EXHIBIT 99
----------
UNAUDITED FINANCIAL STATEMENTS
SPIRE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
October 31, December 31,
2002 2001
------------ ------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 8,852,142 $ 5,582,884
Accounts receivable, trade:
Amounts billed 3,383769 3,422,525
Retainage 68,609 99,838
Unbilled costs 365,295 316,819
------------ ------------
3,817,673 3,839,182
Less allowance for doubtful accounts 226,443 152,000
------------ ------------
Net accounts receivable 3,591,230 3,687,182
------------ ------------
Inventories 2,124,232 1,224,451
Prepaid expenses and other current assets 279,998 333,145
------------ ------------
Total current assets 14,847,602 10,827,662
------------ ------------
Property and equipment 16,427,958 16,396,476
Less accumulated depreciation and amortization (13,860,870) (13,243,038)
------------ ------------
Net property and equipment 2,567,088 3,153,438
------------ ------------
Patents (less accumulated amortization, $498,155 in
2002 and $486,579 in 2001) 359,358 234,813
Other assets 595,444 598,732
------------ ------------
954,802 833,545
------------ ------------
$ 18,369,492 $ 14,814,645
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 1,891,501 $ 1,422,332
Accrued liabilities 1,536,152 1,304,299
Notes payable -- 875,000
Advances on contracts in progress 787,012 466,513
------------ ------------
Total current liabilities 4,214,665 4,068,144
------------ ------------
Unearned purchase discount 1,478,102 1,478,102
Stockholders' equity
Common stock, $.01 par value; shares authorized 20,000,000;
issued 6,755,035 shares in 2002 and 6,732,660 shares in 2001 67,557 67,327
Additional paid-in capital 9,022,421 8,976,483
Retained earnings (deficit) 3,586,747 224,589
------------ ------------
Total stockholders' equity 12,676,725 9,268,399
------------ ------------
$ 18,369,492 $ 14,814,645
============ ============