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First Solar, Inc. Announces Third Quarter 2012 Financial Results

Restructuring: Included in our GAAP presentation of operating expenses, restructuring costs represent asset impairment and related costs and severance and termination related costs primarily due to a series of restructuring initiatives intended to align the organization with our long-term strategic plan including expected sustainable market opportunities and to reduce costs. We exclude restructuring from our non-GAAP measures because the asset impairment portion of the charges does not reflect our cash position or our cash flows from operating activities, and the restructuring charges overall do not reflect future operating expenses, are not indicative of our core operating performance, and are not meaningful in comparing to our past operating performance.

 
Three Months Ended September 30, 2012 (In thousands except per share data)
 
 

GAAP
  Restructuring   Non-GAAP
Net income before income taxes $ 110,761 $ 24,197 $ 134,958
Income tax expense 22,844   582  

(1)

 
$ 23,426
Net income $ 87,917   $ 23,615   $ 111,532
 
Net income per fully diluted share $ 1.00   $ 0.27   $ 1.27
 
Weighted-average shares outstanding 87,765   87,765   87,765

(1) Amount adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP net income.

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