Spire Corporation (Nasdaq: SPIR) has reported revenues of $8,579,000 for the three months ended June 30, 2007, compared to $3,895,000 for the three months ended June 30, 2006. Net loss was $1,864,000 or $0.23 per basic share for the three months ended June 30, 2007, compared with a net loss of $2,081,000 or $0.26 per basic share for the three months ended June 30, 2006.
Revenues for the six months ended June 30, 2007 were $15,576,000, compared to $9,268,000 for the six months ended June 30, 2006. Net loss was $3,611,000 or $0.44 per basic share for the six months ended June 30, 2007, compared with net loss of $4,085,000 or $0.54 per basic share for the six months ended June 30, 2006.
Roger G. Little, Chairman and CEO of Spire, said, “Our revenues more than doubled due to the growth of our solar equipment and turnkey factory products. To be responsive to this unprecedented demand, we are rapidly expanding our staff and manufacturing capacity. Since January 2007, we have expanded our workforce by over 83% and our manufacturing space by 50,000 sq. ft. to accommodate our growth. Our gross margins have improved, however not to the level we anticipated with the respective growth in volume due to some inefficiencies that were inevitable in a time of such rapid growth.”
“Our Spire Biomedical and Bandwidth Semiconductor operations continued to make progress towards profitability. Biomedical had revenue growth in both services and products. We are beginning to see market acceptance of our coated heparin hemodialysis catheter. Bandwidth Semiconductor increased its revenues while completing the installation of the two new commercial reactors. These reactors are being used to increase manufacturing capacity for solar cells, light emitting diodes, RGB lasers and related components.”
Mr. Little concluded, “Anticipating the need for more working capital to meet the demand for our products, we obtained a $3.5 million, three-year term loan from Silicon Valley Bank. Spire ended the quarter with approximately $7.5 million in cash.”
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