Spire Corp. Reports Q4 Financial Results
Spire Corp. (Bedford, MA) reported financial results for the fourth quarter and for the year ended December 31, 2000. For the last quarter, total revenues were $2,368,000, a decrease of 12 percent from the fourth quarter of 1999. Solar energy revenues for that period were $937,000, compared to $914,000 for the same 1999 period. Revenues from its subsidiary, Spire Biomedical Inc., were $895,000, compared to $781,000 for the three months ended December 31, 1999. Fourth-quarter revenues from the remaining optoelectronics business, whose assets were sold on December 30, 1999, decreased to $536,000 from $984,000 for the same period ended 1999.
For the fourth quarter of 2000, net loss was $674,000, or $0.10 per share, compared with an operating loss of $1,811,000, or $0.24 per share, in the same year-earlier period. Net earnings for the fourth quarter of 1999, however, were $6,936,000, or $1.07 per share, reflecting a gain of $8,848,000, or $1.19 per share, from the sale of Spire's optoelectronics assets during the quarter.
For the year ended December 31, 2000, total revenues were $12,885,000, an increase of eight percent from the 1999 period. Spire's solar energy revenues for the year 2000 were $5,906,000, an increase of 53 percent, from $3,852,000 for the prior year. Revenues from Spire Biomedical increase 17 percent to $4,315,000 from $3,695,000 for 1999, while revenues from the optoelectronics business decrease 39 percent to $2,664,000, from $4,354,000 for the prior year.
For the year ended December 31, 2000, net loss was $800,000, or $0.12 per share, compared with an operating loss of $3,380,000, or $0.52 per share, in 1999. However, a gain of $8,848,000, or $1.36 per share, was recorded on the sale of Spire's optoelectronics assets in 1999.
President and CEO Roger Little commented, “The year 2000 was a transition year for Spire in which we focused on becoming a pure solar energy company by restructuring our biomedical business as a separate operating entity and phasing out of our optoelectronics activities. Supported by a rapidly growing demand for solar power, our solar energy business gained momentum during the year and grew 53 percent."