February 19, 2010

CORRECTING and REPLACING First Solar, Inc. Announces 2009 Fourth Quarter and Year-end Financial Results - Maintains Previously Issued 2010 Guidance

TEMPE, Ariz., Feb 19, 2010 (BUSINESS WIRE) -- First Solar is re-issuing its fourth quarter/year end earnings press release, issued earlier on February 18, 2010, to correct a typographical error contained in it. The reported number for the line item "Other current liabilities" in the consolidated balance sheet as of December 26, 2009should have stated (in thousands) $95,202, not $95,902. All other numbers and information remain unchanged.

The corrected release reads:

FIRST SOLAR, INC. ANNOUNCES 2009 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS - MAINTAINS PREVIOUSLY ISSUED 2010 GUIDANCE

First Solar, Inc. (NASDAQ: FSLR) today announced its financial results for the fourth quarter and fiscal year ended December 26, 2009. Quarterly revenues were $641.3 million, up from $480.9 million in the third quarter of fiscal 2009 and up from $433.7 million in the fourth quarter of fiscal 2008. Revenues for the fiscal year ended December 26, 2009 were $2,066.2 million, up from $1,246.3 million in fiscal year 2008.

Net income for the fourth quarter of fiscal 2009 was $141.6 million or $1.65 per share on a fully diluted basis, compared to net income of $153.3 million or $1.79 per share on a fully diluted basis for the third quarter of fiscal 2009. Net income for the fourth quarter of fiscal 2008 was $132.8 million or $1.61 per share on a fully diluted basis.

Net income for fiscal 2009 was $640.1 million or $7.53 per share on a fully diluted basis compared to net income of $348.3 million for fiscal 2008 or $4.24 per share on a fully diluted basis.

For 2010, First Solar forecasts net sales of $2.7 to $2.9 billion. EPS is projected in the range of $6.05 to $6.85. Total capital spending is projected to range from $500 to $550 million, including the Malaysian expansion. As a result, the Company expects to generate $730 to $790 million of operating cash flow and $180 to $290 million of free cash flow. The Company has posted its Earnings Call Presentation, which includes guidance for fiscal 2010 and additional details regarding the key assumptions relating to this guidance, on the Investor section of its website at www.firstsolar.com.

First Solar will discuss these results and outlook for fiscal 2010 in a conference call scheduled for today at 2:30 p.m. MST (4:30 p.m. EDT). Investors may access a live audio webcast of this conference call or the Earnings Call Presentation in the Investors section of the Company's web site at 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 Tuesday, February 23, 2010 at 11:59 p.m. EST and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering replay access code 2240374. A replay of the webcast will be available on the Investor section on the Company's Web site approximately two hours after the conclusion of the call and will remain available for 90 calendar days. If you are a subscriber of FactSet and Thomson One, you can obtain a written transcript within 2 hours.

About First Solar, Inc.

First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. 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 more information about First Solar, please visit http://www.firstsolar.com.

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
or
Larry Polizzotto
Vice President, Investor Relations
602-414-9315
lpolizzotto@firstsolar.com

 


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