Spire Corp. (SPIR, Financial) filed Amended Annual Report for the period ended 2008-12-31.
Spire Corp. develops, manufactures and markets highly-engineered photovoltaic module manufacturing equipment and provides biomedical processing services. Spire is the world's leader in the design and manufacture of specialized equipment for the production of terrestrial photovoltaic modules from solar cells, with its equipment installed. Spire's value-added biomedical processing services offer surface treatments to enhance the durability or antimicrobial characteristics of orthopedic and other medical devices. Spire Corp. has a market cap of $36.1 million; its shares were traded at around $4.33 with and P/S ratio of 0.5. Spire Corp. had an annual average earning growth of 1.7% over the past 5 years.
the Federal Prison Industries, Inc, otherwise known as UNICOR, to supply solar
cells for the Spire-installed Turnkey Photovoltaic Module Factory located at the
Federal Correctional Institution (FCI) in Otisville, New York. UNICOR is a
wholly-owned government corporation that is authorized to operate industries in
federal correctional institutions and disciplinary barracks throughout the
United States. The Spire-supplied turnkey module line at FCI Otisville is to be
operated by inmates who will be trained to find employment in the rapidly
growing United States solar industry. Modules manufactured at FCI Otisville will
be sold for government installations. Successful performance of the factory may
lead to similar factories at other UNICOR locations. The contract has an initial
term of twenty two (22) months. Delivery commences in the first quarter of 2009
with approximately 30% of the contract value being delivered in 2009 and 70%
being delivered in 2010. The contract allows UNICOR to exercise, at its option,
three separate one-year extensions. The three, one-year extensions are worth up
to $266.3 million in the aggregate. Under the terms of the contract, UNICOR can
terminate the contract for convenience at any time.
We did not have any customers that accounted for more than 10% of our
consolidated net sales and revenues during the year ended December 31, 2008. One
customer accounted for more than 10% of our consolidated net sales and revenues
in 2007 (approximately 15%).
Our export sales, which amounted to 56% and 47% of net sales and
revenues for 2008 and 2007, respectively, continue to constitute a significant
portion of our net sales and revenues. Over 90% of export sales in 2008 and 2007
were to solar equipment customers with the remainder to biomedical and
optoelectronic related customers.
2008 % 2007 %
- -
United States $ 30,377,000 44% $ 19,714,000 53%
Europe/N. Africa 14,665,000 22% 9,129,000 25%
Asia 22,782,000 33% 7,643,000 21%
Rest of the world 828,000 1% 582,000 1%
- - - -
$ 68,652,000 100% $ 37,068,000 100%
- - - -
We did not have any customers that accounted for more than 10% of
consolidated net sales and revenues during the year ended December 31, 2008. One
customer accounted for more than 10% of consolidated net sales and revenues in
2007 (approximately 15%). In addition, we have had such customers in other years
and may have them again in the future. If an unfavorable development were to
occur with respect to any significant customer it would likely have a material
adverse affect on our business, financial condition, operating results, cash
flows and future prospects.
Read the The complete Report
Spire Corp. develops, manufactures and markets highly-engineered photovoltaic module manufacturing equipment and provides biomedical processing services. Spire is the world's leader in the design and manufacture of specialized equipment for the production of terrestrial photovoltaic modules from solar cells, with its equipment installed. Spire's value-added biomedical processing services offer surface treatments to enhance the durability or antimicrobial characteristics of orthopedic and other medical devices. Spire Corp. has a market cap of $36.1 million; its shares were traded at around $4.33 with and P/S ratio of 0.5. Spire Corp. had an annual average earning growth of 1.7% over the past 5 years.
Highlight of Business Operations:
In November 2008, we received a contract worth nearly $54 million fromthe Federal Prison Industries, Inc, otherwise known as UNICOR, to supply solar
cells for the Spire-installed Turnkey Photovoltaic Module Factory located at the
Federal Correctional Institution (FCI) in Otisville, New York. UNICOR is a
wholly-owned government corporation that is authorized to operate industries in
federal correctional institutions and disciplinary barracks throughout the
United States. The Spire-supplied turnkey module line at FCI Otisville is to be
operated by inmates who will be trained to find employment in the rapidly
growing United States solar industry. Modules manufactured at FCI Otisville will
be sold for government installations. Successful performance of the factory may
lead to similar factories at other UNICOR locations. The contract has an initial
term of twenty two (22) months. Delivery commences in the first quarter of 2009
with approximately 30% of the contract value being delivered in 2009 and 70%
being delivered in 2010. The contract allows UNICOR to exercise, at its option,
three separate one-year extensions. The three, one-year extensions are worth up
to $266.3 million in the aggregate. Under the terms of the contract, UNICOR can
terminate the contract for convenience at any time.
We did not have any customers that accounted for more than 10% of our
consolidated net sales and revenues during the year ended December 31, 2008. One
customer accounted for more than 10% of our consolidated net sales and revenues
in 2007 (approximately 15%).
Our export sales, which amounted to 56% and 47% of net sales and
revenues for 2008 and 2007, respectively, continue to constitute a significant
portion of our net sales and revenues. Over 90% of export sales in 2008 and 2007
were to solar equipment customers with the remainder to biomedical and
optoelectronic related customers.
2008 % 2007 %
- -
United States $ 30,377,000 44% $ 19,714,000 53%
Europe/N. Africa 14,665,000 22% 9,129,000 25%
Asia 22,782,000 33% 7,643,000 21%
Rest of the world 828,000 1% 582,000 1%
- - - -
$ 68,652,000 100% $ 37,068,000 100%
- - - -
We did not have any customers that accounted for more than 10% of
consolidated net sales and revenues during the year ended December 31, 2008. One
customer accounted for more than 10% of consolidated net sales and revenues in
2007 (approximately 15%). In addition, we have had such customers in other years
and may have them again in the future. If an unfavorable development were to
occur with respect to any significant customer it would likely have a material
adverse affect on our business, financial condition, operating results, cash
flows and future prospects.
Read the The complete Report
