February 24, 2009

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.

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


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