Welcome!

News Feed Item

Spire Corporation Reports Results for Second-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 providing optoelectronics thin film services, announced today revenues for the second-quarter ended June 30, 2014 of $3.8 million, an 8% increase from $3.6 million for the same quarter of 2013 primarily due to an increase in solar module equipment sales.

Net loss attributable to common stockholders for the second-quarter of 2014 was $1.4 million, or $0.16 per share, compared with a net loss attributable to common stockholders of $1.8 million, or $0.19 per share, for the second-quarter of 2013. Net loss was $1.1 million for the three months ended June 30, 2014 compared to net loss of $1.8 million for the same period in 2013.

Gross margin for the second-quarter of 2014 was $0.7 million, or 19% of revenue, compared to $0.5 million, or 14% of revenue, for the same period in 2013.

Net cash used in operating activities was $1.9 million for the six months ended June 30, 2014, compared to net cash used in operating activities of $1.9 million for the six months ended June 30, 2013 which includes $0.2 million of cash used in operating activities of discontinued operations. As of June 30, 2014, Spire had $1.0 million of unrestricted cash and cash equivalents and $0.7 million in restricted cash.

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 continue to see an increase in demand and related growth in the global PV market in 2014. We have experienced an increase in sales for equipment components and turnkey module lines in some of our key markets and are pleased with the increase we have seen in revenue this quarter and on a year to date basis compared to our results in the previous year. Sales in our solar business unit increased 32% during the first six months of 2014 compared to the prior year. Our optoelectonics group continues to contribute to our revenue and gross margin as it builds its services support effort and we are optimistic for the future. Under current conditions we do not see the cash benefit of our turnkey lines until shipment, which is approximately four to five months from the receipt of the order. On that basis, our current reporting does not show the true benefit of our contracted line backlog.”

Mr. LaFavre continued, “The continued upward trend as forecasted by the market analysts remains encouraging as it relates to the PV equipment market. We believe we are in a position to take advantage of this growth and anticipate working through our short-term working capital needs and as such, we maintain our focus on making sound financial decisions.”

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

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

           
 
Three Months Ended June 30, Six Months Ended June 30,
  2014           2013     2014           2013  

Net sales and revenues

$

3,845

 

$

3,574

 

$

7,931

 

$

6,812

 

Loss from operations

  (1,003 )   (1,768 )   (3,632 )   (4,370 )

Loss from operations before income tax provision

(1,075 ) (1,782 ) (3,779 ) (4,408 )

Income tax provision

  (2 )   --     (2 )   (2 )

Net loss

(1,077 ) (1,782 ) (3,781 ) (4,410 )

Less: Net income attributable to noncontrolling interest

  360     --     778     --  

Net loss attributable to common stockholders

$

(1,437

)

$

(1,782

)

$

(4,559

)

$

(4,410

)

 
Basic and diluted loss per share $ (0.16 ) $ (0.19 ) $ (0.50 ) $ (0.48 )

Weighted average number of common and common

equivalent shares outstanding – basic and diluted

  9,207,874     9,207,874     9,207,874     9,144,482  
 
 
 
 

Summary of Unaudited Condensed Consolidated Balance Sheet

(in thousands)

         

June 30, 2014

December 31, 2013

Assets

Current assets $ 8,107 $ 14,696
Property and equipment, net 833 941
Other assets   400     432  
Total assets $ 9,340   $ 16,069  

Liabilities and Stockholders' Deficit

Current liabilities $ 8,649 $ 10,992
Total long-term liabilities 5,547 5,790
Stockholders’ deficit   (4,856 )   (713 )
Total liabilities and stockholders’ deficit $ 9,340   $ 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 IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...