Spire Corp. (Bedford, MA) reported a 38-percent increase in revenues for the third quarter, ended September 30, 2001, compared to the same year-earlier period. This growth was driven by a 340-percent increase in sales at the company's solar systems operation.
Revenues for the third quarter were $3,889,000, an increase of 38 percent over the $2,826,000 reported for the same year-earlier period. The loss from operations in the quarter declined 42 percent to $314,000 from $546,000 for the year-earlier quarter. The net loss for the third quarter was $277,000, or $0.04 per share, compared to a loss of $127,000, or $0.02 per share, for the comparable 2000 quarter. In 2000, a favorable tax refund of $299,000, or $0.04 per share, was recorded. The per-share results are adjusted for a two-for-one stock split that took place December 22, 2000.
Revenues for the nine months ended September 30, 2001, were $10,074,000, compared to $10,517,000 for the same year-earlier period. The net loss for the nine months was $1,578,000, or $0.24 per share, compared with a loss of $127,000, or $0.02 per share for the same year-earlier period.
Roger Little, president and CEO of Spire, said, "The improved sales growth in the third quarter demonstrates that demand for our products and services is strong, with solar leading the way. In keeping with our strategic focus, we have continued to do the investment spending that is vital to supporting the company's future growth."