First Solar, Inc. Announces 2009 Second Quarter Financial Results

TEMPE, Ariz.--(Business Wire)--
First Solar, Inc. (Nasdaq: FSLR) today announced its financial results for the
second quarter ended June 27, 2009. Quarterly revenues were $525.9 million, up
from $418.2 million in the first quarter of fiscal 2009 and up from $267.0
million in the second quarter of fiscal 2008. Revenues for the first six months
of fiscal 2009 were $944.1 million compared to $464.0 million for the first six
months of fiscal 2008.

Net income for the second quarter of fiscal 2009 was $180.6 million or $2.11 per
share on a fully diluted basis, up from $164.6 million or $1.99 per share on a
fully diluted basis for the first quarter of fiscal 2009 and up from $69.7
million or $0.85 per share on a fully diluted basis for the second quarter of
fiscal 2008.

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 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,
August 4, 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 6443641. 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, Inc. (Nasdaq: FSLR) 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 Six Months Ended
June 27, June 28, June 27, June 28,
2009 2008 2009 2008

Net sales $ 525,876 $ 267,041 $ 944,084 $ 463,956
Cost of sales 227,780 122,341 410,704 214,932
Gross profit 298,096 144,700 533,380 249,024
Operating expenses:
Research and development 18,605 7,725 30,309 12,485
Selling, general and administrative 72,926 43,626 122,241 72,297
Production start-up 2,524 4,622 8,733 17,383
Total operating expenses 94,055 55,973 161,283 102,165
Operating income 204,041 88,727 372,097 146,859
Foreign currency gain 239 647 2,073 1,421
Interest income 1,948 4,923 4,051 11,608
Interest expense, net (3,827 ) - (4,762 ) (4 )
Other expense, net (1,103 ) (441 ) (2,429 ) (819 )
Income before income taxes 201,298 93,856 371,030 159,065
Income tax expense 20,719 24,185 25,856 42,775
Net income $ 180,579 $ 69,671 $ 345,174 $ 116,290
Net income per share:
Basic $ 2.16 $ 0.87 $ 4.17 $ 1.46
Diluted $ 2.11 $ 0.85 $ 4.10 $ 1.42
Weighted-average number of shares used in per share calculations:
Basic 83,723 79,877 82,704 79,468
Diluted 85,668 82,004 84,140 81,806

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

June 27, December 27,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 429,160 $ 716,218
Marketable securities - current 160,714 76,042
Restricted cash and investments - current 48,970 -
Accounts receivable, net 351,266 61,703
Inventories - current 162,501 121,554
Economic development funding receivable - 668
Deferred tax asset, net - current 14,880 9,922
Prepaid expenses and other current assets 76,996 91,294
Total current assets 1,244,487 1,077,401
Property, plant and equipment, net 911,869 842,622
Project assets - noncurrent 113,680 -
Deferred tax asset, net - noncurrent 102,673 61,325
Marketable securities - noncurrent 138,239 29,559
Restricted cash and investments - noncurrent 33,695 30,059
Investment in related party 25,000 25,000
Goodwill 294,962 33,829
Inventories - noncurrent 6,273 -
Other assets - noncurrent 39,301 14,707
Total assets $ 2,910,179 $ 2,114,502
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 55,631 $ 46,251
Income tax payable 57,336 99,938
Accrued expenses 106,335 140,899
Current portion of long-term debt 76,639 34,951
Other liabilities - current 70,187 59,738
Total current liabilities 366,128 381,777
Accrued collection and recycling liabilities 60,880 35,238
Long-term debt 156,935 163,519
Other liabilities - noncurrent 41,345 20,926
Total liabilities 625,288 601,460
Stockholders` equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 84,633,454 and 81,596,810 shares issued and outstanding at June 27, 2009 and December 27, 2008, respectively 85 82
Additional paid-in capital 1,576,132 1,176,156
Contingent consideration 47,394 -
Accumulated earnings 706,399 361,225
Accumulated other comprehensive loss (45,119 ) (24,421 )
Total stockholders` equity 2,284,891 1,513,042
Total liabilities and stockholders` equity $ 2,910,179 $ 2,114,502

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

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