TEMPE, Ariz., April 30, 2008 (PRIME NEWSWIRE) -- 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 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 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.
The First Solar, Inc. logo is available at http://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
=========== ===========