Click here to close now.


News Feed Item

Spire Corporation Reports Results for Fourth-Quarter and Year-End 2013

Spire Corporation (“Spire” or the "Company") (OTCQB: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic (“PV”) modules and optoelectronics thin film services, announced today revenues from continuing operations for the year ended December 31, 2013 of $14.6 million, a 34% decrease from $22.1 million in 2012. Net loss for the year ended December 31, 2013 was $8.5 million, or $0.92 per diluted share, compared to a net loss of $1.9 million, or $0.22 per diluted share, for the same period of 2012.

These results include the completion of a transaction previously reported 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. In addition, the transaction gave rise to a deemed dividend in the amount of $9.5 million which is not reported as a gain for financial reporting purposes and is eliminated in consolidation. Fiscal 2012, net operating results reflect a gain on the sale of its semiconductor business unit of $3.5 million, net of a tax provision of $1.9 million or $0.34 per diluted share.

Spire’s revenues from continuing operations for the fourth-quarter ended December 31, 2013 were $3.6 million, a decrease of 5% from $3.8 million in the fourth-quarter of 2012. The decrease was primarily due to sales mix within the solar manufacturing business segment. Net loss for the quarter was $1.9 million, or $0.22 per diluted share, compared to net loss of $1.1 million, or $0.13 per diluted share, for the fourth-quarter of 2012. Spire recorded a net loss from continuing operations of $1.9 million in the fourth-quarter of 2013, compared to a net loss from continuing operations of $1.3 million in the fourth-quarter of 2012.

Gross margin from continuing operations for fiscal year 2013 was $2.5 million, or 17% of revenue, compared to $5.3 million, or 24% of revenue for fiscal year 2012, primarily due to the decline in sales, lower indirect costs offset by the amount of overhead absorbed due to the reduction in sales volume.

Net cash used in operating activities of continuing operations was $5.2 million for the year ended 2013, as compared to net cash used in operating activities of continuing operations of $6.1 million for the same period last year. At year-end 2013, Spire had unrestricted cash and cash equivalents of $4.0 million, as compared to $3.0 million at December 31, 2012.

Rodger W. LaFavre, President and CEO, stated, “While we are seeing improved PV market conditions, they were too late to translate into improved PV equipment sales for the fourth quarter of 2013.”

Mr. LaFavre, continued, “Current industry forecasts would indicate that strong demand will stimulate revenues for the industry’s manufacturers. We are already seeing increased equipment and turn-key line activities. Our focus on a sustained cost reduction program has resulted in measurable savings in operating expenses and is expected to continue through 2014. We are optimistic that the improving module manufacturing equipment business, combined with our cost reduction efforts will allow Spire to improve its operating performance in 2014.”

About Spire Corporation

Spire Corporation is a global solar company providing technology, equipment and turn-key production lines to manufacture photovoltaic modules and providing optoelectronics thin film services. For further details on the Company and its products, please visit

Spire Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012

Net sales and revenues

$ 3,615   $ 3,787   $ 14,581   $ 22,110  

Operating loss from continuing operations

  (1,795 )   (1,189 )   (8,376 )   (6,603 )

Loss from continuing operations before income tax benefit

(1,884 ) (1,213 ) (8,523 ) (6,730 )

Income tax benefit (expense) – continuing operations

  5     (65 )   2     1,951  

Loss from continuing operations

(1,879 ) (1,278 ) (8,521 ) (4,779 )

Loss from discontinued operations before sale of business unit

-- -- -- (580 )

Gain on sale of business unit, net of transaction expenses

  --     160     --     3,501  

Net loss

  (1,879 )   (1,118 )   (8,521 )   (1,858 )

Less: Net income (loss) attributable to noncontrolling interest

  143     --     (44 )   --  

Net loss attributable to common stockholders

$ (2,022 ) $ (1,118 ) $ (8,477 ) $ (1,858 )

Basic and diluted income (loss) per share:

From continuing operations after income taxes $ (0.22 ) $ (0.15 ) $ (0.92 ) $ (0.56 )
From discontinued operations, net of tax   --     0.02     --     0.34  
Basic and diluted loss per share $ (0.22 ) $ (0.13 ) $ (0.92 ) $ (0.22 )

Weighted average number of common and common equivalent shares outstanding – basic and diluted

  9,207,874     8,627,850     9,176,438     8,579,027  

Summary of Condensed Consolidated Balance Sheet


December 31,



Current assets $ 14,696
Net property and equipment 941
Other assets   432  
Total assets $ 16,609  

Liabilities and stockholders' deficit

Current liabilities $ 10,992
Total long-term liabilities 5,790
Stockholders’ deficit   (713 )
Total liabilities and stockholders’ deficit $ 16,609  

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of at least three separate application components: the software embedded in the device, the backend big-data service, and the mobile application for the end user's controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
In his session at DevOps Summit, Bryan Cantrill, CTO at Joyent, will demonstrate a third path: containers on multi-tenant bare metal that maximizes performance, security, and networking connectivity.