Spire Reports Second-Quarter 2001 Results
Spire Corp. (Bedford, MA) reported revenues for the second quarter ended June 30, 2001, of $2,964,000 versus $3,159,000 for the same year-earlier period. Net loss for the second quarter was $697,000, or $0.10 per share on 6,707,763 weighted average diluted shares outstanding, versus a loss of $266,000, or $0.04 per share on 6,627,680 weighted average diluted shares outstanding, in the same year-earlier period. The per-share results are adjusted for a two-for-one stock split that took place December 22, 2000.
Revenues for the first six months ended June 30, 2001, were $6,184,000, compared with $7,691,000 for the same year-earlier period. Net loss for the six months was $1,301,000, or $0.19 per share on a diluted basis, compared with a net profit of $1,000 for the same year-earlier period.
Roger Little, president and CEO of Spire, stated, "We are still in a transition as our solar business expands, while certain government research and development programs wind down and our biomedical business develops higher-margin products. Meanwhile, we have taken significant expense reduction measures to lower our break-even point. We expect to improve operating results in the second half of 2001 as a result of reduced costs coupled with increased PV equipment and systems shipments."