FIRST SOLAR, INC. - FORM 8-K - EX-99.1 - PRESS RELEASE DATED FEBRUARY 18, 2010

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8-K - FORM 8-K - FIRST SOLAR, INC.	form8-k.htm

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 2009 Fourth Quarter and Year-end Financial

Results – Maintains previously issued 2010 Guidance

Tempe, AZ — February 18, 2010 — First Solar, Inc. (NASQAQ: FSLR) today announced its financial results for the fourth quarter and fiscal year ended December 26, 2009. Quarterly revenues were $641.3 million, up from $480.9 million in the third quarter of fiscal 2009 and up from $433.7 million in the fourth quarter of fiscal 2008. Revenues for the fiscal year ended December 26, 2009 were $2,066.2 million, up from $1,246.3 million in fiscal year 2008.

Net income for the fourth quarter of fiscal 2009 was $141.6 million or $1.65 per share on a fully diluted basis, compared to net income of $153.3 million or $1.79 per share on a fully diluted basis for the third quarter of fiscal 2009. Net income for the fourth quarter of fiscal 2008 was $132.8 million or $1.61 per share on a fully diluted basis.

Net income for fiscal 2009 was $640.1 million or $7.53 per share on a fully diluted basis compared to net income of $348.3 million for fiscal 2008 or $4.24 per share on a fully diluted basis.

For 2010, First Solar forecasts net sales of $2.7 to $2.9 billion. EPS is projected in the range of $6.05 to $6.85. Total capital spending is projected to range from $500 to $550 million, including the Malaysian expansion. As a result, the Company expects to generate $730 to $790 million of operating cash flow and $180 to $290 million of free cash flow. The Company has posted its Earnings Call Presentation, which includes guidance for fiscal 2010 and additional details regarding the key assumptions relating to this guidance, on the Investor section of its website at www.firstsolar.com.

First Solar will discuss these results and outlook for fiscal 2010 in a conference call scheduled for today at 2:30 p.m. MST (4:30 p.m. EDT). Investors may access a live audio webcast of this conference call or the Earnings Call Presentation in the Investors section of the Company’s web site at 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 Tuesday, February 23, 2010 at 11:59 p.m. EST and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering replay access code 2240374. 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. If you are a subscriber of FactSet and Thomson One, you can obtain a written transcript within 2 hours.

About First Solar, Inc.

First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. 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 http://www.firstsolar.com

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)

	Three Months Ended						Twelve Months Ended
	December 26, 2009			December 27, 2008			December 26, 2009			December 27, 2008
Net sales	$	641,265		$	433,651		$	2,066,200		$	1,246,301
Cost of sales		375,056			199,725			1,021,618			567,908
Gross profit		266,209			233,926			1,044,582			678,393
Operating expenses:
Research and development		23,716			11,080			78,161			33,517
Selling, general and administrative		96,667			52,747			272,898			174,039
Production start-up		1,099			8,771			13,908			32,498
Total operating expenses		121,482			72,598			364,967			240,054
Operating income		144,727			161,328			679,615			438,339
Foreign currency gain		3,020			6,190			5,207			5,722
Interest income		3,286			4,227			9,735			21,158
Interest expense, net		(407	)		(378	)		(5,258	)		(509	)
Other expense, net		(309	)		245			(2,985	)		(934	)
Income before income taxes		150,317			171,612			686,314			463,776
Income tax expense		8,697			38,841			46,176			115,446
Net income	$	141,620		$	132,771		$	640,138		$	348,330
Net income per share:
Basic	$	1.68		$	1.63		$	7.67		$	4.34
Diluted	$	1.65		$	1.61		$	7.53		$	4.24
Weighted-average number of shares used in per share calculations:
Basic		84,413			81,345			83,500			80,178
Diluted		86,004			82,450			85,044			82,124

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	December 26, 2009			December 27, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	664,499		$	716,218
Marketable securities		120,236			76,042
Accounts receivable, net		226,826			61,703
Inventories		152,821			121,554
Project assets		1,081			—
Deferred tax asset, net		21,679			9,922
Prepaid expenses and other current assets		164,129			91,962
Total current assets		1,351,271			1,077,401
Property, plant and equipment, net		988,782			842,622
Project assets		131,415			—
Deferred tax asset, net		130,515			61,325
Marketable securities		329,608			29,559
Restricted cash and investments		36,494			30,059
Investment in related party		25,000			25,000
Goodwill		286,515			33,829
Inventories		21,695			—
Other assets		48,217			14,707
Total assets	$	3,349,512		$	2,114,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	75,744		$	46,251
Income tax payable		8,740			99,938
Accrued expenses		186,682			140,899
Current portion of long-term debt		28,559			34,951
Other current liabilities		95,902			59,738
Total current liabilities		394,927			381,777
Accrued solar module collection and recycling liability		92,799			35,238
Long-term debt		146,399			163,519
Other liabilities		62,600			20,926
Total liabilities		696,725			601,460
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 85,208,199 and 81,596,810 shares issued and outstanding at December 26, 2009 and December 27, 2008, respectively		85			82
Additional paid-in capital		1,658,091			1,176,156
Contingent consideration		2,844			—
Accumulated earnings		1,001,363			361,225
Accumulated other comprehensive loss		(9,596	)		(24,421	)
Total stockholders’ equity		2,652,787			1,513,042
Total liabilities and stockholders’ equity	$	3,349,512		$	2,114,502

FIRST SOLAR, INC. - FORM 8-K - EX-99.1 - PRESS RELEASE DATED FEBRUARY 18, 2010 - February 18, 2010

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FIRST SOLAR, INC. Reports