuing operations for the first-quarter ended March 31, 2010 of $18.9 million, a 66% increase from $11.4 million for the same quarter of 2009. Net loss for the first-quarter of 2010 was $0.7 million, or $0.08 per share, compared with a net loss of $1.5 million, or $0.18 per share, for the first-quarter of 2009. Loss from continuing operations before gains on termination of contracts was $1.3 million for the three months ended March 31, 2010, as compared to $2.7 million for the same quarter of 2009 or an improvement of $1.4 million year over year due to product mix and improved margins. These losses include $87,000 and $190,000, or $0.01 and $0.02 per share, for the first-quarters of 2010 and 2009, respectively, from the Company’s catheter business which was sold in December 2009 and has been classified as discontinued operations.
“We are pleased with our sales growth driven by our Spire Solar business, which represents 81% of our total revenue for the quarter. We delivered a portion of the 50 megawatt per year module manufacturing line to UNICOR – Federal Prison Industries, Inc. with the balance of the equipment expected to be shipped in the second quarter of 2010. In addition, we continue to see strong volume with respect to our market leading SPI-Sun Simulator(TM) as well as an increase in the volume of solar cell revenue.”
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