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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

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













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













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


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.

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