* First quarter revenues of $66.9 million
* First quarter net income of $5.0 million
PHOENIX, May 3, 2007 (PRIME NEWSWIRE) -- First Solar, Inc. (Nasdaq:FSLR) today announced its financial results for the first quarter ended March 31, 2007. Quarterly revenues were $66.9 million, up from $52.7 million in the fourth quarter of fiscal 2006 and up from $13.6 million in the first quarter of fiscal 2006.
Net income for the first quarter of fiscal 2007 was $5.0 million or $0.07 per share on a fully diluted basis, compared to net income of $8.0 million or $0.11 per share on a fully diluted pro-forma basis for the fourth quarter of fiscal 2006 and a net loss of $5.9 million for the first quarter of fiscal 2006 or $(0.08) per share on a fully diluted pro-forma basis.
Pro-forma earnings per share for the three months ended December 30, 2006 and April 1, 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.On a GAAP fully diluted basis, net income for the first quarter of fiscal 2007 was $0.07 per share, compared to $0.12 per share for the fourth quarter of fiscal 2006. Net loss for the first quarter of 2006 was $(0.12) per share on a GAAP fully diluted basis.
"During the first quarter we benefited from continued solid execution providing for both sequential revenue and throughput growth, while readying ourselves for the production ramp at our German plant," said Mike Ahearn, Chief Executive Officer of First Solar.
First Solar will discuss these results and expected results for fiscal 2007 in a conference call scheduled for today at 4:30 p.m. EDT. To participate in the conference call, please dial (800) 817-4887 or (913) 981-4913. Investors may also access a live audio web cast of this conference call on the Investors section of the Company's website at http://www.firstsolar.com. A replay of the web cast will be available approximately two hours after the conclusion of the call and remain available for three months. 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, May 8, 2007 at 12:00 a.m. EDT and can be accessed by dialing (888) 203-1112 or (719) 457-0820 and entering access ID number 9848426.
About First Solar:
First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions, and peak time grid constraints.
The First Solar, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=3052
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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
----------------------
March 31, April 1,
2007 2006
-------- --------
Net sales $ 66,949 $ 13,624
Cost of sales 36,907 10,352
-------- --------
Gross profit 30,042 3,272
-------- --------
Operating expenses:
Research and development 3,058 1,519
Selling, general, and administrative 13,690 5,872
Production start-up 8,474 2,579
-------- --------
25,222 9,970
-------- --------
Operating income (loss) 4,820 (6,698)
Foreign currency gain 270 900
Interest expense (201) (423)
Other income (expense), net 3,960 349
-------- --------
Income (loss) before income taxes 8,309 (5,872)
Income tax expense 3,281 23
-------- --------
Net income (loss) $ 5,028 $ (5,895)
======== ========
Net income (loss) per share
Basic $ 0.07 $ (0.12)
Diluted $ 0.07 $ (0.12)
Weighted-average shares used to
compute net income (loss) per share
Basic 72,347 50,777
======== ========
Diluted 75,392 50,777
======== ========
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
(Unaudited)
March 31, December 30,
2007 2006
-------- -----------
ASSETS
Current assets:
Cash and cash equivalents $325,012 $308,092
Short-term investments 326 323
Accounts receivable, net 7,844 27,966
Inventories 15,023 16,510
Economic development funding receivable 34,947 27,515
Prepaid expenses and other current assets 4,337 8,116
-------- --------
Total current assets 387,489 388,522
Property and equipment, net 220,918 178,868
Restricted investments 8,313 8,224
Other noncurrent assets 2,043 2,896
-------- --------
Total assets $618,763 $578,510
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 20,556 $ 16,339
Current portion of long-term debt 3,319 3,311
Accounts payable and accrued expenses 44,319 32,083
Other current liabilities -- 340
-------- --------
Total current liabilities 68,194 52,073
Accrued recycling 4,989 3,724
Long-term debt 71,955 61,047
Other noncurrent liabilities 310 --
-------- --------
Total liabilities 145,448 116,844
-------- --------
Employee stock options on redeemable shares 91,097 50,226
Stockholders' equity:
Common stock, $0.001 par value per share;
500,000,000 shares authorized; 72,364,135
shares issued and outstanding at March
31, 2007 72 72
Additional paid in capital 521,375 555,749
Accumulated deficit (140,431) (145,403)
Accumulated other comprehensive income 1,202 1,022
-------- --------
Total stockholders' equity 382,218 411,440
-------- --------
Total liabilities and stockholders'
equity $618,763 $578,510
======== ========
FIRST SOLAR, INC.
PRO-FORMA vs. GAAP EARNINGS PER SHARE
(In thousands, except per share data)
(Unaudited)
A reconciliation of the denominator used in calculating pro forma
fully diluted earnings per share is as follows:
Three Months Ended
---------------------------------
April 1, December 30, March 31,
2006 2006 2007
------- ----------- --------
Net income (loss) $(5,895) $ 8,038 $ 5,028
Weighted-average shares
outstanding, diluted as
reported 50,777 66,324 75,392
Adjustment to reflect the
IPO shares and other equity
offerings as if they had
been outstanding since the
beginning of 2006 24,161 8,363 --
Pro-forma weighted-average
shares outstanding, diluted 74,938 74,687 75,392
Net income per share diluted
as reported $ (0.12) $ 0.12 $ 0.07
Net income per share diluted
pro-forma $ (0.08) $ 0.11 $ 0.07