Spire Corp. reported revenues for the year ended December 31, 2005 of $22,422,000, a 30% increase from $17,278,000 for 2004, not including $6,320,000 and $3,000,000, respectively, of gains recorded in 2005 and 2004 from the sales of licenses. Net income for 2005, including the gain on the sales of licenses in both 2005 and 2004, was $44,000 or $0.01 per share, compared with a net loss of $4,120,000 or $0.60 per share for 2004.
Spire's revenues for the fourth quarter ended December 31, 2005 were $6,413,000, an increase of 50% from $4,262,000 in the fourth quarter of 2004. Net loss for the quarter was $1,645,000 or $0.23 per share compared to a net loss of $2,222,000 or $0.32 per share for the fourth quarter of 2004.
Roger G. Little, Chairman and CEO of Spire, said, "Revenues for 2005 mark the sixth consecutive year of revenue growth for the Company. This growth is attributable to our strong position in the solar industry, particularly our ability to provide customers with fully integrated solutions to their photovoltaic needs. Solar equipment sales increased 289% from 2004 reflecting the delivery of four SPI-LINE photovoltaic module assembly lines."
Mr. Little continued, "In addition to growth in our solar equipment sales, other highlights for the year included increases in our vascular access products and government funded research and development activities. Net earnings for 2005 increased $4,164,000 from 2004, primarily due to the sale of a license related to our solar technology, the increase in sales and revenues and a gain recognized on the unearned purchase discount associated with our Chicago operation."
"We continue to see increased interest in our solar equipment and vascular access product lines and are focused on converting these continuing opportunities into revenue gains and improved profitability," concluded Mr. Little.
