UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 30, 2015
 
 
FIRST SOLAR, INC.
(Exact name of registrant as specified in its charter)
  
Delaware
(State or other jurisdiction of incorporation)
 
001-33156
(Commission File Number)
 
20-4623678
(I.R.S. Employer Identification No.)

350 West Washington Street
Suite 600
Tempe, Arizona 85281
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (602) 414-9300
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



TABLE OF CONTENTS
 

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Item 2.02  Results of Operations and Financial Condition.

On April 30, 2015, First Solar, Inc. is issuing a press release and holding a conference call regarding its financial results for the first quarter ended March 31, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

3


Item 9.01  Financial Statements and Exhibits.
(d) Exhibits.
 
 
 
 
 
99.1

 
Press Release of First Solar, Inc. dated April 30, 2015

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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 
FIRST SOLAR, INC.
 
(Registrant)
 
 
 
 
Dated: April 30, 2015
By:  
 
/s/ PAUL KALETA
 
Name: 
 
Paul Kaleta
 
Title:  
 
Executive Vice President and General Counsel

5




EXHIBIT 99.1
 
 
 
 
News Release

First Solar, Inc. Announces First Quarter 2015 Financial Results
•
Net sales of $469 million
•
GAAP loss per fully diluted share of ($0.62)
•
Cash and marketable securities of $1.5 billion, net cash of $1.2 billion
•
593MWdc of new bookings. Year to date bookings of 905MWdc 
•
16.3% lead line efficiency at end of April. 15.6% average lead line efficiency for Q1

TEMPE, Ariz., Apr 30, 2015 - First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter of 2015. Net sales were $469 million in the quarter, a decrease of $539 million from the fourth quarter of 2014. The sequential decrease in net sales resulted from retaining projects which would otherwise have generated revenue in anticipation of the Company’s announced plans to pursue a YieldCo. In addition, delays on multiple projects in the current quarter, a higher mix of module only sales and the sale of the SolarGen 2 project in the prior quarter contributed to the lower revenue.
The Company reported a first quarter GAAP loss per fully diluted share of ($0.62), compared to earnings of $1.89 in the prior quarter. The decrease in net income compared to the prior quarter was due to lower revenue, the mix of systems projects under construction and a higher proportion of module only and module plus sales.
Cash and marketable securities at the end of the first quarter were approximately $1.5 billion, a decrease of approximately $507 million compared to the prior quarter. Cash flows used in operations were $418 million in the first quarter. The decrease in cash and marketable securities during the quarter was due also to the increase in project construction on balance sheet in preparation for a YieldCo launch.
“As anticipated, the first quarter was a transitional period as we executed on our plans to form 8point3 Energy Partners” said Jim Hughes, CEO of First Solar. “We continue to enhance the overall strength of our business with our lead line now running at 16.3% efficiency and our announced strategic alliance with Caterpillar”.
The Company also provided guidance for the second quarter of 2015 as follows:
•
Net Sales of $750 to $850 million
•
Earnings of $0.45 to $0.55 per fully diluted share, including a non-recurring tax benefit of approximately $0.40
•
Cash flow used in operating activities of ($250) to ($350) million
*Earnings per share guidance excludes impact related to potential 8point3 Energy Partners IPO transaction occurring in Q2
First Solar has scheduled a conference call for today, April 30, 2015 at 5:00 p.m. ET to discuss this announcement. A live webcast of this conference call is available at http://investor.firstsolar.com/events.cfm.
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Wednesday, May 6, 2015 at 7:30 p.m. ET and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 3108257. A replay of the webcast will be available on the Investors section of the Company’s website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

1


About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. 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 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 safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems cost reduction roadmaps, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: "Risk Factors," of our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.
Contacts
First Solar Investors
David Brady
+1 602 414-9315
dbrady@firstsolar.com
or
Steve Haymore
+1 602 414-9315
stephen.haymore@firstsolar.com
First Solar Media

Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com

2


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

 
 
 
March 31, 2015
 
December 31, 2014
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
779,908

 
$
1,482,054

Marketable securities
 
704,674

 
509,032

Accounts receivable trade, net
 
254,217

 
135,434

Accounts receivable, unbilled and retainage
 
81,587

 
76,971

Inventories
 
496,599

 
505,088

Balance of systems parts
 
119,959

 
125,083

Deferred project costs
 
311,118

 
29,354

Deferred tax assets, net
 
73,419

 
91,565

Assets held for sale
 
20,728

 
20,728

Notes receivable, affiliate
 
44,210

 
12,487

Prepaid expenses and other current assets
 
263,284

 
202,670

Total current assets
 
3,149,703

 
3,190,466

Property, plant and equipment, net
 
1,368,443

 
1,402,304

PV solar power systems, net
 
45,723

 
46,393

Project assets and deferred project costs
 
833,154

 
810,348

Deferred tax assets, net
 
210,536

 
222,326

Restricted cash and investments
 
421,875

 
407,053

Investments in unconsolidated affiliates and joint ventures
 
257,321

 
255,029

Goodwill
 
84,985

 
84,985

Other intangibles, net
 
118,364

 
119,236

Inventories
 
115,578

 
115,617

Note receivable, affiliate
 
9,127

 
9,127

Other assets
 
59,865

 
61,555

Total assets
 
$
6,674,674

 
$
6,724,439

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
202,755

 
$
214,656

Income taxes payable
 
2,882

 
1,727

Accrued expenses
 
436,913

 
388,156

Current portion of long-term debt
 
42,123

 
51,918

Billings in excess of costs and estimated earnings
 
171,331

 
195,346

Payments and billings for deferred project costs
 
71,639

 
60,591

Other current liabilities
 
57,263

 
88,702

Total current liabilities
 
984,906

 
1,001,096

Accrued solar module collection and recycling liability
 
236,155

 
246,307

Long-term debt
 
200,386

 
165,003

Other liabilities
 
266,121

 
284,546

Total liabilities
 
1,687,568

 
1,696,952

Commitments and contingencies
 
 
 
 
Stockholders’ equity:
 
 
 
 
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 100,791,414 and 100,288,942 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively
 
101

 
100

Additional paid-in capital
 
2,698,134

 
2,697,558

Accumulated earnings
 
2,217,397

 
2,279,689

Accumulated other comprehensive income
 
71,474

 
50,140

Total stockholders’ equity
 
4,987,106

 
5,027,487

Total liabilities and stockholders’ equity
 
$
6,674,674

 
$
6,724,439


3


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

 
 
Three Months Ended March 31,
 
 
2015
 
2014
Net sales
 
$
469,209

 
$
950,158

Cost of sales
 
430,228

 
713,447

Gross profit
 
38,981

 
236,711

Operating expenses:
 
 
 
 
Research and development
 
34,756

 
38,773

Selling, general and administrative
 
67,688

 
58,664

Production start-up
 
6,650

 
—

Total operating expenses
 
109,094

 
97,437

Operating (loss) income
 
(70,113
)
 
139,274

Foreign currency loss, net
 
(1,596
)
 
(579
)
Interest income
 
5,064

 
4,321

Interest expense, net
 
(194
)
 
(410
)
Other expense, net
 
(1,259
)
 
(1,774
)
(Loss) income before taxes and equity in earnings of unconsolidated affiliates
 
(68,098
)
 
140,832

Income tax benefit (expense)
 
5,980

 
(28,853
)
Equity in earnings of unconsolidated affiliates, net of tax
 
(174
)
 
28

Net (loss) income
 
$
(62,292
)
 
$
112,007

Net (loss) income per share:
 
 
 
 
Basic
 
$
(0.62
)
 
$
1.12

Diluted
 
$
(0.62
)
 
$
1.10

Weighted-average number of shares used in per share calculations:
 
 
 
 
Basic
 
100,375

 
99,591

Diluted
 
100,375

 
101,822



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