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

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 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 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.

FIRST SOLAR, INC. AND SUBSIDIARIES

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

	Three Months Ended						Nine Months Ended
	September 27,			September 29,			September 27,			September 29,
	2008			2007			2008			2007
Net sales	$	348,694		$	159,007		$	812,650		$	303,179
Cost of sales		153,251			76,967			368,183			162,726
Gross profit		195,443			82,040			444,467			140,453
Operating expenses:
Research and development		9,952			3,854			22,437			10,675
Selling, general and administrative		48,995			27,082			121,292			58,057
Production start-up		6,344			2,805			23,727			12,802
Total operating expenses		65,291			33,741			167,456			81,534
Operating income		130,152			48,299			277,011			58,919
Foreign currency gain (loss)		(1,889	)		965			(468	)		716
Interest income		5,323			5,298			16,931			13,199
Interest expense, net		(127	)		(647	)		(131	)		(2,131	)
Other income (expense), net		(360	)		(266	)		(1,179	)		(881	)
Income before income taxes		133,099			53,649			292,164			69,822
Income tax benefit (expense)		(33,830	)		(7,615	)		(76,605	)		25,658
Net income	$	99,269		$	46,034		$	215,559		$	95,480
Net income per share:
Basic	$	1.23		$	0.61		$	2.70		$	1.30
Diluted	$	1.20		$	0.58		$	2.63		$	1.24
Weighted-average number of shares used in per share calculations:
Basic		80,430			75,666			79,789			73,537
Diluted		82,436			79,088			82,016			76,856

FIRST SOLAR, INC. AND SUBSIDIARIES

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

	September 27,		December 29,
	2008		2007
ASSETS
Current assets:
Cash and cash equivalents	$	581,779	$	404,264
Marketable securities — current		133,371		232,686
Accounts receivable, net		41,474		18,165
Inventories		126,469		40,204
Deferred project costs		9,079		2,643
Economic development funding receivable		897		35,877
Deferred tax asset, net — current		3,716		3,890
Prepaid expenses and other current assets		65,591		64,780
Total current assets		962,376		802,509
Property, plant and equipment, net		750,477		430,104
Deferred tax asset, net — noncurrent		54,852		51,811
Marketable securities — noncurrent		14,272		32,713
Restricted investments		29,924		14,695
Goodwill		33,829		33,449
Other assets — noncurrent		14,120		6,031
Total assets	$	1,859,850	$	1,371,312
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	36,691	$	26,441
Income tax payable		70,726		24,487
Accrued expenses		146,913		81,438
Short-term debt		—		24,473
Current portion of long-term debt		26,691		14,836
Other current liabilities		16,610		14,803
Total current liabilities		297,631		186,478
Accrued collection and recycling liabilities		28,083		13,079
Long-term debt		140,808		68,856
Other liabilities — noncurrent		8,158		5,632
Total liabilities		474,680		274,045
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 81,086,151 and 78,575,211 shares issued and outstanding at September 27, 2008 and December 29, 2007, respectively		81		79
Additional paid-in capital		1,144,678		1,079,775
Accumulated earnings		228,454		12,895
Accumulated other comprehensive income		11,957		4,518
Total stockholders’ equity		1,385,170		1,097,267
Total liabilities and stockholders’ equity	$	1,859,850	$	1,371,312