Spire Corp's Q3 2011 loss widens on 57% fall in revenues

Nov 11, 2011 - Solar manufacturing equipment provider Spire Corp (NASDAQ:SPIR) saw its loss widen to USD 1.8 million (EUR 1.3m) in the third quarter of 2011 from USD 915,000 a year earlier as revenues fell 57%.

The company lost USD 0.21 per share in the period versus USD 0.11 last time. Revenues from continuing operations were down at USD 8.9 million from USD 20.6 million. Spire said the year-ago revenue figure benefited from USD 2.5 million in non-recurring solar cell materials sales and revenues of USD 7.3 million from the installation of four solar systems.

Operating losses from continuing operations were USD 1.74 million versus USD 1.05 million a year ago.

Chairman and chief executive Roger Little attributed what he described as "disappointing" operating results to the global slowdown in capital investment in the solar sector. He added that the company had minimised operational losses by cutting costs in anticipation of the slowdown. Little also noted that the company's metrology product line was performing well and said that Spire was boosting its business of providing engineering, procurement and construction services for solar systems to capitalise on the fall in module costs and the expanding domestic market for installations.

In the nine months to the end of September revenues from continuing operations fell 32% to USD 42 million and net losses widened to USD 3.1 million from USD 208,000.

(USD 1 = EUR 0.733)

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