-- Sales from operations increased 73% year to year.
-- Income from the sale of licenses was $6,320,000.
-- Earnings were $0.69 per basic share.
-- Cash is strong at $7.6 million, with no bank debt.
Spire Corporation (Nasdaq: SPIR), Bedford, Mass., has reported
operational revenue of $7,347,000 for the three months ended June 30,
2005, an increase of 73% compared to $4,258,000 for the three months
ended June 30, 2004. In addition, the company recognized $6,320,000 and
$3,000,000 of other income in 2005 and 2004, respectively, on the sale
of licenses. Net earnings, including the gain on the sale of licenses in
both 2005 and 2004, were $4,698,000 or $0.69 per basic share for the
three months ended June 30, 2005, compared with net earnings of
$1,279,000 or $0.19 per basic share for the three months ended June 30,
2004.
Roger G. Little, Chairman and CEO, said, "Highlights for the
quarter included significant increases in our solar equipment and solar
systems revenues reflecting the sale of two photovoltaic module assembly
lines and the completion of a major solar installation in the Chicago
area. Net earnings for 2005 increased $3,419,000 primarily due to the
sale of a license relating to our solar technology. Our cash is strong
at $7.6 million and we have no bank debt. Our net worth at the close of
the quarter was $11,007,000."
"Our continued monitoring of operating costs resulted in only
a slight increase in selling, general and administrative expenses in the
second quarter of 2005 as compared to 2004 despite the 73% increase in
revenues. Increased legal and sales and marketing costs were partially
offset by a decrease in insurance costs. We continue to see increased
interest throughout our product lines and are focused on converting this
interest into revenue gains and improved profitability," concluded
Roger Little.
About Spire Corporation
Spire Corporation is a diversified technology company providing
innovative solar energy manufacturing equipment, biomedical devices and
optoelectronic components, all based upon a common technology platform.
For more information, visit http://www.spirecorp.com or call
781/275-6000.
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