BEDFORD, Mass.--(BUSINESS WIRE)--

Spire Corporation (“Spire” or the "Company") (OTCQB: SPIR), a global solar company providing capital equipment and turn-key manufacturing lines to produce photovoltaic modules and providing optoelectronics thin film services, announced today revenues for the nine months ended September 30, 2014 were $11.7 million, a 6% increase from $11.0 million for the same nine month period in 2013. Net loss attributable to common shareholders for the nine months ended September 30, 2014 was $5.9 million or $0.64 per share, compared to a net loss attributable to common shareholders of $6.5 million, or 0.70 per share, for the same period in 2013.

Gross margin for the nine months ended September 30, 2014 was $2.5 million, or 22% of revenue, compared to $1.9 million, or 18% of revenue for the same period in 2013. Operating expenses for the nine months ended September 30, 2014 were $7.0 million, a 17% decrease from $8.5 million for the same nine month period in 2013.

Revenues for the third-quarter ended September 30, 2014 were $3.7 million, a 10% decrease from $4.2 million for the same quarter of 2013 primarily due to a decrease in our solar systems revenue for a market we exited during 2013, partially offset by an increase in solar module equipment sales.

Gross margin for the third-quarter of 2014 was $1.3 million, or 35% of revenue, compared to $1.2 million, or 29% of revenue, for the same period in 2013. Operating expenses for the three months ended September 30, 2014 were $2.2 million as compared to $3.4 million for the same period in 2013, a decrease of $1.2 million or 35% on a year over year basis.

Net loss attributable to common stockholders for the third-quarter of 2014 was $1.4 million, or $0.15 per share, compared with a net loss attributable to common stockholders of $2.0 million, or $0.22 per share, for the third-quarter of 2013. Net loss was $0.9 million for the three months ended September 30, 2014 compared to net loss of $2.2 million for the same period in 2013 or an improvement of 59% on a year over year basis.

Net cash used in operating activities was $1.9 million for the nine months ended September 30, 2014, compared to net cash used in operating activities of $3.7 million for the nine months ended September 30, 2013 which includes $0.2 million of cash used in operating activities of discontinued operations. As of September 30, 2014, Spire had $0.7 million of unrestricted cash and cash equivalents and $0.2 million in restricted cash.

These results include the completion of a transaction previously reported in which substantially all of the assets and assumption of certain liabilities related to Spire’s biomedical business were acquired by N2 Biomedical, LLC. As this transaction is being identified as giving rise to a variable interest entity and Spire is determined to be the primary beneficiary, the assets, liabilities and results of operations of N2 Biomedical, LLC are consolidated into the Company’s financial statements. In addition, the 2013 transaction gave rise to a deemed dividend in the amount of $9.5 million which is not reported as a gain for financial reporting purposes and is eliminated in consolidation.

Rodger W. LaFavre, President and CEO, stated, “While our performance metrics for the nine months ended September 30, 2014 are improved over the nine months ended September 30, 2013, we continue our focus towards further improving our sales volume, related profitability, and cost reduction strategies. We recognize that further strides are required to improve Spire’s financial standing. Accordingly, we are diligently working to accomplish these tasks and improve our cash position.”

About Spire Corporation
Spire Corporation is a global solar company providing technology, equipment and turn-key production lines to manufacture photovoltaic modules and providing optoelectronics thin film services. For further details on the Company and its products, please visit www.spirecorp.com.

Certain matters described in this press release including those relating to Spire’s prospects for improved sales volume, related profitability, cost reduction strategies and cash position constitute forward-looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the Company’s strategic direction and the effect of such plans on the Company’s financial results. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the risk of dependence on market growth, competition and dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in the Company's Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in the press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.