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Spire Corporation Reports Fourth Quarter and Year End Results for 2003 BEDFORD, Mass. --(Business Wire)-- March 30, 2004 --Highlights -- Spire Celebrates 35th Anniversary. -- Spire Receives $5 Million Second Payment for Catheter License Agreement with Bard Access Systems. -- Spire Awarded a $5.2 Million Cost-Shared Contract to Develop Production Line for Super-Sized Modules. -- Spire Acquires Bandwidth Semiconductor, LLC; Bandwidth to Play Key Role in Spire's Biophotonics Lifesciences Initiative. Spire Corporation (Nasdaq: SPIR) today reported operational revenues for the year ended December 31, 2003 of $15,803,000, a 7% increase from $14,822,000 for 2002, not including $4,989,000 and $4,465,000, respectively, of other income received in 2003 and 2002 for the sale of a license. Net income for 2003, including the gain on the sale of a license, included in both 2003 and 2002, was $9,000 or $0.00 per share, compared with a net income of $2,237,000 or $0.33 per share for 2002. Spire's revenues for the fourth quarter ended December 31, 2003 were $5,016,000, an increase of 83% from $2,738,000 in the fourth quarter of 2002. Net loss for the quarter was $1,229,000 or $0.18 per share compared to net income of $2,805,000 or $0.41 per share for the fourth quarter of 2002. Roger G. Little, President and CEO of Spire, said, The year 2004 marks Spire's 35th anniversary, a tribute to our perseverance and adaptability to market shifts and technology change. While the path of technology commercialization has rarely been smooth, I am pleased to report that revenues rose sequentially for each quarter of 2003 reaching $5 million in the fourth quarter, a performance last attained in 1997. For the full year 2003, revenues were greater than they have been since 1997. Highlights for the year included gains in our biomedical processing services, vascular access products and solar equipment product lines, as well as our return to compound semiconductor processing services with the acquisition of Bandwidth Semiconductor. Our operational costs were higher in 2003 due to the Bandwidth Semiconductor foundry, cost-share of our solar equipment development contract, and expenses from the roll-out of new vascular catheter products. We also had higher indirect costs due to increased accounting and legal expenses, associated with an unusual level of regulatory compliance, and the conversion to a new more efficient accounting system. We are concentrating on the operations of our core product lines and carefully monitoring our operating expenses. We begin 2004 with a strong balance sheet with approximately $6 million in cash, total assets of more than $22 million and no bank debt, concluded Mr. Little. Spire Corporation provides products and services based upon a common technology platform to the solar, biomedical and optoelectronics industries worldwide. -0- *T SPIRE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended December 31, December 31, 2003 2002 2003 2002 Net sales and revenues $ 5,016,000 $2,738,000 $15,803,000 $14,822,000 Gain on sale of a license -- 4,465,000 4,989,000 4,465,000 Earnings (loss) from operations (1,342,000) 3,133,000 203,000 2,550,000 Interest (expense) income, net (78,000) 4,000 (161,000) 19,000 Earnings (loss) before income taxes (1,420,000) 3,137,000 42,000 2,569,000 Income tax expense (benefit) (191,000) 332,000 33,000 332,000 Net income (loss) $(1,229,000) $2,805,000 $ 9,000 $ 2,237,000 Earnings (loss) per share of common stock - basic $ (0.18) $ 0.41 $ 0.00 $ 0.33 Earnings (loss) per share of common stock - diluted $ (0.18) $ 0.41 $ 0.00 $ 0.33 Weighted average number of common and common equivalent shares outstanding - basic 6,765,660 6,759,151 6,764,394 6,749,783 Weighted average number of common and common equivalent shares outstanding - diluted 6,765,660 6,784,939 6,869,668 6,842,071 SUMMARY OF CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, 2003 2002 Assets Current assets $13,483,000 $15,052,000 Net property and equipment 8,866,000 2,472,000 Other assets 443,000 248,000 Total assets $22,792,000 $17,772,000 Liabilities and stockholders' equity Current liabilities $5,301,000 $4,528,000 Total long-term liabilities 5,695,000 1,469,000 Stockholders' equity 11,796,000 11,775,000 Total liabilities and stockholders' equity $22,792,000 $17,772,000 *T Certain matters described in this news release may be forward-looking statements 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-KSB filed with the Securities and Exchange Commission. |
