Welcome!

News Feed Item

Spire Corporation Reports Results for First-Quarter 2014

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 for the first-quarter ended March 31, 2014 of $4.1 million, a 26% increase from $3.2 million for the same quarter of 2013 primarily due to an increase in equipment research and development and an increase in solar module equipment.

Net loss attributable to common stockholders for the first-quarter of 2014 was $3.1 million, or $0.34 per share compared with net loss attributable to common stockholders of $2.6 million or $0.29 per share for the first-quarter of 2013. Net loss was $2.7 million for the three months ended March 31, 2014 compared to $2.6 million for the same quarter in 2013.

Gross margin for the first-quarter of 2014 was $0.5 million, or 12% of revenue, compared to $0.2 million, or 7% of revenue for the same period in 2013.

Net cash used in operating activities was $1.2 million for the three months ended March 31, 2014, as compared to net cash used in operating activities of $0.8 million for the three months ended March 31, 2013. As of March 31, 2014, Spire had $2.4 million in cash and cash equivalents.

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 2013 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.

Rodger W. LaFavre, President and CEO, stated, “We are seeing strong indications of realized and sustainable growth in the global PV market. There is evidence of heightened sales activity in specific geographies that Spire is well positioned to support. This quarter’s revenue increase on a year over year basis is encouraging and we expect this to continue into the second half of 2014.”

Mr. LaFavre continued, “With analyst’s predictions of sequential PV equipment growth in key markets, coupled with the consumption of excess production capacity we have seen a notable increase in equipment sales to date and bookings of module line systems. We continue to focus on working capital, such that we can make prudent financial decisions while supporting a growing business.”

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 www.spirecorp.com.

   

Spire Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 
 
Three Months Ended March 31,
2014   2013

Net sales and revenues

$ 4,086 $ 3,238

Loss from operations

(2,629) (2,602)

Loss from operations before income tax provision

(2,704) (2,626)

Income tax provision

-- (2)

Net Loss

(2,704) (2,628)

Less: Net income attributable to noncontrolling interest

418 --

Net loss attributable to common stockholders

$(3,122) $(2,628)
 
Basic and diluted loss per share $ (0.34) $ (0.29)

Weighted average number of common and common

equivalent shares outstanding – basic and diluted

9,207,874 9,080,385
     

Summary of Unaudited Condensed Consolidated Balance Sheet

(in thousands)

 

March 31,
2014

 

December 31,
2013

Assets

Current assets $12,401 $14,696
Property and equipment - net 903 941
Other assets 421 432

Total assets

$13,725 $16,069

Liabilities and stockholders' deficit

Current liabilities $10,993 $ 10,992
Total long-term liabilities 5,769 5,790
Stockholders’ deficit (3,037) (713)
Total liabilities and stockholders’ deficit $13,725 $16,069
 

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
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...