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 ============ ============