Spire Reports Results, Gain on Sale of Assets
BEDFORD, Mass., Apr. 3 -- Spire Corp., a global provider of products and services to solar electric and biomedical markets, reported revenues of $2,679,000 for the quarter ended December 31, 1999, compared with $2,536,000 in 1998. Revenues for the year were $11,901,000, compared with $14,143,000 for the prior year. Spire's net earnings for the year were $5,367,000, or $1.64 per diluted share, compared with a net loss of $3,811,000, or $1.18 per diluted share, in 1998. Net earnings for both the fourth quarter and the year of 1999 included a $9,918,000 gain from the sale of assets.
Roger G. Little, Spire's president and CEO, commented, I am pleased to report that in 1999, Spire Corp. strengthened its financial position with the sale of our optoelectronics assets for about $13 million in cash. This activity took a great deal of management time and effort. Now that it is completed, we will focus our energy and resources on our solar and biomedical businesses, both of which offer exciting growth opportunities.
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