First Solar, Inc. Announces Third Quarter 2012 Financial Results

For a reconciliation of non-GAAP measures to measures presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), see the table below.

First Solar has scheduled a conference call today, Nov. 1, 2012 at 4:30 p.m. EDT to discuss this announcement. Investors may access a live webcast of this conference call by visiting http://investor.firstsolar.com/events.cfm.

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 Wed., Nov. 7, 2012 at midnight EST and can be accessed by dialing 888-203-1112 if you are calling from within the United States, or [phone] if you are calling from outside the United States, and entering the replay pass code 606422. A replay of the webcast will be available on the Investors section of the company's web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced thin-film modules. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

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
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
		September 30, 2012				December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents		$	614,699			$	605,619
Marketable securities		102,295				66,146
Accounts receivable trade, net		467,640				310,568
Accounts receivable, unbilled		398,945				533,399
Inventories		537,567				475,867
Balance of systems parts		125,012				53,784
Deferred project costs		143,392				197,702
Deferred tax assets, net		37,361				41,144
Assets held for sale		49,521				—
Note receivable, affiliate		17,408				—
Prepaid expenses and other current assets		216,196				329,032
Total current assets		2,710,036				2,613,261
Property, plant and equipment, net		1,549,689				1,815,958
Project assets		250,812				374,881
Deferred project costs		374,941				122,688
Deferred tax assets, net		328,263				340,274
Marketable securities		—				116,192
Restricted cash and investments		285,573				200,550
Goodwill		65,444				65,444
Inventories		136,896				60,751
Other assets		280,075				67,615
Total assets		$	5,981,729			$	5,777,614
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	235,744			$	176,448
Income tax payable		6,982				9,541
Accrued expenses		575,156				406,659
Current portion of long-term debt		61,398				44,505
Deferred revenue		534				41,925
Other current liabilities		260,013				294,646
Total current liabilities		1,139,827				973,724
Accrued solar module collection and recycling liability		213,407				167,378
Long-term debt		468,294				619,143
Other liabilities		702,047				373,506
Total liabilities		2,523,575				2,133,751
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 86,961,313 and 86,467,873 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively		87				86
Additional paid-in capital		2,084,257				2,022,743
Accumulated earnings		1,375,555				1,626,071
Accumulated other comprehensive loss		(1,745		)		(5,037		)
Total stockholders’ equity		3,458,154				3,643,863
Total liabilities and stockholders’ equity		$	5,981,729			$	5,777,614

FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
		Three Months Ended								Nine Months Ended
		September 30, 2012				September 30, 2011				September 30, 2012				September 30, 2011
Net sales		$	839,147			$	1,005,788			$	2,293,534			$	2,105,855
Cost of sales		600,431				626,624				1,734,332				1,272,228
Gross profit		238,716				379,164				559,202				833,627
Operating expenses:
Research and development		32,372				38,164				100,821				102,617
Selling, general and administrative		73,507				112,743				217,511				286,615
Production start-up		1,595				5,514				6,186				27,739
Restructuring		24,197				—				444,262				—
Total operating expenses		131,671				156,421				768,780				416,971
Operating income		107,045				222,743				(209,578		)		416,656
Foreign currency gain (loss)		3				(1,857		)		34				752
Interest income		3,405				3,225				9,695				9,665
Interest expense, net		(2,902		)		—				(11,194		)		—
Other income (expense), net		3,210				(1,346		)		665				656
Income before income taxes		110,761				222,765				(210,378		)		427,729
Income tax expense		22,844				26,251				40,138				54,109
Net income		$	87,917			$	196,514			$	(250,516	)		$	373,620
Net income per share:
Basic		$	1.01			$	2.28			$	(2.89	)		$	4.35
Diluted		$	1.00			$	2.25			$	(2.89	)		$	4.29
Weighted-average number of shares used in per share calculations:
Basic		86,992				86,338				86,785				85,946
Diluted		87,765				87,151				86,785				87,114

Non-GAAP Financial Measures

The non-GAAP financial measures included in the table below are non-GAAP net income and non-GAAP net income per share, which adjust for the following items: Restructuring. We believe the presentation of these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company’s operating performance. Our management uses these non-GAAP financial measures in assessing the Company’s performance to prior periods and investors benefit from an understanding of these non-GAAP financial measures. The use of non-GAAP financial measures has limitations and you should not consider these performance measures in isolation from or as an alternative to measures presented in accordance with GAAP such as net income and net income per share.

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