Spire reports revenue growth for third quarter

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Spire Corporation has released their third quarter revenue results for the period that ended September 30.  The total revenue amounted to $16.5 million, compared to 2008’s third quarter $16.6 million. The net loss was $3.5 million this quarter compared to 2008, which saw a net income of $445,000. The losses include $1.2 million for 2009 and $77,000 for 2008 third quarter results for the company’s medical products business unit that has now been classified as a discontinued operation.

Revenues for continuing operations for the third quarter were $50.1 million, a 9% increase from $46.2 million 2008’s third quarter. Net loss equaled $9.6 million for this period, compared to $347,000 in 2008. The results again included losses of $1.6 million (2009) and $358,000 (2008) from the discontinued medical products business unit.

Roger G. Little, chairman and CEO, said, “We are encouraged in a tough market by a 3% growth in revenue of our solar products and services business on a year over year basis for the third quarter ended September 30, 2009, as this segment represented 82% of our total revenue. The Company delivered two module lines and several orders for capital equipment to its customers as they position for expected global expansion of PV.”

The net cash provided by operating activities of continuing operations totaled $429,000, compared with the $2.9 million for the third quarter of 2008. As of September 30, Spire reported cash and cash equivalents of $6.3 million, wherein $4.9 million is unrestricted.

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