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

Restructuring and Asset Impairments: Included in our GAAP presentation of operating expenses, restructuring and asset impairment 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 and asset impairment costs 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 December 31, 2013 (In thousands except per share data)
 
    GAAP    

Restructuring and Asset Impairments
    Non-GAAP
Income before income taxes

$

62,278

$

24,892
$ 87,170
Income tax (benefit) expense (2,982 ) (110 ) (1 ) (3,092 )
Net income $ 65,260   $ 25,002   $ 90,262  
 
Net income per fully diluted share (2) $ 0.64   $ 0.25   $ 0.89  
 
Weighted-average shares outstanding 101,260 101,260 101,260
 

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

(2) Amount is calculated based upon Net income divided by Weighted-average shares outstanding. The sum of Net income per fully diluted share across the table may not equal the calculated amount due to rounding.
 
                     
Year Ended December 31, 2013 (In thousands except per share data)
           
GAAP

Restructuring and Asset Impairments
Non-GAAP
Income before income taxes

$

378,217

$

86,896
$ 465,113
Income tax (benefit) expense 25,179   24,291   (1 ) 49,470
Net income $ 353,038   $ 62,605   $ 415,643
 
Net income per fully diluted share (2) $ 3.70   $ 0.66   $ 4.35
 
Weighted-average shares outstanding 95,468 95,468 95,468
 

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

(2) Amount is calculated based upon Net income divided by Weighted-average shares outstanding. The sum of Net income per fully diluted share across the table may not equal the calculated amount due to rounding.
 

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