BEDFORD, Mass.--(BUSINESS WIRE)--
Spire Corporation (“Spire” or the "Company") (OTCQB: SPIR), a global
solar company providing capital equipment and turn-key manufacturing
lines to produce photovoltaic modules and providing optoelectronics thin
film services, announced today revenues for the nine months ended
September 30, 2014 were $11.7 million, a 6% increase from $11.0 million
for the same nine month period in 2013. Net loss attributable to common
shareholders for the nine months ended September 30, 2014 was $5.9
million or $0.64 per share, compared to a net loss attributable to
common shareholders of $6.5 million, or 0.70 per share, for the same
period in 2013.
Gross margin for the nine months ended September 30, 2014 was $2.5
million, or 22% of revenue, compared to $1.9 million, or 18% of revenue
for the same period in 2013. Operating expenses for the nine months
ended September 30, 2014 were $7.0 million, a 17% decrease from $8.5
million for the same nine month period in 2013.
Revenues for the third-quarter ended September 30, 2014 were
$3.7 million, a 10% decrease from $4.2 million for the same quarter of
2013 primarily due to a decrease in our solar systems revenue for a
market we exited during 2013, partially offset by an increase in solar
module equipment sales.
Gross margin for the third-quarter of 2014 was $1.3 million, or 35% of
revenue, compared to $1.2 million, or 29% of revenue, for the same
period in 2013. Operating expenses for the three months ended September
30, 2014 were $2.2 million as compared to $3.4 million for the same
period in 2013, a decrease of $1.2 million or 35% on a year over year
basis.
Net loss attributable to common stockholders for the third-quarter of
2014 was $1.4 million, or $0.15 per share, compared with a net loss
attributable to common stockholders of $2.0 million, or $0.22 per share,
for the third-quarter of 2013. Net loss was $0.9 million for the three
months ended September 30, 2014 compared to net loss of $2.2 million for
the same period in 2013 or an improvement of 59% on a year over year
basis.
Net cash used in operating activities was $1.9 million for the nine
months ended September 30, 2014, compared to net cash used in operating
activities of $3.7 million for the nine months ended September 30, 2013
which includes $0.2 million of cash used in operating activities of
discontinued operations. As of September 30, 2014, Spire had $0.7
million of unrestricted cash and cash equivalents and $0.2 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, “While our performance
metrics for the nine months ended September 30, 2014 are improved over
the nine months ended September 30, 2013, we continue our focus towards
further improving our sales volume, related profitability, and cost
reduction strategies. We recognize that further strides are required to
improve Spire’s financial standing. Accordingly, we are diligently
working to accomplish these tasks and improve our cash position.”
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
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net sales and revenues
|
|
|
|
$
|
3,741
|
|
|
|
$
|
4,154
|
|
|
|
$
|
11,672
|
|
|
|
$
|
10,966
|
|
|
Loss from operations
|
|
|
|
|
(881
|
)
|
|
|
|
(2,211
|
)
|
|
|
|
(4,513
|
)
|
|
|
|
(6,581
|
)
|
|
Loss from operations before income tax
provision
|
|
|
|
|
(946
|
)
|
|
|
|
(2,231
|
)
|
|
|
|
(4,725
|
)
|
|
|
|
(6,639
|
)
|
|
Income tax provision
|
|
|
|
|
--
|
|
|
|
|
(1
|
)
|
|
|
|
(2
|
)
|
|
|
|
(3
|
)
|
|
Net loss
|
|
|
|
|
(946
|
)
|
|
|
|
(2,232
|
)
|
|
|
|
(4,727
|
)
|
|
|
|
(6,642
|
)
|
|
Less: Net income (loss) attributable to noncontrolling interest
|
|
|
|
|
430
|
|
|
|
|
(187
|
)
|
|
|
|
1,208
|
|
|
|
|
(187
|
)
|
|
Net loss attributable to common stockholders
|
|
|
|
$
|
(1,376
|
)
|
|
|
$
|
(2,045
|
)
|
|
|
$
|
(5,935
|
)
|
|
|
$
|
(6,455
|
)
|
|
|
|
Basic and diluted loss per share
|
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.22
|
)
|
|
|
$
|
(0.64
|
)
|
|
|
$
|
(0.70
|
)
|
|
Weighted average number of common and common
equivalent
shares outstanding – basic and diluted
|
|
|
|
|
9,207,874
|
|
|
|
|
9,207,874
|
|
|
|
|
9,207,874
|
|
|
|
|
9,165,844
|
|
|
|
|
Summary of Unaudited Condensed Consolidated Balance Sheet
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
December 31,
2013
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
$
|
8,582
|
|
|
|
$
|
14,696
|
|
|
Property and equipment, net
|
|
|
|
|
780
|
|
|
|
|
941
|
|
|
Other assets
|
|
|
|
|
371
|
|
|
|
|
432
|
|
|
Total assets
|
|
|
|
$
|
9,733
|
|
|
|
$
|
16,069
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Deficit
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
$
|
10,292
|
|
|
|
$
|
10,992
|
|
|
Total long-term liabilities
|
|
|
|
|
5,313
|
|
|
|
|
5,790
|
|
|
Stockholders’ deficit
|
|
|
|
|
(5,872
|
)
|
|
|
|
(713
|
)
|
|
Total liabilities and stockholders’ deficit
|
|
|
|
$
|
9,733
|
|
|
|
$
|
16,069
|
|
|
|
|
|
|
|
|
|
|
Certain matters described in this press release including those
relating to Spire’s prospects for improved sales volume, related
profitability, cost reduction strategies and cash position 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 direction 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.