April 30, 2008

First Solar, Inc. Announces 2008 First Quarter Financial Results

TEMPE, Ariz., Apr 30, 2008 (PrimeNewswire via COMTEX News Network) -- First Solar, Inc. (Nasdaq:FSLR) today announced its financial results for the first quarter ended March 29, 2008. Quarterly revenues were $196.9 million, down from $200.8 million in the fourth quarter of fiscal 2007 and up from $66.9 million in the first quarter of fiscal 2007.

Net income for the first quarter of fiscal 2008 was $46.6 million or $0.57 per share on a fully diluted basis, compared to net income of $62.9 million or $0.77 per share on a fully diluted basis for the fourth quarter of fiscal 2007. Net income for the first quarter of fiscal 2007 was $5.0 million or $0.07 per share on a fully diluted basis.

First Solar will discuss these results and expected results for fiscal 2008 in a conference call scheduled for today at 5:00 a.m. PDT (8:00 a.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 be available approximately two hours after the conclusion of the call. The audio replay will remain available until Monday, May 5, 2008 at 8:59 p.m. PDT (11:59 p.m. EDT) and can be accessed by dialing 888-266-2081 or 703-925-2533 and entering access ID number 1227426.

About First Solar:

First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions and peak time grid constraints.

The First Solar, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3052

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

            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except per share amounts)
                            (Unaudited)


                                                  Three Months Ended
                                                 --------------------
                                                 March 29,  March 31,
                                                   2008       2007
                                                 ---------  ---------
 Net sales                                       $ 196,915  $  66,949
 Cost of sales                                      92,591     36,907
                                                 ---------  ---------
 Gross profit                                      104,324     30,042
                                                 ---------  ---------
 Operating expenses:
  Research and development                           4,760      3,058
  Selling, general and administrative               28,671     13,690
  Production start-up                               12,761      8,474
                                                 ---------  ---------
   Total operating expenses                         46,192     25,222
                                                 ---------  ---------
 Operating income                                   58,132      4,820
 Foreign currency gain (loss)                          774       (270)
 Interest income                                     6,685      4,127
 Interest expense, net                                  (4)      (201)
 Other expense                                        (378)      (167)
                                                 ---------  ---------
 Income before income taxes                         65,209      8,309
 Income tax expense                                 18,590      3,281
                                                 ---------  ---------
 Net income                                      $  46,619  $   5,028
                                                 =========  =========
 Net income per share:
    Basic                                        $    0.59  $    0.07
                                                 =========  =========
    Diluted                                      $    0.57  $    0.07
                                                 =========  =========
 Weighted-average number of shares used in per
  share calculations:
    Basic                                           79,059     72,347
                                                 =========  =========
    Diluted                                         81,607     75,392
                                                 =========  =========

                FIRST SOLAR, INC. AND SUBSIDIARIES

               CONDENSED CONSOLIDATED BALANCE SHEETS
                 (In thousands, except share data)
                           (Unaudited)

                                                March 29, December 29,
                                                  2008        2007
                                              ----------- -----------
 ASSETS
 Current assets:
  Cash and cash equivalents                   $   590,534 $   404,264
  Marketable securities - current                  90,130     232,686
  Accounts receivable, net                         18,027      18,165
  Inventories                                      58,559      40,204
  Deferred project costs                            1,219       2,643
  Economic development funding receivable             897      35,877
  Deferred tax asset, net - current                 3,909       3,890
  Prepaid expenses and other current assets        34,976      64,780
                                              ----------- -----------
   Total current assets                           798,251     802,509
 Property, plant and equipment, net               529,390     430,104
 Deferred tax asset, net - noncurrent              51,583      51,811
 Marketable securities - noncurrent                28,340      32,713
 Restricted investments                            27,113      14,695
 Goodwill                                          33,829      33,449
 Other assets - noncurrent                          8,653       6,031
                                              ----------- -----------
   Total assets                               $ 1,477,159 $ 1,371,312
                                              =========== ===========

 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
  Accounts payable and accrued expenses       $   167,063 $   132,366
  Short-term debt                                      --      24,473
  Current portion of long-term debt                17,673      14,836
  Other current liabilities                        43,008      14,803
                                              ----------- -----------
   Total current liabilities                      227,744     186,478
 Accrued collection and recycling liabilities      18,151      13,079
 Long-term debt                                    70,210      68,856
 Other liabilities - noncurrent                     9,877       5,632
                                              ----------- -----------
   Total liabilities                              325,982     274,045
 Stockholders' equity:
  Common stock, $0.001 par value per share;
   500,000,000 shares authorized; 79,698,283
   shares issued and outstanding at March 29,
   2008                                                80          79
 Additional paid-in capital                     1,100,633   1,079,775
 Accumulated earnings                              59,514      12,895
 Accumulated other comprehensive (loss)
  income                                           (9,050)      4,518
                                              ----------- -----------
   Total stockholders' equity                   1,151,177   1,097,267
                                              ----------- -----------
   Total liabilities and stockholders' equity $ 1,477,159 $ 1,371,312
                                              =========== ===========

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: First Solar, Inc.

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

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