PV equipment supplier, Spire Corporation has reported 2010 sales of US$79.8 million, a 14.3% increase from US$69.9 million in 2009. The company just failed to become profitable for the year with losses down to US$0.4 million, compared to losses of US$5.3 million in 2009.
Spire reported revenue for the fourth-quarter of US$18.0 million from continuing operations, a decrease of 8.6% from US$19.7 million in the fourth-quarter of 2009. Net loss for the quarter was US$0.2 million, compared to net income of US$4.3 million for the fourth-quarter of 2009.
“Our revenue growth was driven by broad-based expansion of our solar business which accounted for 84% of our total revenues,” noted Roger Little, Chairman and CEO, Spire Corporation. “We added a number of new solar customers. We delivered several turn-key module lines and an increased number of high margin solar simulators. We continue to drive processing and engineering improvements for our PV equipment and are pursuing cost containment initiatives.”
Gross margin for fiscal year 2010 totalled US$14.7 million, or 18.4% of revenue, compared to US$6.5 million, or 9.3% of revenue for fiscal year 2009, representing an increase of US$8.2 million, or 126%.