Spire’s revenues grows 9 percent YoY for first nine months
Spire Corp., a global solar company providing capital equipment tomanufacture photovoltaic (PV) modules, turnkey manufacturing lines andsolar PV systems, reported revenues from continuing operations for thethird-quarter ended September 30, 2009 of $16.5 million, as compared to$16.6 million for the same quarter of 2008.
Net loss for thethird-quarter of 2009 was $3.5 million, or $(0.42) per share, comparedwith net income of $445,000, or $0.05 per share, for the third-quarterof 2008. These losses include losses of $1.2 million and $77,000, or$(0.15) and $(0.01) per share, for the third-quarter periods of 2009and 2008, respectively, from the Company’s medical products businessunit which has been classified as discontinued operations.
Revenuesfrom continuing operations for the first nine months ended September30, 2009 were $50.1 million, a 9 percent increase from $46.2 millionfor the same nine month period in 2008. Net loss for the nine monthsended September 30, 2009 was $9.6 million, or $(1.15) per share,compared with a net loss of $347,000, or $(0.04) per share, for thesame period in 2008.
These results include losses of $1.6million and $358,000, or $(0.20) and $(0.04) per share, for the ninemonth periods ended September 30, 2009 and 2008, respectively, from theCompany’s medical products business unit which has been classified asdiscontinued operations.
Net cash provided by operatingactivities of continuing operations was $429,000 for the nine monthsended September 30, 2009, compared to net cash provided by operatingactivities of $2.9 million for the same period in 2008. As of September30, 2009, the Company had cash and cash equivalents of $6.3 million ofwhich $4.9 million is unrestricted.
Roger G. Little, Chairmanand CEO, said: "We are encouraged in a tough market by a 3 percentgrowth in revenue of our solar products and services business on a yearover year basis for the third quarter ended September 30, 2009, as thissegment represented 82 percent of our total revenue.
"TheCompany delivered two module lines and several orders for capitalequipment to its customers as they position for expected globalexpansion of PV.
“The Company also delivered solar cells toUNICOR, a wholly-owned government corporation, for the Spire-installedturnkey PV module factory as part of its ongoing commitment andpartnership in support of the federal market. The Company was alsoawarded a new contract to expand their current 25 megawatt (MW) modulemanufacturing capacity by the addition of a 50MW module manufacturingline to be located in Sheridan, Oregon.”
Little added: “SpireSemiconductor revenues in the third quarter of 2009 decreased ascompared to the same period last year. However, the Company achievedits first year milestone performance deliverable toward developing a 42percent efficient concentrator solar cell under its National RenewableEnergy Laboratory contract.
“Spire Biomedical processingservices continues to maintain its strong performance as revenuesincreased 15 percent from a year ago. During the quarter, the Companyentered into an Asset Purchase Agreement to sell its medical productsbusiness unit to Bard Access Systems, Inc. The sale is pending at thistime.”
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