First Solar, Inc. Releases Third Quarter 2008 Financial Results (Oct 29, 2008)

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First Solar, Inc. Releases Third Quarter 2008 Financial Results; Signs Up 525MW in Orders

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October 29, 2008

Tempe, AZ, USA: First Solar, Inc. Releases Third Quarter 2008 Financial Results; Signs Up 525MW in Orders

Thin film manufacturer, First Solar, Inc. today announced its financial results for the third quarter ended September 27, 2008. Quarterly revenues were $348.7 million, up from $267.0 million in the second quarter of fiscal 2008 and up from $159.0 million in the third quarter of fiscal 2007.

Net income for the third quarter of fiscal 2008 was $99.3 million or $1.20 per share on a fully diluted basis, compared to net income of $69.7 million or $0.85 per share on a fully diluted basis for the second quarter of fiscal 2008.

Net income for the third quarter of fiscal 2007 was $46.0 million or $0.58 per share on a fully diluted basis, which included a one-time income tax benefit of $7.5 million that resulted from the reversal of valuation allowances against previously established German deferred income tax assets.

First Solar has entered into new long-term module supply agreements with Sorgenia Solar, a developer of large-scale, grid-connected solar power plants in Italy and extended module supply agreements with several of First Solar's existing customers including EDF Energies Nouvelles, Ecostream, Juwi and Phoenix Solar AG.

These new agreements expand contracted module volume by a total of 525MW, allowing for additional sales of approximately $800 million at an assumed exchange rate of $1.15/€1.00 over the period of 2009 to 2013. These agreements are structured on terms similar to First Solar's existing long-term module supply agreements.

“With strong market growth in Italy we are pleased to announce our new partnership with the Italian Utility company Sorgenia Solar, who is well positioned to develop solar power plants in this important region,” said Mike Ahearn, CEO of First Solar. “These new module supply agreements and contract extensions enable our partners to increase solar electric generation in multiple markets throughout Europe and demonstrate the successful partnerships First Solar has established with the world’s leading project developers and system integrators.”