Spire reports first-quarter sales of US$18.9 million

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Spire couldn’t quite beat its record quarterly results figures that were posted in the fourth quarter of 2009. Revenues were US$18.9 million, a 66% increase from US$11.4 million for the same quarter of 2009 but down approximately 5% from the previous quarter when revenue was US$19.7 million. Turnkey module and ‘SPI-Sun Simulator’ shipments were strong, with the solar business segment representing 81% of total revenue for the quarter.

“We delivered a portion of the 50MW per year module manufacturing line to UNICOR – Federal Prison Industries, Inc,” commented Roger G. Little, chairman/CEO of Spire Corp. “In addition, we continue to see strong volume with respect to our market-leading SPI-Sun Simulator as well as an increase in the volume of solar cell revenue.”

Spire said that it expects to ship the balance of the equipment to UNICOR in the second quarter of 2010.

However, the company posted another loss in the quarter. Net loss for the quarter was US$0.7 million, compared with a net loss of US$1.5 million for the first-quarter of 2009. Net loss in the fourth quarter was also US$0.7 million.

Spire exited the quarter with US$5.1 million in cash and cash equivalents, of which $3.3 million is unrestricted.

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