Spire released its third-quarter financial results for the period that ended September 30. The company reported US$20.6 million in revenues from continuing operations, showing a 24.6% increase from the same period during 2009, which resulted in US$16.6 million. Spire’s net loss for the third quarter came in at US$915,000, a marked improvement from 2009’s third-quarter net loss which totaled at US$3.5 million.
Revenue for the nine-month period from continuing operations were posted at US$61.9 million, growing 23% from the US$50.1 million during the same nine month period in 2009. Additionally, the net loss this nine-month period was US$208,000, a drop from 2009’s nine-month period's US$9.6 million.
Roger G. Little, chairman/CEO, said, “We are pleased that the company continues to experience record revenues and substantial, year-over-year growth of 25.3% in our solar business segment. Our solar business now accounts for 83.4% of total revenues for the nine months ended September 30, 2010. Gross margins increased to 18.2% for the nine months ended September 30, 2010; a year-over-year increase of 61% for the same nine months ended September 30, 2009.
“This was another solid quarter with revenue growth in the solar business line, driven by high quality customers that have been added to our customer portfolio. The increase in business activity was due to the strong demand of solar equipment and solar systems have steadily progressed since the beginning of the fiscal year through the third quarter. The company remains focused on margin enhancement by driving productivity and efficiency programs as we scale the business to meet continued top line growth while generating value to our shareholders.”