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First Solar, Inc. Announces 2008 Fourth Quarter and Year-end Financial Results

TEMPE, Ariz.--(BUSINESS WIRE)--Feb. 24, 2009-- First Solar, Inc. (NASQAQ: FSLR) today announced its financial results for the fourth quarter and fiscal year ended, December 27, 2008. Quarterly revenues were $433.7 million, up from $348.7 million in the third quarter of fiscal 2008 and up from $200.8 million in the fourth quarter of fiscal 2007. Revenues for the fiscal year ended December 27, 2008 were $1,246.3 million, up from $504.0 million in fiscal year 2007.

Net income for the fourth quarter of fiscal 2008 was $132.8 million or $1.61 per share on a fully diluted basis, compared to net income of $99.3 million or $1.20 per share on a fully diluted basis for the third quarter of fiscal 2008. Net income for the fourth quarter of fiscal 2007 was $62.9 million or $0.77 per share on a fully diluted basis.

Net income for fiscal 2008 was $348.3 million or $4.24 per share on a fully diluted basis compared to net income of $158.4 million for fiscal 2007 or $2.03 per share on a fully diluted basis.

First Solar will discuss these results and expected results for fiscal 2009 in a conference call scheduled for today at 2:30 p.m. MST (4:30 p.m. EDT). Investors may access a live audio web cast of this conference call in the Investors section of the company’s website at http://www.firstsolar.com. An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Friday, February 26, 2009 at 9:59 p.m. MST (11:59 p.m. EDT) and can be accessed by dialing 888-266-2081 if you are calling from within the United States or 703-925-2533 if you are calling from outside the United States and entering access ID number 1325337. A replay of the web cast will be available for 90 calendar days, approximately two hours after the conclusion of this call.

About First Solar, Inc.

First Solar, Inc. (NASQAQ: FSLR) manufactures solar modules with an advanced thin film semiconductor technology and provides comprehensive PV solutions that significantly reduce solar electricity costs. By enabling clean, renewable electricity at competitive prices, First Solar provides an economic and environmentally responsible alternative to existing peaking fossil-fuel electric generation. First Solar PV power plants operate with no water, air emissions or waste stream. First Solar set the benchmark for environmentally responsible product life cycle management by introducing the industry's first comprehensive collection and recycling program for solar modules. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective renewable energy solutions that protect and enhance the environment.

For First Solar Investors:

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

 

FIRST SOLAR, INC. AND SUBSIDIARIES

   

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 
Three Months Ended Twelve Months Ended
December 27,

2008

  December 29,

2007

December 27,

2008

  December 29,

2007

Net sales $ 433,651 $ 200,797 $ 1,246,301 $ 503,976
Cost of sales   199,725     89,847     567,908     252,573  
Gross profit   233,926     110,950     678,393     251,403  
Operating expenses:
Research and development 11,080 4,432 33,517 15,107
Selling, general and administrative 52,747 24,191 174,039 82,248
Production start-up   8,771     4,065     32,498     16,867  
Total operating expenses   72,598     32,688     240,054     114,222  
Operating income 161,328 78,262 438,339 137,181
Foreign currency gain 6,190 1,165 5,722 1,881
Interest income 4,227 7,214 21,158 20,413
Interest expense, net (378 ) (163 ) (509 ) (2,294 )
Other income (expense), net   245     (338 )   (934 )   (1,219 )
Income before income taxes 171,612 86,140 463,776 155,962
Income tax expense (benefit)   38,841     23,266     115,446     (2,392 )
Net income $ 132,771   $ 62,874   $ 348,330   $ 158,354  
Net income per share:
Basic $ 1.63   $ 0.80   $ 4.34   $ 2.12  
Diluted $ 1.61   $ 0.77   $ 4.24   $ 2.03  
Weighted-average number of shares used in
per share calculations:
Basic   81,345     78,192     80,178     74,701  
Diluted   82,450     81,318     82,124     77,971  
   

FIRST SOLAR, INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

December 27,

2008

December 29,

2007

ASSETS
Current assets:
Cash and cash equivalents $ 716,218 $ 404,264
Marketable securities — current 76,042 232,686
Accounts receivable, net 61,703 18,165
Inventories 121,554 40,204
Deferred project costs 710 2,643
Economic development funding receivable 668 35,877
Deferred tax asset, net — current 9,922 3,890
Prepaid expenses and other current assets   90,584     64,780
Total current assets 1,077,401 802,509
Property, plant and equipment, net 842,622 430,104
Deferred tax asset, net — noncurrent 61,325 51,811
Marketable securities — noncurrent 29,559 32,713
Restricted cash and investments 30,059 14,695
Investment in related party 25,000 —
Goodwill 33,829 33,449
Other assets — noncurrent   14,707     6,031
Total assets $ 2,114,502   $ 1,371,312
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 46,251 $ 26,441
Income tax payable 99,938 24,487
Accrued expenses 140,899 76,256
Short-term debt — 24,473
Current portion of long-term debt 34,951 14,836
Other current liabilities   59,738     14,803
Total current liabilities 381,777 181,296
Accrued collection and recycling liabilities 35,238 13,079
Long-term debt 163,519 68,856
Other liabilities — noncurrent   20,926     10,814
Total liabilities   601,460     274,045
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares
authorized; 81,596,810 and 78,575,211 shares issued and outstanding
at December 27, 2008 and December 29, 2007, respectively 82 79
Additional paid-in capital 1,176,156 1,079,775
Accumulated earnings 361,225 12,895
Accumulated other comprehensive income (loss)   (24,421 )   4,518
Total stockholders’ equity   1,513,042     1,097,267
Total liabilities and stockholders’ equity $ 2,114,502   $ 1,371,312

Source: First Solar, Inc.

First Solar, Inc.
Jens Meyerhoff
Chief Financial Officer
602-414-9315
investor@firstsolar.com
Larry Polizzotto
Vice President, Investor Relations
602-414-9315
lpolizzotto@firstsolar.com