North Coast Solar Stocks

February 13, 2008

First Solar, Inc. Announces 2007 Fourth Quarter and Year-end Financial Results

Filed under: FSLR — Tags: , , , — Jason @ 7:02 am

Wednesday February 13, 7:02 am ET

PHOENIX, Feb. 13, 2008 (PRIME NEWSWIRE) — First Solar, Inc. (FSLR) today announced its financial results for the fourth quarter and fiscal year ended, December 29, 2007. Quarterly revenues were $200.8 million, up from $159.0 million in the third quarter of fiscal 2007 and up from $52.7 million in the fourth quarter of fiscal 2006. Revenues for the fiscal year ended December 29, 2007 were $504.0 million, up from $135.0 million in fiscal year 2006.

Net income for the fourth quarter of fiscal 2007 was $62.9 million or $0.77 per share on a fully diluted basis, compared to net income of $46.0 million or $0.58 per share on a fully diluted basis for the third quarter of fiscal 2007. Net income for the third quarter of fiscal 2007 included a one time tax benefit of $7.5 million, or $0.09 per fully diluted share due to the reversal of valuation allowances against previously established deferred tax assets in Germany. Net income for the fourth quarter of fiscal 2006 was $8.0 million or $0.11 per share on a fully diluted pro-forma basis.

Net income for fiscal 2007 was $158.4 million or $2.03 per share on a fully diluted basis compared to net income of $4.0 million for fiscal 2006 or $0.05 per share on a fully diluted pro-forma basis.

Pro-forma earnings per share for the three months and fiscal year ended, December 30, 2006, have been adjusted to give effect to the Company’s equity offerings during 2006, including its initial public offering, as if each occurred on January 1, 2006. The Company believes the pro-forma earnings per share presentation represents a meaningful basis for the comparison of its current results to results during fiscal periods occurring prior to the Company’s initial public offering.

“During the fourth quarter of 2007 we benefited from the full capacity and economies of scale of our Frankfurt/Oder plant. This combined with continued throughput and conversion efficiency gains afforded us strong operating leverage and decreased our manufacturing cost per watt by 12% year over year to $1.12 per watt in the fourth quarter of 2007, further solidifying our cost leadership position in the industry,” said Michael J. Ahearn, Chief Executive Officer of First Solar.

                  FIRST SOLAR, INC. AND SUBSIDIARIES
                                                     
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except per share amounts)
                             (Unaudited)

                                Three Months Ended  Twelve Months Ended        
                                ------------------  -------------------
                                Dec. 29,  Dec. 30,  Dec. 29,  Dec. 30,   
                                  2007      2006      2007      2006
                                --------  --------  --------  --------
 Net sales                      $200,797  $ 52,695  $503,976  $134,974
 Cost of sales                    89,847    27,080   252,573    80,730
                                --------  --------  --------  --------
 Gross profit                    110,950    25,615   251,403    54,244
                                --------  --------  --------  --------
 Operating expenses:
  Research and development         4,432     1,649    15,107     6,361
  Selling, general and
   administrative                 24,191    10,950    82,248    33,348
  Production start-up              4,065     3,975    16,867    11,725
                                --------  --------  --------  --------
   Total operating expenses       32,688    16,574   114,222    51,434
                                --------  --------  --------  --------
 Operating income                 78,262     9,041   137,181     2,810
 Foreign currency gain             1,165     2,752     1,881     5,544
 Interest income                   7,214     1,755    20,413     2,648
 Interest expense, net              (163)     (157)   (2,294)   (1,023)
 Other expense                      (338)     (328)   (1,219)     (799)
                                --------  --------  --------  --------
 Income before income taxes       86,140    13,063   155,962     9,180
 Income tax benefit (expense)    (23,266)   (5,025)    2,392    (5,206)
                                --------  --------  --------  --------
 Net income                     $ 62,874  $  8,038  $158,354  $  3,974
                                ========  ========  ========  ========
 Net income per share:
  Basic                         $   0.80  $   0.13  $   2.12  $   0.07
                                ========  ========  ========  ========
  Diluted                       $   0.77  $   0.12  $   2.03    $ 0.07
                                ========  ========  ========  ========
 Weighted-average number of
  shares used in per share
  calculations:
  Basic                           78,192    63,968    74,701    56,310
                                ========  ========  ========  ========
  Diluted                         81,318    66,324    77,971    58,255
                                ========  ========  ========  ========


                  FIRST SOLAR, INC. AND SUBSIDIARIES
                                                     
                CONDENSED CONSOLIDATED BALANCE SHEETS
               (In thousands, except per share amounts)
                             (Unaudited)
                                                     
                                           December 29,  December 30,
                                               2007          2006       
                                           ------------  ------------
 ASSETS
 Current assets:
  Cash and cash equivalents                $    404,264  $    308,092
  Marketable securities - current               232,686           323
  Accounts receivable, net                       18,165        27,123
  Inventories                                    40,204        16,510
  Deferred project costs                          2,643            --
  Economic development funding receivable        35,877        27,515
  Deferred tax asset, net - current               3,890            --
  Prepaid expenses and other current
   assets                                        64,780         8,959
                                           ------------  ------------
   Total current assets                         802,509       388,522
 Property, plant and equipment, net             430,104       178,868
 Deferred tax asset, net - noncurrent            51,811            --
 Marketable securities - noncurrent              32,713            --
 Restricted investments                          14,695         8,224
 Goodwill                                        33,449            --
 Other assets - noncurrent                        6,031         2,896
                                           ------------  ------------
   Total assets                            $  1,371,312  $    578,510
                                           ============  =============

 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
  Accounts payable and accrued expenses    $    132,366  $     32,083
  Short-term debt                                24,473        16,339
  Current portion of long-term debt              14,836         3,311
  Other current liabilities                      14,803           340
                                           ------------  ------------
   Total current liabilities                    186,478        52,073
  Accrued collection and recycling
   liabilities                                   13,079         3,724
  Long-term debt                                 68,856        61,047
  Other liabilities - noncurrent                  5,632            --
                                           ------------  ------------
   Total liabilities                            274,045       116,844
 Commitments and contingencies:
 Employee stock options on redeemable
  shares                                             --        50,226
 Stockholders' equity:
  Common stock, $0.001 par value per
   share; 500,000,000 shares authorized;
   78,575,211 shares issued and
   outstanding at December 29, 2007                  79            72
  Additional paid-in capital                  1,079,775       555,749
  Accumulated earnings (deficit)                 12,895      (145,403)
  Accumulated other comprehensive income          4,518         1,022
                                           ------------  ------------
   Total stockholders' equity                 1,097,267       411,440
                                           ------------  ------------
   Total liabilities and stockholders'
    equity                                 $  1,371,312  $    578,510
                                           ============  ============


                          FIRST SOLAR, INC.

                PRO-FORMA vs. GAAP EARNINGS PER SHARE

                (in thousands, except per share data)

 A reconciliation of the denominator used in calculating pro-forma
 fully diluted earnings per share is as follows:

                           Three Months Ended       Fiscal Years Ended
                      ----------------------------  ------------------
                      Dec. 29,  Sept. 29, Dec. 30,  Dec. 29,  Dec. 30,
                        2007      2007      2006      2007      2006
                      ----------------------------  ------------------
                               (Unaudited)             (Unaudited)

 Net income           $ 62,874  $ 46,034  $  8,038  $158,354  $  3,974

 Weighted-average 
  shares outstanding, 
  diluted               81,318    79,088    66,324    77,971    58,255

 Adjustment to 
  reflect the IPO 
  shares as if they 
  had been outstanding 
  since the beginning 
  of 2006                   --        --     8,363        --    14,236

 Pro-forma weighted-
  average shares 
  outstanding, diluted  81,318    79,088    74,687    77,971    72,491

 Net income per share 
  diluted as 
  reported            $   0.77  $   0.58  $   0.12  $   2.03  $   0.07

 Net income per share 
  diluted pro-forma   $   0.77  $   0.58  $   0.11  $   2.03  $   0.05
Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: