BEDFORD, Mass., May 16 -- Spire Corp. reported revenues of $4,532,000 for this year's first quarter, an increase compared to last year's first quarter revenues of $3,818,000. Net profit for the quarter was up eight cents per share or $267,000 compared to a net loss of $149,000 or five cents per share for the same quarter last year.
We are pleased to have been profitable in this quarter during which the company effectively changed from a company operating in three business segments to a company operating in two business segments: Spire Solar and Spire Biomedical, said Roger G. Little, president and CEO of Spire. Spire Solar uses its core photovoltaic module manufacturing equipment and technology to market PV module factories to utilities and other energy industry participants to take advantage of the opportunities created by utility deregulation and environmental clean up in the U.S. and offers energy industry companies worldwide the opportunity to participate in this growing industry.
Spire Biomedical restructured to position itself to expand it's orthopedic processing services which include new process development and increased sales and marketing. It is focusing efforts toward understanding the physiological response to Spire technology, specific to orthopedic applications. With a better understanding of specific biological responses to its processes, Spire Biomedical can better serve its customer base. Spire Biomedical continues to build it's technology base and product position, benefiting during the quarter from a license sale of $400,000, concluded Little.