Spire Corporation (Nasdaq: SPIR), a company providing turnkey solar factories and capital equipment, reported record revenues for the year ended December 31, 2008 of $68.7 million, a 85% increase from $37.1 million in 2007.
In addition, the Company recorded a $6.8 million gain on a contract termination resulting in net income of $4.8 million or $0.56 per diluted share for the year, compared with a net loss of $1.9 million, or $0.23 per diluted share, for 2007.
The company had an operating loss for the year of $267,000 before the gain on the contract termination.
Spire’s revenues for 4Q were $19.7 million, an increase of 69% from $11.6 million in 4Q07, another record for the Company. Net income for the quarter was $5.1 million or $0.61 per diluted share, compared to a net loss of $1.1 million or $0.13 per share for 4Q07.
The company had an operating loss of $878,000 in 4Q08 before the gain on the contract termination.
Below the operating line for 2008, other expenses were $1.45 million which included a non-cash loss of $807,000 from the company’s unconsolidated investment in the joint venture, Gloria Spire Solar, net interest expense of $212,000 and a foreign exchange loss of $430,000.
Net cash flow from operating activities was $5.5 million for the year ended 2008 compared to an operating cash flow loss of $7.3 million for the same period last year. At year-end 2008, Spire had $6.0 million in unrestricted cash and cash equivalent.
Roger G. Little, Chairman and CEO, said, “The fourth-quarter of 2008 was our eighth straight quarter of record revenue growth, mostly coming from solar turnkey lines and equipment. We delivered turnkey lines to India, Taiwan, China, and the United States. We also received a $54 million contract to supply solar cells to one of our customers, the Federal Prison Industries for two years.”
Mr. Little went on to say, “Spire Semiconductor revenues in 2008 increased by 21% compared to 2007. We were also selected by the Department of Energy’s National Renewable Energy Laboratory for a $3.7 million, 20% cost shared program to develop a 42% efficient concentrator solar cell.”
“Spire Biomedical processing services continued to show good performance and our contract research and development activity increased substantially due to the start of newly awarded contracts. We have no additional update on our catheter product line other than we are continuing to evaluate strategic alternatives,” concluded Mr. Little.
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