Solar company Spire Corporation, (Nasdaq: SPIR) reported record results for Q307.
The company, which provides turnkey solar factories and equipment to manufacture photovoltaic modules worldwide, announced that revenues increased 70 percent for the quarter.
Spire reported revenues of $9,845,000 for the three months ended September 30, 2007, compared to $5,794,000 for the same period in 2006.
Net income after extraordinary gain was $2,755,000, or $0.33 per basic share for Q307, compared with a net loss of $1,941,000, or $0.24 per basic share for Q306.
Revenues for the nine months ended September 30, 2007 were $25,421,000, compared to $15,062,000 for the nine month period in 2006.
In addition, the company recorded a gain of $2,707,000 from the sale of rights to utilize its trademark, income tax benefit of $884,000 and an extraordinary gain of $1,311,000 net of tax on its equity investment in its joint venture, Gloria Spire Solare. Net loss after extraordinary gain was $856,000, or $0.10 per basic share, for the nine months ended September 30, 2007, compared with a net loss of $6,026,000, or $0.77 per basic share, for the same period in 2006.
Roger G. Little, Chairman and CEO of Spire, said, “We have now achieved three consecutive quarters of record revenues. During the third quarter, we have solidified our position as the worldwide leader in developing and providing turnkey factories for solar energy manufacturing and we continue to see strong growth in solar capital equipment sales going forward. Sales of our turnkey factories and manufacturing equipment increased by 268 percent over the comparable quarter last year.”
“During the quarter, we closed several major sales, including our first fully automated turnkey 50-megawatt (MW) module production line for Martifer Solar S.A., a division of Martifer Group, located in Oliverira de Frades, Portugal. And shortly after the close of the quarter, we provided a turnkey, 12-MW module manufacturing line to a customer in Russia, making them the largest module manufacturer in that country.”
“We also successfully restructured our solar systems operation with the formation of a joint venture with Gloria Solar, a leading manufacturer in Taiwan. We exchanged our existing building integrated Photovoltaics (PV) systems business for a 45 percent interest in the new venture, Gloria Spire Solar, LLC, which was capitalized by Gloria. In addition, we sold a 50-MW module production line to Gloria’s existing operations in China, along with the right to mark their PV modules with the Spire trademark. This will enable Spire’s management to better concentrate on our equipment business while continuing to extend the Spire brand in the marketplace. The joint venture is focused on the high-growth domestic systems market and we believe this new structure will allow Gloria Spire Solar to become a major player.”
About Spire Corporation
Spire Corporation is a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic modules worldwide. Spire’s wholly owned LLC, Bandwidth Semiconductor provides high efficiency gallium arsenide (GaAs) solar concentrator cells to systems manufacturers as well as specialized optoelectronics components for biomedical, telecommunications and consumer products markets. The company’s Spire Biomedical subsidiary is a leader in hemodialysis catheters and implantable device processing services.
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