Spire Corp’s Q3 2013 net loss expands

Nov 20, 2013 - Spire Corp (NASDAQ:SPIR), the US company that manufactures equipment for the making of photovoltaics (PV), said Tuesday its third-quarter net loss from continuing operations had widened to USD 2.2 million (EUR 1.6m) from USD 2 million a year earlier.

The company, which sold its biomedical operations to N2 Biomedical LLC in the reporting period, boosted its gross margin in July-September to 29% from 23%, thanks to higher margins in the equipment and engineering, procurement and construction (EPC) divisions.

Revenues from continuing operations remained unchanged from a year before at USD 4.2 million.

In its financial report, the company's chairman and CEO Roger G Little said that the global solar market is still expanding but demand in the sector is still low. He noted that the overcapacity of module production is seen to be absorbed in 2014 after which it will be “brought on line ending more than a two year drought."

Spire Corp closed the first nine months of 2013 with a net loss from continuing operations of USD 6.6 million, expanding from USD 3.5 million. Revenues fell to USD 11 million from USD 18.3 million.

(USD 1.0 = EUR 0.739)

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