Spire released its 2011 financial results, showing revenues of US$61.6 million, a 22.8% drop from 2010’s US$79.8 million revenue. Net loss was calculated at US$1.5 million, compared to a net loss in 2010 of US$0.4 million. The company noted that revenues from Q4 were US$19.5 million from continuing operations, demonstrating an 8.5% increase from the US$18.0 million in Q4 2010.
Net income for Q4 2011 was US$1.6 million, contrasted to a net loss of US$0.2 million in Q4 2010. Additionally, gross margin for the fiscal year 2011 was finalized at US$12.5 million, or 20.3% of revenue, compared to US$14.7 million, or 18.4% of revenue, from FY2010.
Roger Little, chairman and CEO, stated “I am pleased with our revenue performance as evidenced by the top line growth on a quarter over quarter basis. Our solar business comprised 82% of our total revenue in 2011 which included the delivery of several turn-key module lines and a back-end thin line along with increased volume for our high margin solar simulators. The operating improvements are a result of the company focusing on our core competencies, continued process improvements for our PV equipment business, and pursuing cost containment measures.”