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First Solar, Inc. Announces 2008 Second Quarter Financial Results
TEMPE, Ariz., Jul 30, 2008 -- First Solar, Inc. (FSLR) today announced its financial results for the second quarter ended June 28, 2008. Quarterly revenues were $267.0 million, up from $196.9 million in the first quarter of fiscal 2008 and up from $77.2 million in the second quarter of fiscal 2007.
Net income for the second quarter of fiscal 2008 was $69.7 million or $0.85 per share on a fully diluted basis, compared to net income of $46.6 million or $0.57 per share on a fully diluted basis for the first quarter of fiscal 2008. Net income for the second quarter of fiscal 2007 was $44.4 million or $0.58 per share on a fully diluted basis, which included a one-time income tax benefit of $39.2 million that resulted from the reversal of valuation allowances against previously established U.S. 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 August 1, 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 1255716.
About First Solar, Inc.
First Solar, Inc. (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 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.
FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three
Months Ended Six Months Ended
------------------
-----------------
June 28, June 30, June 28, June
30,
2008 2007 2008 2007
--------- -------- --------
--------
Net sales $267,041 $77,223 $463,956
$144,172
Cost of sales 122,341 48,852 214,932
85,759
--------- -------- --------
--------
Gross profit 144,700 28,371 249,024
58,413
--------- -------- --------
--------
Operating expenses:
Research and development 7,725 3,763 12,485
6,821
Selling, general and
administrative 43,626 17,285 72,297
30,975
Production start-up 4,622 1,523 17,383
9,997
--------- -------- --------
--------
Total operating expenses 55,973 22,571 102,165
47,793
--------- -------- --------
--------
Operating income 88,727 5,800 146,859
10,620
Foreign currency gain (loss) 647 21 1,421
(249)
Interest income 4,923 3,773 11,608
7,900
Interest expense, net -- (1,283) (4)
(1,484)
Other income (expense), net (441) (447) (819)
(614)
--------- -------- --------
--------
Income before income taxes 93,856 7,864 159,065
16,173
Income tax benefit (expense) (24,185) 36,554 (42,775)
33,273
--------- -------- --------
--------
Net income $69,671 $44,418 $116,290
$49,446
========= ======== ========
========
Net income per share:
Basic $0.87 $0.61 $1.46
$0.68
========= ======== ========
========
Diluted $0.85 $0.58 $1.42
$0.65
========= ======== ========
========
Weighted-average number of shares
used in per share calculations:
Basic 79,877 72,596 79,468
72,472
========= ======== ========
========
Diluted 82,004 76,089 81,806
75,740
========= ======== ========
========
FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 28, December
29,
2008 2007
----------
------------
ASSETS
Current assets:
Cash and cash equivalents $511,244
$404,264
Marketable securities -- current 121,760
232,686
Accounts receivable, net 49,994
18,165
Inventories 106,902
40,204
Deferred project costs 1,407
2,643
Economic development funding receivable 897
35,877
Deferred tax asset, net -- current 14,184
3,890
Prepaid expenses and other current assets 32,185
64,780
----------
------------
Total current assets 838,573
802,509
Property, plant and equipment, net 674,268
430,104
Deferred tax asset, net -- noncurrent 55,279
51,811
Marketable securities -- noncurrent 28,208
32,713
Restricted investments 29,950
14,695
Goodwill 33,829
33,449
Other assets -- noncurrent 15,023
6,031
----------
------------
Total assets $1,675,130
$1,371,312
==========
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $42,483
$26,441
Income tax payable 51,197
24,487
Accrued expenses 120,526
81,438
Short-term debt --
24,473
Current portion of long-term debt 24,629
14,836
Other current liabilities 40,414
14,803
----------
------------
Total current liabilities 279,249
186,478
Accrued collection and recycling liabilities 23,567
13,079
Long-term debt 108,547
68,856
Other liabilities -- noncurrent 13,166
5,632
----------
------------
Total liabilities 424,529
274,045
Stockholders' equity:
Common stock, $0.001 par value per share;
500,000,000 shares authorized; 80,037,993
and 78,575,211 shares issued and outstanding
at June 28, 2008 and December 29, 2007,
respectively 80
79
Additional paid-in capital 1,127,247
1,079,775
Accumulated earnings 129,185
12,895
Accumulated other comprehensive income (loss) (5,911)
4,518
----------
------------
Total stockholders' equity 1,250,601
1,097,267
----------
------------
Total liabilities and stockholders' equity $1,675,130
$1,371,312
==========
============
Contact:
First Solar, Inc.
Jens Meyerhoff
Chief Financial Officer
602-414-9315
investor@firstsolar.com
Larry Polizzotto
Vice President, Investor Relations
602-414-9315
lpolizzotto@firstsolar.com
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.
InvestorIdeas.com Disclaimer: Issuers of press releases are solely responsible for the accuracy of the content.
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