Spire Corporation Reports Results for Third-Quarter 2012

  Spire Corporation Reports Results for Third-Quarter 2012

Business Wire

BEDFORD, Mass. -- November 09, 2012

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 $8.2million 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 $2.3million, or $0.27 per diluted
share, compared to a net loss of $1.8 million, or $0.21per diluted share for
the third-quarter of 2011. Loss from continuing operations was $2.1million
for the three months ended September 30, 2012, as compared to a loss of
$1.1million, 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
ninemonth period in 2011. Net loss for the nine months ended
September30,2012 was $0.7 million, or $0.09per diluted share, compared with
a net loss of $3.1million, or $0.37per diluted share, for the same period in
2011.

Net cash used in operating activities was $1.5million 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 September30, 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 Simulator^TM 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-SunSimulator^TM 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.


Spire Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
                                              
                 Three Months Ended              Nine Months Ended
                 September 30,                   September 30,
                  2012         2011          2012         2011      
Net sales and    $ 4,228        $ 8,180        $ 18,323       $ 39,779    
revenues
Operating loss
from               (2,018    )     (1,045    )     (5,414    )     (1,082    )
continuing
operations
Total other       (39       )    (25       )    (103      )    (92       )
expense, net
Loss from
continuing
operations         (2,057    )     (1,070    )     (5,517    )     (1,174    )
before income
tax benefit
(provision)
Income tax
benefit
(provision) –     24            (3        )    2,016         (18       )
continuing
operations
Loss from
continuing         (2,033    )     (1,073    )     (3,501    )     (1,192    )
operations
Income (loss)
from
discontinued      (250      )    (697      )    2,761         (1,895    )
operations,
net of tax
Net loss         $ (2,283    )   $ (1,770    )   $ (740      )   $ (3,087    )
Basic and
diluted income                  
(loss) per
share:
From
continuing       $ (0.24     )   $ (0.13     )   $ (0.41     )   $ (0.14     )
operations,
net of tax
From
discontinued      (0.03     )    (0.08     )    0.32          (0.23     )
operations,
net of tax
Basic and
diluted loss     $ (0.27     )   $ (0.21     )   $ (0.09     )   $ (0.37     )
per share
Weighted
average number
of common and
common
equivalent        8,562,633     8,362,633     8,562,633     8,361,891 
shares
outstanding –
basic and
diluted
                                                                             


Summary of Unaudited Condensed Consolidated Balance Sheets
(in thousands)

                                            September 30,  December 31,
                                             2012            2011
Assets
Current assets                               $    13,971     $   17,636
Property and equipment, net                       1,331          1,354
Other assets                                     3,084         5,188
Total assets                                 $    18,386     $   24,178
                                                             
Liabilities and stockholders' equity
Current liabilities                          $    6,620      $   11,936
Long-term liabilities                             3,418          3,532
Stockholders’ equity                             8,348         8,710
Total liabilities and stockholders’ equity   $    18,386     $   24,178
                                                                 

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 Form10-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.

Contact:

Spire Corporation
Robert S. Lieberman, 781-275-6000
CFO & Treasurer
 
Press spacebar to pause and continue. Press esc to stop.