First Solar, Inc. Announces 2009 Third Quarter Financial Results

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 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.

About First Solar, Inc.

First Solar, Inc. (Nasdaq: FSLR | Quote | Chart | News | PowerRating) is changing the way the world is powered by creating truly sustainable solar energy solutions. First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive PV system solutions. By constantly decreasing manufacturing costs, First Solar is creating an affordable and environmentally responsible alternative to fossil-fuel generation. First Solar modules are most effective when demand for traditional forms of energy is at its peak. First Solar set the benchmark for environmentally responsible product life cycle management by introducing the industry's first comprehensive, pre-funded 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. For more information about First Solar, please visit www.firstsolar.com, or www.firstsolar.com/media to download photos.

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)
(Unaudited)
                                                                   Three Months Ended                    Nine Months Ended
                                                                   September 26,      September 27,      September 26,        September 27,
                                                                   2009               2008               2009                 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,        December 27,
                                                                     2009                 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              85                   82
authorized; 85,071,436 and 81,596,810 shares issued and outstanding
at September 26, 2009 and December 27, 2008, respectively
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

SOURCE: First Solar, Inc.

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