Spire Corporation Reports Results for Third-Quarter 2012

Pubblicato su 12 nov 2012
Spire Solar 

Spire Corporation ("Spire") today reported revenues from continuing operations for the third-quarter ended September 30, 2012 of $4.2 million. This represents a 48% reduction from $8.2 million 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 $2.3 million, or $0.27 per diluted share, compared to a net loss of $1.8 million, or $0.21 per diluted share for the third-quarter of 2011. Loss from continuing operations was $2.1 million for the three months ended September 30, 2012, as compared to a loss of $1.1 million, 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 nine month period in 2011. Net loss for the nine months ended September 30, 2012 was $0.7 million, or $0.09 per diluted share, compared with a net loss of $3.1 million, or $0.37 per diluted share, for the same period in 2011.

Net cash used in operating activities was $1.5 million 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 September 30, 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 SimulatorTM 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-Sun SimulatorTM 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." 

 

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Spire Solar (Apparecchiature per la Produzione): https://it.enfsolar.com/spire-solar
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