Spire Corporation has now reported eight-straight quarters of revenue growth with full 2008 revenue growth of 85% to US$68.7 million, compared to US$37.1 million in 2007. Fourth quarter revenue was US$19.7 million, an increase of 69% from US$11.6 million in the fourth-quarter of 2007, a new quarterly record for the company. Revenue was boosted by a contract termination resulting in net income of $4.8 million from its partner in Japan, Nisshinbo Industries, Inc.
“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,” noted Roger G. Little, Chairman and CEO, Spire Corporation.
The company noted in a conference call with financial analysts that it had received 1 major order pushout in the last quarter. However, Roger Little highlighted that business from ‘entrepreneur’s’ in India, Russia and Eastern Europe would be a feature of any business growth in 2009 as the credit crisis has impacted production capacity expansions.
Having launched its ‘Come to America’ program to assist foreign manufacturers of PV modules to establish manufacturing operations in the United States to benefit from various stimulus packages, Little noted that his sales staff have ‘never been busier’ and expects the first results of that sales drive to materialise in the fourth quarter of 2009.