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First Solar, Inc. Announces Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: FSLR

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 collection and 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

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

   

 

December 31, 2012

December 31, 2011

ASSETS
Current assets:
Cash and cash equivalents $ 901,294 $ 605,619
Marketable securities 102,578 66,146
Accounts receivable trade, net 553,567 310,568
Accounts receivable, unbilled 400,987 533,399
Inventories 434,921 475,867
Balance of systems parts 98,903 53,784
Deferred project costs 21,390 197,702
Deferred tax assets, net 44,070 41,144
Assets held for sale 49,521
Note receivable, affiliate 17,725
Prepaid expenses and other current assets 207,368   329,032  
Total current assets 2,832,324 2,613,261
Property, plant and equipment, net 1,525,382 1,815,958
Project assets 358,824 374,881
Deferred project costs 486,654 122,688
Deferred tax assets, net 317,473 340,274
Marketable securities 116,192
Restricted cash and investments 301,400 200,550
Goodwill 65,444 65,444
Inventories 134,375 60,751
Other assets 326,816   67,615  
Total assets $ 6,348,692   $ 5,777,614  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 350,230 $ 176,448
Income taxes payable 5,474 9,541
Accrued expenses 554,433 406,659
Current portion of long-term debt 62,349 44,505
Deferred revenue 2,056 41,925
Other current liabilities 126,832   294,646  
Total current liabilities 1,101,374 973,724
Accrued solar module collection and recycling liability 212,835 167,378
Long-term debt 500,223 619,143
Payments and billings for deferred project costs 636,518 167,374
Other liabilities 292,216   206,132  
Total liabilities 2,743,166   2,133,751  
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 87,145,323 and 86,467,873 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively 87 86
Additional paid-in capital 2,065,527 2,022,743
Accumulated earnings 1,529,733 1,626,071
Accumulated other comprehensive income (loss) 10,179   (5,037 )
Total stockholders’ equity 3,605,526   3,643,863  
Total liabilities and stockholders’ equity $ 6,348,692   $ 5,777,614  
 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

       
Three Months Ended   Year Ended

 

December 31, 2012

December 31, 2011

December 31, 2012

December 31, 2011

Net sales $ 1,075,011 $ 660,352 $ 3,368,545 $ 2,766,207
Cost of sales 781,464   522,228   2,515,796   1,794,456  
Gross profit 293,547 138,124 852,749 971,751
Operating expenses:
Research and development 31,639 37,906 132,460 140,523
Selling, general and administrative 63,417 125,926 280,928 412,541
Production start-up 1,637 5,881 7,823 33,620
Goodwill impairment 393,365 393,365
Restructuring 24,839   60,366   469,101   60,366  
Total operating expenses 121,532   623,444   890,312   1,040,415  
Operating income (loss) 172,015 (485,320 ) (37,563 ) (68,664 )
Foreign currency (loss) gain (2,156 ) 243 (2,122 ) 995
Interest income 3,129 3,726 12,824 13,391
Interest expense, net (2,694 ) (100 ) (13,888 ) (100 )
Other income, net 280   9   945   665  
Income (loss) before income taxes 170,574 (481,442 ) (39,804 ) (53,713 )
Income tax expense (benefit) 16,396   (68,329 ) 56,534   (14,220 )
Net income (loss) $ 154,178   $ (413,113 ) $ (96,338 ) $ (39,493 )
Net income (loss) per share:
Basic $ 1.77   $ (4.78 ) $ (1.11 ) $ (0.46 )
Diluted $ 1.74   $ (4.78 ) $ (1.11 ) $ (0.46 )
Weighted-average number of shares used in per share calculations:
Basic 87,084   86,428   86,860   86,067  
Diluted 88,549   86,428   86,860   86,067  

Non-GAAP Financial Measures

The non-GAAP financial measures included in the tables below are non-GAAP net income and non-GAAP net income per share, which adjust for the following items: Costs in Excess of Normal Warranty Expense and 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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