Spire Corporation Reports Results for Fourth-Quarter and Year-End 2010

BEDFORD, Mass., Mar 15, 2011 (BUSINESS WIRE) --Spire Corporation (Nasdaq: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic (PV) modules and providing Engineering, Procurement and Construction (EPC) integration services for solar systems today reported record revenues from continuing operations for the year ended December 31, 2010 of $79.8 million, a 14.3% increase from $69.9 million in 2009. Net loss for the year ended December 31, 2010 was $0.4 million, or $0.05 per diluted share, compared to a net loss of $5.3 million, or $0.63 per diluted share, for the same period of 2009. These results include a gain on the sale of the assets of its Medical Device business to Bard Access Systems, Inc. of $1.6 million, net of a tax provision of $1.0 million, or $0.20 per diluted share, for 2010 and a gain of $5.5 million, net of a tax provision of $2.2 million, or $0.66 per diluted share for 2009. In addition, the Company recorded gains of $1.9 million and $3.1 million, respectively, on terminations of contracts for 2010 and 2009.