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 2009 First Quarter Financial Results
Tempe, Ariz. — April 29, 2009 — First Solar, Inc. (Nasdaq: FSLR) today announced its financial results for the first quarter ended March 28, 2009. Quarterly revenues were $418.2 million, down from $433.7 million in the fourth quarter of fiscal 2008 and up from $196.9 million in the first quarter of fiscal 2008.
Net income for the first quarter of fiscal 2009 was $164.6 million or $1.99 per share on a fully diluted basis, up from $132.8 million or $1.61 per share on a fully diluted basis for the fourth quarter of fiscal 2008 and up from $46.6 million or $0.57 per share on a fully diluted basis for the first quarter of fiscal 2008.
First Solar will discuss these results and expected results for fiscal 2009 in a conference call scheduled for today at 1:30 p.m. MST (4:30 p.m. EDT). Investors may access a live audio webcast of this conference call in the Investors section of the Company’s Web site 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, May 1, 2009 at 11:59 p.m. EDT and can be accessed by dialing 888-286-8010 if you are calling from within the United States or 617-801-6888 if you are calling from outside the United States and entering access code 93319217. 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.
About First Solar, Inc.
First Solar, Inc. (Nasdaq: FSLR) is changing the way the world is powered by creating truly sustainable solar energy solutions. First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive PV system solutions. By constantly decreasing manufacturing costs, First Solar is creating an affordable and environmentally responsible alternative to fossil-fuel generation. First Solar modules are most effective when demand for traditional forms of energy is at its peak. First Solar set the benchmark for environmentally responsible product life cycle management by introducing the industry's first comprehensive, pre-funded 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 more information about First Solar, please visit www.firstsolar.com, or www.firstsolar.com/media to download photos.
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 | |
| | | March 28, 2009 | | | March 29, 2008 | |
| Net sales | | $ | 418,208 | | | $ | 196,915 | |
| Cost of sales | | | 182,924 | | | | 92,591 | |
| Gross profit | | | 235,284 | | | | 104,324 | |
| Operating expenses: | | | | | | | | |
| Research and development | | | 11,704 | | | | 4,760 | |
| Selling, general and administrative | | | 49,315 | | | | 28,671 | |
| Production start-up | | | 6,209 | | | | 12,761 | |
| Total operating expenses | | | 67,228 | | | | 46,192 | |
| Operating income | | | 168,056 | | | | 58,132 | |
| Foreign currency gain | | | 1,834 | | | | 774 | |
| Interest income | | | 2,103 | | | | 6,685 | |
| Interest expense, net | | | (935 | ) | | | (4 | ) |
| Other expense, net | | | (1,326 | ) | | | (378 | ) |
| Income before income taxes | | | 169,732 | | | | 65,209 | |
| Income tax expense | | | 5,137 | | | | 18,590 | |
| Net income | | $ | 164,595 | | | $ | 46,619 | |
| Net income per share: | | | | | | | | |
| Basic | | $ | 2.01 | | | $ | 0.59 | |
| Diluted | | $ | 1.99 | | | $ | 0.57 | |
| Weighted-average number of shares used in per share calculations: | | | | | | | | |
| Basic | | | 81,685 | | | | 79,059 | |
| Diluted | | | 82,612 | | | | 81,607 | |
FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
| | | March 28, 2009 | | | December 27, 2008 | |
| ASSETS | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 624,932 | | | $ | 716,218 | |
| Marketable securities — current | | | 172,176 | | | | 76,042 | |
| Accounts receivable, net | | | 184,790 | | | | 61,703 | |
| Inventories | | | 131,468 | | | | 121,554 | |
| Deferred project costs | | | 12,259 | | | | 710 | |
| Economic development funding receivable | | | — | | | | 668 | |
| Deferred tax asset, net — current | | | 11,658 | | | | 9,922 | |
| Prepaid expenses and other current assets | | | 102,421 | | | | 90,584 | |
| Total current assets | | | 1,239,704 | | | | 1,077,401 | |
| Property, plant and equipment, net | | | 867,660 | | | | 842,622 | |
| Deferred tax asset, net — noncurrent | | | 61,987 | | | | 61,325 | |
| Marketable securities — noncurrent | | | 14,460 | | | | 29,559 | |
| Restricted cash and investments | | | 30,148 | | | | 30,059 | |
| Investment in related party | | | 25,000 | | | | 25,000 | |
| Goodwill | | | 33,829 | | | | 33,829 | |
| Other assets — noncurrent | | | 15,644 | | | | 14,707 | |
| Total assets | | $ | 2,288,432 | | | $ | 2,114,502 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 41,853 | | | $ | 46,251 | |
| Income tax payable | | | 102,242 | | | | 99,938 | |
| Accrued expenses | | | 86,250 | | | | 140,899 | |
| Current portion of long-term debt | | | 32,952 | | | | 34,951 | |
| Other current liabilities | | | 52,542 | | | | 59,738 | |
| Total current liabilities | | | 315,839 | | | | 381,777 | |
| Accrued collection and recycling liabilities | | | 45,366 | | | | 35,238 | |
| Long-term debt | | | 195,216 | | | | 163,519 | |
| Other liabilities — noncurrent | | | 26,339 | | | | 20,926 | |
| Total liabilities | | | 582,760 | | | | 601,460 | |
| Stockholders’ equity: | | | | | | | | |
| Common stock, $0.001 par value per share; 500,000,000 shares authorized; 81,844,290 and 81,596,810 shares issued and outstanding at March 28, 2009 and December 27, 2008, respectively | | | 82 | | | | 82 | |
| Additional paid-in capital | | | 1,194,324 | | | | 1,176,156 | |
| Accumulated earnings | | | 525,820 | | | | 361,225 | |
| Accumulated other comprehensive loss | | | (14,554 | ) | | | (24,421 | ) |
| Total stockholders’ equity | | | 1,705,672 | | | | 1,513,042 | |
| Total liabilities and stockholders’ equity | | $ | 2,288,432 | | | $ | 2,114,502 | |
