Spire Corporation (Nasdaq: SPIR), a company providing turnkey solar factories and capital equipment, reported record 2Q08 revenues of $16.9 million, a 97% increase from $8.6 million in 2Q07.
Net loss for the quarter was $269,000, or $0.03 per share, compared with a net loss of $1.9 million, or $0.23 per share, for the same quarter of 2007.
Revenues for the first six months ended June 30, 2008 were $31.8 million, a 104% increase from $15.6 million for the same six month period in 2007. Net loss for the six months ended June 30, 2008 was $777,000, or $0.09 per basic share, compared with a net loss of $3.6 million, or $0.44 per basic share, for the same period in 2007.
Gross margin for the quarter was over 32% compared with a gross margin of 13% for the previous year. Operating expenses decreased to 31% of sales compared to 34% of last year’s second quarter sales.
Roger G. Little, Chairman and CEO, said, "This is the sixth straight quarter Spire has achieved record revenue, and this quarter we achieved an operational profit of $307,000 for the quarter and $103,000 for the first six months of the year."
"Spire Solar sales grew by 154% compared to a year ago. We delivered turnkey lines to Taiwan, Portugal, China and Korea. We completed major expansions to existing clients in Taiwan and Spain."
"Spire Semiconductor’s revenue increased by 77% compared to last year’s second quarter. This resulted in improved gross margins compared with last year due to improved facilities utilization. We continue to work on several contracts to customize gallium arsenide solar cells for concentrator system developers."
About Spire Corporation
Spire Corporation is a solar company providing turnkey production lines and capital equipment to manufacture photovoltaic cells and modules worldwide. Spire Semiconductor develops and manufactures custom gallium arsenide solar cells and other related products.
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