Spire sees record revenues of $22.2 million in Q2

Spire Corp. reported revenues from continuing operations for thesecond-quarter ended June 30, 2009 of $22.2 million, a 39 percentincrease from $16 million for the same quarter of 2008.

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

These losses include losses of$201,000 and $167,000, or $0.03 and $0.02 per share, for thesecond-quarter periods of 2009 and 2008, respectively, from thecompany’s Medical Products Business unit which has been classified asdiscontinued operations.

Revenues from continuing operations forthe first six months ended June 30, 2009 were $33.6 million, a 13percent increase from $29.6 million for the same six month period in2008.

Net loss for the six months ended June 30, 2009 was $6.1million, 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 resultsinclude losses of $391,000 and $281,000, or $(0.05) and $(0.04) pershare, for the six month period ended June 30, 2009 and 2008,respectively, from the company’s Medical Products Business unit whichhas been classified as a discontinued operation.

Also, duringthis period we initiated the dissolution of our solar systems jointventure which represented a loss of $1,023,000 in the first six monthsof 2009.

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

Roger G. Little, Chairman and CEO, said: "We arepleased that we had record revenues this quarter with solar productsand services, growing 51 percent from a year ago, and now representing86 percent of our total revenue. A significant contribution came fromthe acceptance of our highly automated 50MW/year module assembly lineby Martifer Solar of Portugal.

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

"SpireSemiconductor continued to advance its solar cell technology byachieving a major milestone toward the 42 percent efficiency goal ofits National Renewable Energy Laboratory contract for a triplejunction, 500 sun, concentrator solar cell."

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