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First Solar, Inc. Announces 2008 Third Quarter Financial Results

October 29, 2008

Tempe, AZ - October 29, 2008 - First Solar, Inc. (Nasdaq: FSLR) today announced its financial results for the third quarter ended September 27, 2008. Quarterly revenues were $348.7 million, up from $267.0 million in the second quarter of fiscal 2008 and up from $159.0 million in the third quarter of fiscal 2007.

Net income for the third quarter of fiscal 2008 was $99.3 million or $1.20 per share on a fully diluted basis, compared to net income of $69.7 million or $0.85 per share on a fully diluted basis for the second quarter of fiscal 2008. Net income for the third quarter of fiscal 2007 was $46.0 million or $0.58 per share on a fully diluted basis, which included a one-time income tax benefit of $7.5 million that resulted from the reversal of valuation allowances against previously established German deferred income tax assets.
First Solar will discuss these results and expected results for fiscal 2008 in a conference call scheduled for today at 1:30 p.m. PDT (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 be available approximately two hours after the conclusion of the call. The audio replay will remain available until October 31, 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 1288925.

About First Solar, Inc.
First Solar, Inc. (Nasdaq: FSLR) manufactures solar modules with an advanced thin film semiconductor technology and provides comprehensive photovoltaic (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 press release contains forward-looking statements based on current information and expectations and are subject to uncertainties and changes in circumstances and do not constitute guarantees of future performance. The statements involve a number of factors that could cause actual results to differ materially from those statements, including the risks as described in the company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release with respect to the announcements described herein.

Contacts:




investor@firstsolar.com




lpolizzotto@firstsolar.com
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