Spire Corporation revenues down on weak PV equipment market

Spire Corporation (Bedford, Massachusetts, U.S.) has released its second quarter 2012 results, reporting a 52% year-over-year decline in revenues to USD 6.6 million, mostly due to a fall in demand for solar photovoltaic (PV) module production equipment.

The company also reported a -27% operating margin and a net loss of USD 1.8 million. Spire Corporation notes that it introduced and delivered its first Spi-Sun Simulator 5600SLP during the quarter, and expects sales of the new product to increase.

"The quarterly revenue and operating loss is in line with our expectations as a result of the collapse of the PV equipment market driven by worldwide overcapacity of module manufacturing," stated Spire Chairman and CEO Roger Little. "We anticipated the market collapse and have taken significant cost reduction measures."

"Based on recent industry marketing forecasts, we expect the PV equipment market to begin to recover in late 2013 then potentially increasing in global demand extending through at least 2016. As this happens, we believe that we are positioned to capitalize on equipment re-tooling, the growth of regional PV module manufacturing and PV module supply chain transactions."