Spire Corp.

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Press Release $SPIR Spire Corp.

0 COMMENTs 19 Nov
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Spire Corporation Reports Results for Third-Quarter 2013

BEDFORD, Mass.--(BUSINESS WIRE)-- Spire Corporation (“Spire”) (OTCQB: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic (“PV”) modules, providing engineering, procurement and construction (EPC) integration services for solar systems, and optoelectronic thin-film services today reported revenues from continuing operations for the third-quarter ended September 30, 2013 of $4.2 million, as well as $4.2 million for the same quarter of 2012.

During the third quarter, the Company completed a transaction in which substantially all of the assets and assumption of certain liabilities related to Spire’s biomedical business were acquired by N2 Biomedical LLC. As this transaction is being identified as giving rise to a variable interest entity and Spire is determined to be the primary beneficiary, the assets, liabilities and results of operations of N2 Biomedical LLC are consolidated into the Company’s financial statements.

Net loss for the third-quarter of 2013 was $2.2 million, or $0.22 per diluted share, compared with a net loss of $2.3 million, or $0.27 per diluted share, for the third-quarter of 2012. Loss from continuing operations was $2.2 million for the three months ended September 30, 2013, as compared to net loss from continuing operations of $2.0 million for the same period in 2012.

Gross margin for the third-quarter of 2013 was $1.2 million, or 29% of revenue, compared to $1.0 million, or 23% of revenue, for the same period in 2012, representing an increase in gross margin percentage of 25% for the three months ended September 30, 2013, primarily due to increased margins realized in the equipment and EPC market segments.

Net cash used in operating activities was $3.7 million for the nine months ended September 30, 2013, which includes $0.2 million of cash used in operating activities of discontinued operations, as compared to net cash used in operating activities of $6.3 million for the nine months ended September 30, 2012 which includes $1.7 million of cash used in operating activities of discontinued operations. As of September 30, 2013, Spire had $5.9 million of unrestricted cash and cash equivalents.

Roger G. Little, Chairman and CEO, says, "With the divestiture of the Biomedical business unit, the Company was able to monetize its value on a standalone basis resulting in a cash infusion while still owning a portion of its equity. We can now concentrate resources on other opportunities."

"While the global market for PV systems continues to expand, we continue to experience low demand for module manufacturing equipment as a result of overcapacity in the industry. Many analysts believe that in 2014 this overcapacity will be absorbed and new capacity will be brought on line ending more than a two year drought."

Mr. Little concluded, "We have made substantial cost reductions during this period. We believe we are well positioned to capitalize on these market trends which include equipment re-tooling, the growth or regional PV module manufacturing, and PV module supply chain transactions.”

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

September 30,

Nine Months Ended

September 30,

  2013           2012     2013           2012  

Net sales and revenues

$

4,154

 

$

4,228

 

$

10,966

 

$

18,323

 

Operating loss from continuing operations

(2,211 ) (2,018 ) (6,581 ) (5,414 )

Total other expense, net

  (20 )   (39 )   (58 )   (103 )

Loss from continuing operations before

income tax benefit (provision)

(2,231 ) (2,057 ) (6,639 ) (5,517 )

Income tax benefit (provision) – continuing

operations

  (1 )   24     (3 )   2,016  

Loss from continuing operations

(2,232 ) (2,033 ) (6,642 ) (3,501 )

Income (loss) from discontinued

operations, net of tax

  --     (250 )   --     2,761  

Net loss

 

(2,232

)

 

(2,283

)

 

(6,642

)

 

(740

)

Less: Net loss attributable to noncontrolling

interest

  (187 )   --     (187 )   --  

Net loss attributable to common

stockholders

$ (2,045 ) $ (2,283 ) $ (6,455 ) $ (740 )

Basic and diluted income (loss) per share:

 

 

From continuing operations, net of tax $ (0.22 ) $ (0.24 ) $ (0.70 ) $ (0.41 )
From discontinued operations, net of tax   --     (0.03 )   --     0.32  
Basic and diluted loss per share $ (0. 22 ) $ (0.27 ) $ (0.70 ) $ (0.09 )

Weighted average number of common and

common equivalent shares outstanding –

basic and diluted

  9,207,874    

8,562,633

   

9,165,844

   

8,562,633

 
 
 
 

Summary of Unaudited Condensed Consolidated Balance Sheet

(in thousands)

         
September 30, 2013 December 31, 2012

Assets

Current assets $ 13,114 $ 12,072
Property and equipment - net 959 1,197
Other assets   3,622   3,356
Total assets $ 17,695 $ 16,625

Liabilities and stockholders' equity

Current liabilities $ 7,396 $ 5,456
Total long-term liabilities 9,211 3,717
Stockholders’ equity   1,088   7,452
Total liabilities and stockholders’ equity $ 17,695 $ 16,625
 
 
 

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.

Spire Corporation
Robert S. Lieberman, 781-275-6000
CFO & Treasurer

Source: Spire Corporation

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