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15 November 2006


Bandwidth’s parent announces Q3/2006 financial results

Spire Corporation of Bedford, Mass, USA, parent company of Bandwidth Semiconductor LLC, a compound semiconductor wafer foundry, achieved revenues of $5,794,000 for Q3/2006 (ended September 30), up 29% on the $4,482,000 achieved for the same period in 2005. Q3/2006 net loss was $1,941,000 ($0.24 per basic share), compared with a net loss of $1,429,000 ($0.20 per basic share) for Q3/2005.

Revenues for the nine months up to September 30, 2006 reached $15,062,000, down 6% compared to $16,009,000 for the nine months ended September 30, 2005. In addition, the Company recognized a gain of $6,320,000 on the sale of licenses in 2005. Net loss was $6,026,000 ($0.77 per basic share) for the nine months ended September 30, 2006, compared with net income, including the gain on the sale of licenses, of $1,689,000 ($0.24 per basic share) for the nine months ended September 30, 2005.

“The increase in the third quarter revenues were due to higher solar equipment, solar systems, and hemodialysis catheter sales. These third quarter revenue increases were partially offset by declines in our contract research and development (“R&D”). The decline in year-to-date results were primarily lower sales in contract R&D and solar systems partially offset by increases in solar equipment and biomedical processing services,” said Roger G. Little, chairman and CEO of Spire. “We continue to invest in new product development for each of our businesses. This quarter, our subsidiary Bandwidth Semiconductor, LLC, signed a major manufacturing agreement to produce wafers for next generation laser rear projection television sets.”

In September this year, Bandwidth Semiconductor signed a five year agreement with California-based Principia Lightworks Inc to become the company’s exclusive supplier of III-V and II-VI semiconductor wafers. Principia will use the wafers to enter into high volume production of its patented electron beam pumped vertical cavity surface emitting laser (eVCSEL), which are used as a light source for rear-projection consumer television (RPTV) and other projection display applications. Bandwidth expects to start full production of the wafers for Principia around mid 2007.

Earlier this month, the company announced the purchase of multiple Veeco TurboDisc E450 As/P Metal Organic Chemical Vapor Deposition (MOCVD) Systems, which will be used to scale-up the production of III/V and II/VI wafers for VCSELs, LEDs and concentrator solar cells.


Principia Lightworks inks contract with Bandwidth Semiconductor for III-V and II-VI wafers

Bandwidth expands wafer production with multiple Veeco TurboDisc E450 As/P MOCVD systems

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