Spire sees first quarter 2011 revenues slightly dip

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Spire has reported its revenues from its first quarter 2011, posting revenue for Q1 at US$18.4 million. The result is 2% below Q1 2010, which reported revenue of US$18.9 million. Net loss for Q1 2011, was US$2 million, or US$0.24 per share, contrasted against Q1 2010’s US$0.7 million, or US$0.08 per share.

Roger Little, chairman and CEO, commented, “Revenues in the first-quarter of fiscal 2011 were about the same as last year, although we were less profitable due to product mix. In particular, we had an increase of 43% in solar cell sales, on a year-over-year basis, to US$7.1 million at lower profit margin than from sales of solar equipment and turn-key lines.”

“During the quarter, we shipped a record number of Spi-Sun Simulators, which are now used in over 30 PV module test laboratories and hundreds of manufacturing facilities worldwide. Although turnkey line sales were down during the quarter, we are in the process of installing lines for a number of customers. These include Mage Solar, where we are providing a line in the US to assemble laminates into completed modules at the rate of 50MW per year. Also, Rahimafrooz Renewable Energy of Bangladesh is installing one of our 20MW per year advanced manufacturing lines, and Tecnometal Equipamentos, a Brazilian company, is setting up another Spire 20MW semi-automated module manufacturing line.”

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