First Solar (FSLR) 8-K First Solar, Inc. Announces 2008 First Quarter Financial Results

Exhibit 99.1

News Release
Contacts:
First Solar, Inc.
Jens Meyerhoff	Larry Polizzotto
Chief Financial Officer	Vice President, Investor Relations
(602) 414—9315	(602) 414—9315
investor@firstsolar.com	lpolizzotto@firstsolar.com

First Solar, Inc. Announces 2008 First Quarter Financial Results

Tempe, AZ — April 30, 2008— 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 athttp://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.

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The First Solar, Inc. logo is available athttp://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