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

Tempe, AZ — February 24, 2009— First Solar, Inc. (NASDAQ: 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. (NASDAQ: 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.

FIRST SOLAR, INC. AND SUBSIDIARIES

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

	Three Months Ended						Twelve Months Ended
	December 27,			December 29,			December 27,			December 29,
	2008			2007			2008			2007
Net sales	$	433,651		$	200,797		$	1,246,301		$	503,976
Cost of sales		199,725			89,847			567,908			252,573
Gross profit		233,926			110,950			678,393			251,403
Operating expenses:
Research and development		11,080			4,432			33,517			15,107
Selling, general and administrative		52,747			24,191			174,039			82,248
Production start-up		8,771			4,065			32,498			16,867
Total operating expenses		72,598			32,688			240,054			114,222
Operating income		161,328			78,262			438,339			137,181
Foreign currency gain		6,190			1,165			5,722			1,881
Interest income		4,227			7,214			21,158			20,413
Interest expense, net		(378	)		(163	)		(509	)		(2,294	)
Other income (expense), net		245			(338	)		(934	)		(1,219	)
Income before income taxes		171,612			86,140			463,776			155,962
Income tax expense (benefit)		38,841			23,266			115,446			(2,392	)
Net income	$	132,771		$	62,874		$	348,330		$	158,354
Net income per share:
Basic	$	1.63		$	0.80		$	4.34		$	2.12
Diluted	$	1.61		$	0.77		$	4.24		$	2.03
Weighted-average number of shares used in per share calculations:
Basic		81,345			78,192			80,178			74,701
Diluted		82,450			81,318			82,124			77,971

FIRST SOLAR, INC. AND SUBSIDIARIES

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

	December 27,			December 29,
	2008			2007
ASSETS
Current assets:
Cash and cash equivalents	$	716,218		$	404,264
Marketable securities — current		76,042			232,686
Accounts receivable, net		61,703			18,165
Inventories		121,554			40,204
Deferred project costs		710			2,643
Economic development funding receivable		668			35,877
Deferred tax asset, net — current		9,922			3,890
Prepaid expenses and other current assets		90,584			64,780
Total current assets		1,077,401			802,509
Property, plant and equipment, net		842,622			430,104
Deferred tax asset, net — noncurrent		61,325			51,811
Marketable securities — noncurrent		29,559			32,713
Restricted cash and investments		30,059			14,695
Investment in related party		25,000			—
Goodwill		33,829			33,449
Other assets — noncurrent		14,707			6,031
Total assets	$	2,114,502		$	1,371,312
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	46,251		$	26,441
Income tax payable		99,938			24,487
Accrued expenses		140,899			76,256
Short-term debt		—			24,473
Current portion of long-term debt		34,951			14,836
Other current liabilities		59,738			14,803
Total current liabilities		381,777			181,296
Accrued collection and recycling liabilities		35,238			13,079
Long-term debt		163,519			68,856
Other liabilities — noncurrent		20,926			10,814
Total liabilities		601,460			274,045
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 81,596,810 and 78,575,211 shares issued and outstanding at December 27, 2008 and December 29, 2007, respectively		82			79
Additional paid-in capital		1,176,156			1,079,775
Accumulated earnings		361,225			12,895
Accumulated other comprehensive income (loss)		(24,421	)		4,518
Total stockholders’ equity		1,513,042			1,097,267
Total liabilities and stockholders’ equity	$	2,114,502		$	1,371,312