Spire Corporation (NASDAQ:SPIR) is a small-cap supplier of turnkey solar factories and capital equipment. Its products are used to manufacture PV modules and cells. The company reported its fourth quarter and full-year results after the market closed yesterday, and the news was mostly positive. After the beating that other solar makers such as First Solar, Inc. (NASDAQ:FSLR) and Solarfun Power Holdings Co. Ltd. (NASDAQ:SOLF) have taken, any good news in this sector is welcome.
EPS for the quarter totaled $0.61, way above analysts’ estimates of $0.12/share, and revenue rose to $19.7 million, up 69% from the same period in 2007. The company reported a one-time gain of $6.8 million from a contract termination during the quarter, which prevented what would have been an operating loss of $878,000 for the quarter.
The company was cash-flow positive in 2008, and finished the year with $6 million in cash. The company also received a $3.7 million federal contract to work on developing a concentrator solar cell that would provide 42% efficiency. That’s more than double the efficiency of the cells in common usage today.
The company’s shares are up nearly 8% in pre-open trading, at $5.10. The 52-week range for the stock is $2.94-$18.75.
Paul Ausick
April 1, 2009
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