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First Solar, Inc. Announces 2008 Third Quarter Financial Results

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

First Solar, Inc. (Nasdaq: FSLR) today announced its financial results for the third quarter ended Sept. 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.

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