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First Solar, Inc. Announces Fourth Quarter And Full Year 2013 Financial Results

                           

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

December 31, 2013

December 31, 2012

ASSETS
Current assets:
Cash and cash equivalents $ 1,325,072 $ 901,294
Marketable securities 439,102 102,578
Accounts receivable trade, net 136,383 553,567
Accounts receivable, unbilled and retainage 521,323

400,987

Inventories 388,951 434,921
Balance of systems parts 133,731 98,903
Deferred project costs 556,957 21,390
Deferred tax assets, net 63,899 44,070
Assets held for sale 132,626 49,521
Note receivable, affiliate 17,725
Prepaid expenses and other current assets 94,720   207,368
Total current assets 3,792,764   2,832,324
Property, plant and equipment, net 1,385,084 1,525,382
Project assets and deferred project costs 720,916 845,478
Deferred tax assets, net 296,603 317,473
Restricted cash and investments 279,441 301,400
Goodwill 84,985 65,444
Inventories 129,664 134,375
Retainage 992 270,364
Other assets 193,053   56,452
Total assets $ 6,883,502   $ 6,348,692
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 261,333 $ 350,230
Income taxes payable 6,707 5,474
Accrued expenses 320,077 554,433
Current portion of long-term debt 60,543 62,349
Payments and billings for deferred project costs 642,214 94,535
Other current liabilities 297,187   34,353
Total current liabilities 1,588,061   1,101,374
Accrued solar module collection and recycling liability 225,163 212,835
Long-term debt 162,780 500,223
Payments and billings for deferred project costs 636,518
Other liabilities 404,381   292,216
Total liabilities 2,380,385   2,743,166
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 99,506,941 and 87,145,323 shares issued and outstanding at December 31, 2013 and 2012, respectively 100 87
Additional paid-in capital 2,646,022 2,065,527
Accumulated earnings 1,882,771 1,529,733
Accumulated other comprehensive (loss) income (25,776 ) 10,179
Total stockholders’ equity 4,503,117   3,605,526
Total liabilities and stockholders’ equity $ 6,883,502   $ 6,348,692
 
                       

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 
Three Months Ended December 31, Years Ended December 31,

 

2013     2012 2013     2012
Net sales $ 768,437 $ 1,075,011 $ 3,308,989 $ 3,368,545
Cost of sales 579,141   781,464   2,446,235   2,515,796  
Gross profit 189,296 293,547 862,754 852,749
Operating expenses:
Research and development 38,421 31,639 134,300 132,460
Selling, general and administrative 65,661 63,417 270,261 280,928
Production start-up 1,637 2,768 7,823
Restructuring and asset impairments 24,892   24,839   86,896   469,101  
Total operating expenses 128,974   121,532   494,225   890,312  
Operating income (loss) 60,322 172,015 368,529 (37,563 )
Foreign currency (loss) gain (104 ) (2,156 ) (259 ) (2,122 )
Interest income 4,203 3,129 16,752 12,824
Interest expense, net 16 (2,694 ) (1,884 ) (13,888 )
Other (expense) income, net (2,159 ) 280   (4,921 ) 945  
Income (loss) before income taxes 62,278 170,574 378,217 (39,804 )
Income tax (benefit) expense (2,982 ) 16,396   25,179   56,534  
Net income (loss) $ 65,260   $ 154,178   $ 353,038   $ (96,338 )
Net income (loss) per share:
Basic $ 0.66   $ 1.77   $ 3.77   $ (1.11 )
Diluted $ 0.64   $ 1.74   $ 3.70   $ (1.11 )
Weighted-average number of shares used in per share calculations:
Basic 99,471   87,084   93,697   86,860  
Diluted 101,260   88,549   95,468   86,860  
 

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 Restructuring and Asset Impairments Expense. 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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