North Coast Solar Stocks

October 28, 2009

First Solar, Inc. Announces 2009 Third Quarter Financial Results

Filed under: FSLR — Tags: , , , — Jason @ 4:03 pm

Fiscal 2009 Revenue Guidance Expected at the High End of the Prior Guidance Range

4:03 pm EDT, Wednesday October 28, 2009

TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (FSLR) today announced its financial results for the third quarter ended September 26, 2009. Quarterly revenues were $480.9 million and excluded the Sarnia project, which was over 65% completed at quarter end. Revenues were $525.9 million in the second quarter of fiscal 2009 and $348.7 million in the third quarter of fiscal 2008.

Revenues for the first nine months of fiscal 2009 were $1,424.9 million compared to $812.7 million for the first nine months of fiscal 2008.

Net income for the third quarter of fiscal 2009 was $153.3 million or $1.79 per share on a fully diluted basis, down from $180.6 million or $2.11 per share on a fully diluted basis for the second quarter of fiscal 2009 and up from $99.3 million or $1.20 per share on a fully diluted basis for the third quarter of fiscal 2008.

The Company has also posted its Earnings Call Presentation, which includes updated guidance for fiscal 2009 on the Company’s web site. The Company expects full year fiscal 2009 revenue at the updated guidance range of $1.975 to $2.025 billion, which is at the high end of the previously provided guidance range.

First Solar will discuss these results and outlook 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 or the Earnings Call Presentation 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 Monday, November 2, 2009 at 11:59 p.m. EDT 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 access code 1744958. 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 two hours.

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

 

September 26,2009 September 27,2008 September 26,2009 September 27,2008
Net sales $ 480,851 $ 348,694 $ 1,424,935 $ 812,650
Cost of sales 235,858 153,251 646,562 368,183
Gross profit 244,993 195,443 778,373 444,467
Operating expenses:
Research and development 24,136 9,952 54,445 22,437
Selling, general and administrative 53,990 48,995 176,231 121,292
Production start-up 4,076 6,344 12,809 23,727
Total operating expenses 82,202 65,291 243,485 167,456
Operating income 162,791 130,152 534,888 277,011
Foreign currency gain (loss) 114 (1,889 ) 2,187 (468 )
Interest income 2,398 5,323 6,449 16,931
Interest expense, net (89 ) (127 ) (4,851 ) (131 )
Other expense, net (247 ) (360 ) (2,676 ) (1,179 )
Income before income taxes 164,967 133,099 535,997 292,164
Income tax expense 11,623 33,830 37,479 76,605
Net income $ 153,344 $ 99,269 $ 498,518 $ 215,559
Net income per share:
Basic $ 1.82 $ 1.23 $ 5.99 $ 2.70
Diluted $ 1.79 $ 1.20 $ 5.88 $ 2.63
Weighted-average number of shares used in per share calculations:
Basic 84,179 80,430 83,196 79,789
Diluted 85,892 82,436 84,724 82,016
FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

 

September 26,2009 December 27,2008
ASSETS
Current assets:
Cash and cash equivalents $ 364,814 $ 716,218
Marketable securities — current 158,847 76,042
Accounts receivable, net 348,965 61,703
Inventories — current 178,032 121,554
Project assets — current 58,017
Economic development funding receivable 668
Deferred tax asset, net — current 15,362 9,922
Prepaid expenses and other current assets 79,355 91,294
Total current assets 1,203,392 1,077,401
Property, plant and equipment, net 962,732 842,622
Project assets — noncurrent 102,692
Deferred tax asset, net — noncurrent 117,449 61,325
Marketable securities — noncurrent 306,415 29,559
Restricted cash and investments — noncurrent 37,173 30,059
Investment in related party 25,000 25,000
Goodwill 284,005 33,829
Inventories — noncurrent 11,434
Other assets — noncurrent 44,780 14,707
Total assets $ 3,095,072 $ 2,114,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 72,338 $ 46,251
Income tax payable 17,555 99,938
Accrued expenses 142,490 140,899
Current portion of long-term debt 29,169 34,951
Other liabilities — current 85,107

 

59,738
Total current liabilities 346,659 381,777
Accrued collection and recycling liabilities 76,932 35,238
Long-term debt 163,320 163,519
Other liabilities — noncurrent 48,987 20,926
Total liabilities 635,898 601,460
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 85,071,436 and 81,596,810 shares issued and outstanding at September 26, 2009 and December 27, 2008, respectively 85 82
Additional paid-in capital 1,632,911 1,176,156
Contingent consideration 2,844
Accumulated earnings 859,743 361,225
Accumulated other comprehensive loss (36,409 ) (24,421 )
Total stockholders’ equity 2,459,174 1,513,042
Total liabilities and stockholders’ equity $ 3,095,072 $ 2,114,502

Contact:

First Solar, Inc.
Jens Meyerhoff
Chief Financial Officer
602-414-9315
investor@firstsolar.com
or
Larry Polizzotto
Vice President, Investor Relations
602-414-9315
lpolizzotto@firstsolar.com
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