Spire Reports Q2 1999 Results and Enters Agreement with Commonwealth Edison
Spire Corp. (Bedford, MA) reported revenues for the second quarter ended June 30, 1999, of $2,682,000, compared to $3,445,000 for the same period a year ago. Net loss for the second quarter was $558,000, or $0.17 per share, compared to a net loss of $1,775,000, or $0.55 per share, a year ago.For the six months ended June 30, 1999, Spire reported revenues of $6,499,000, compared to $7,888,000 for the same period last year. Net loss for the six-month period was $708,000, or $0.22 per share, compared to a net loss of $1,758,000, or $0.54 per share, for the same period a year ago."We are just now experiencing a recovery of the photovoltaic equipment market," Spire Chairman and President Roger G. Little stated. "Spire Solar recently received orders for equipment and a complete production line totaling about $2 million." The $2 million order was part of Spire's recent agreement to establish a module and systems manufacturing factory in Chicago.Spire also announced it has entered into an additional agreement with Commonwealth Edison Co. (Chicago) to provide the utility with $6 million worth of photovoltaic systems over the next thirty months. ComEd has also agreed to give Spire first refusal through 2004 to supply systems beyond this initial commitment. The systems purchased under the agreement will be deployed within the ComEd transmission and distribution network to increase reliability, improve efficiency, and assist ComEd in managing its capital expenditures and assets.Little also commented, "Spire Solar Chicago represents the beginning of a long term strategy to establish similar enterprises throughout the United States. Our experience overseas has shown that establishing local manufacturing facilities that employ local people and serve local markets is the quickest and most effective way to expand photovoltaic markets."