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SunPower Reports Record Fourth-Quarter and Fiscal Year 2008 Results
- Generated fourth quarter 2008 revenue of $401 million, up 79% year-on-year
- Recorded fiscal year 2008 revenue of $1.43 billion, up 85% year-on-year
- Achieved fourth quarter 2008 GAAP net income per share of $0.35, $0.70 non-GAAP
- Announced two multi-year agreements with European integrators totaling 230 megawatts
- Added more than 350 residential and small-commercial dealers worldwide in 2008
- Appointed Dennis Arriola as the company's new chief financial officer
- Maintained strong liquidity with over $436 million in cash and investments
- Expects fiscal year 2009 revenue of $1.6 billion to $2.0 billion

SAN JOSE, Calif., Jan 29, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- SunPower Corporation (Nasdaq: SPWRA, SPWRB) today announced record financial results for its 2008 fourth quarter and fiscal year, which ended Dec. 28, 2008. Revenue for the 2008 fourth quarter was $401 million and compares to $378 million in the third-quarter of 2008 and $224 million in the fourth-quarter of last year. The Components and Systems segments accounted for 56% and 44% of fourth-quarter revenue, respectively.

"Our fourth-quarter performance reflects the continued strength of our vertically integrated business model, broad channel reach and geographic diversification," said Tom Werner, SunPower's CEO. "Our flexible model enables us to rapidly deploy our solutions across multiple geographies, especially in our worldwide dealer network where we continue to see strong demand both in the United States and Europe. Our Systems business also executed well in the fourth quarter as we commissioned dozens of large scale solar projects globally."

On a GAAP basis for the 2008 fourth quarter, SunPower reported gross margin of 27.9%, total operating income of $55 million and net income per diluted share of $0.35.

On a non-GAAP basis, adjusted to exclude non-cash charges for amortization of intangible assets of $4.2 million and stock-based compensation of $18.2 million, SunPower reported total gross margin of 29.9%, operating income of $77.5 million and net income per diluted share of $0.70. This compares with prior-quarter non-GAAP gross margin of 29.2%, total operating income of $73 million and $0.58 net income per diluted share. For the 2008 fourth quarter, Components segment gross margin was 35.6% and Systems segment gross margin was 22.7%. The company's GAAP and Non-GAAP fourth-quarter results include a $6.3 million, or $0.07 net income per diluted share, foreign currency gain related to its Korean joint venture.

"Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership," continued Werner. "Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today's economic and credit environment."

2009 Guidance

The company expects the following fiscal year 2009 non-GAAP results: total revenue of $1.6 billion to $2.0 billion, net income per diluted share of $2.20 to $2.80(1) and production capacity of more than 450 megawatts.

"The long-term solar industry fundamentals remain very positive and the company's 2009 sales pipeline is made up of identifiable customers and projects," said Dennis Arriola, SunPower's chief financial officer. "Given the continuing weak credit environment, our ability to meet the high-end of the revenue and earnings-per-share ranges will be dependent on improved access to the project financing markets. We expect our first-half of 2009 performance to be materially affected by seasonal factors and the continuing impact of the credit crisis."

This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent figures on the final page of this press release. Please note that the company has posted supplemental information related to its fourth-quarter 2008 performance on the Events and Presentations section of the Investor Relations page located on the SunPower website at http://www.sunpowercorp.com.

About SunPower

SunPower Corporation (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers high-performance solar-electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia, and Asia. For more information, visit http://www.sunpowercorp.com.

    (1) For the full year 2009, we expect the following total company GAAP
    results: Revenue of $1.6 billion to $2.0 billion and net income per
    diluted share of $1.40 to $1.90.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "expects," "continue," "growing," "will," to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) GAAP and non-GAAP fiscal year 2009 total revenue and net income per diluted share; (b) strong demand in the US and Europe; © growing global demand for solar this year and in the future, despite uncertainty in today's economic and credit environment; (d) 2009 annual production capacity of more than 450 megawatts; and (e) first half 2009 performance being materially affected by seasonal factors and the continuing impact of the credit crisis. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials and components, as well as the price it pays for such; (ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of governmental and related economic incentives promoting the use of solar power; (v) the improved availability of third-party financing arrangements for the company's customers; (vi) construction difficulties or potential delays, including permitting and transmission access and upgrades; (vii) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (viii) manufacturing difficulties that could arise; (ix) the success of the company's ongoing research and development efforts to compete with other companies and competing technologies; and (x) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Segment Reporting Information

For fourth-quarter and fiscal year 2008 reporting purposes, the Systems segment generally represents products and services sold directly to the system owner. Additionally, both SunPower and third-party solar panels sold through the Systems segment channels are recorded as Systems segment revenue. The Components segment primarily represents products sold to installers and resellers.

Non-GAAP Measures

To supplement the consolidated financial results prepared under GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to stock-based compensation, amortization of intangible assets, impairment of acquisition-related intangibles, impairment of long-lived assets, fair value adjustments to deferred revenue, purchased in-process research and development expenses, write-off of unamortized debt issuance costs, and their related tax effects. Management does not consider these charges in evaluating the core operational activities of SunPower. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate SunPower's current performance. Most analysts covering SunPower use the non-GAAP measures as well. Given management's use of these non-GAAP measures, SunPower believes these measures are important to investors in understanding SunPower's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in SunPower's core business across different time periods. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data and may be different from non-GAAP measures used by other companies.

Fiscal Periods

SunPower operates on a fiscal calendar comprised of four thirteen-week quarters that end at midnight Pacific Time on the Sunday nearest the calendar quarter-end.

SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.


                             SUNPOWER CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                (In thousands)

                                 (Unaudited)

                                                    Dec. 28,       Dec. 30,
                                                      2008           2007
                              ASSETS

    Cash and cash equivalents                       $219,774       $285,214
    Restricted cash                                  175,277         67,887
    Investments                                       40,756        134,503
    Accounts receivable, net                         194,222        138,250
    Costs and estimated earnings in excess of
     billings                                         30,326         39,136
    Inventories                                      251,388        148,820
    Prepaid expenses and other assets                170,328         65,084
    Advances to suppliers                            162,610        161,220
    Property, plant and equipment, net               612,687        377,994
    Goodwill and other intangible assets, net        236,210        235,630

        Total assets                              $2,093,578     $1,653,738


            LIABILITIES AND STOCKHOLDERS' EQUITY

    Accounts payable                                $280,684       $119,869
    Accrued and other liabilities                    191,114        105,476
    Long-term debt                                    54,598              -
    Convertible debt                                 423,608        425,000
    Billings in excess of costs and estimated
     earnings                                         11,806         69,900
    Customer advances                                110,394
                                                                     69,403
        Total liabilities                          1,072,204        789,648

    Stockholders' equity                           1,021,374        864,090

        Total liabilities and stockholders'
         equity                                   $2,093,578     $1,653,738



                             SUNPOWER CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share data)

                                 (Unaudited)

                              THREE MONTHS ENDED          TWELVE MONTHS ENDED
                     Dec. 28,   Sept. 28,    Dec. 30,    Dec. 28,    Dec. 30,
                      2008        2008         2007       2008         2007
    Revenue
      Systems       $177,858    $193,330     $123,912    $820,632    $464,178
      Components     223,109     184,170      100,431     614,287     310,612
                     400,967     377,500      224,343   1,434,919     774,790

    Cost of systems
     revenue         142,489     158,730       97,416     653,569     386,511
    Cost of
     components
     revenue         146,768     113,149       79,745     417,669     240,475
                     289,257     271,879      177,161   1,071,238     626,986

    Gross margin     111,710     105,621       47,182     363,681     147,804

    Operating expenses:
      Research and
       development     5,970       6,049        3,904      21,474      13,563
      Selling,
       general and
       administrative 50,599      46,075       32,068     173,740     108,256
      Purchased in-
       process research
       and development    -         -            -          -           9,575
      Impairment of
       acquisition-
       related
       intangibles        -         -            -          -          14,068
      Total operating
       expenses       56,569      52,124       35,972     195,214     145,462

    Operating
     income           55,141      53,497       11,210     168,467       2,342

    Interest and other
     income (expense),
     net             (16,165)     (4,452)      (3,761)    (20,883)      1,218

    Income before
     income taxes
     and equity in
     earnings of
     unconsolidated
     investees        38,976      49,045        7,449     147,584       3,560

    Income tax
     provision
     (benefit)        19,499      29,797        2,509      69,368      (5,920)

    Income before
     equity in
     earnings of
     unconsolidated
     investees        19,477      19,248        4,940      78,216       9,480

    Equity in
     earnings
     of unconsolidated
     investees, net
     of taxes         10,072       2,131          (64)     14,077        (278)


    Net income       $29,549     $21,379       $4,876     $92,293      $9,202

    Net income per
     share:
     - Basic           $0.35       $0.27        $0.06       $1.15       $0.12
     - Diluted         $0.35       $0.25        $0.06       $1.09       $0.11

    Shares used
     in calculation
     of net income
     per share:
     - Basic          83,244      80,465       78,164      80,522      75,413
     - Diluted        85,599      84,488       85,588      84,446      81,227



    (In thousands, except per share data)

                              THREE MONTHS ENDED          TWELVE MONTHS ENDED
                      Dec. 28,    Sep. 28,   Dec. 30,    Dec. 28,   Sept. 30,
                        2008        2008       2007        2008        2007
                                  (Presented on a GAAP Basis)
    Gross margin     $111,710    $105,621    $47,182    $363,681    $147,804
    Operating income  $55,141     $53,497    $11,210    $168,467      $2,342
    Net income per
     share:
     -Basic             $0.35       $0.27      $0.06       $1.15       $0.12
     -Diluted           $0.35       $0.25      $0.06       $1.09       $0.11


                              THREE MONTHS ENDED          TWELVE MONTHS ENDED
                      Dec. 28,    Sep. 28,   Dec. 30,    Dec. 28,   Sept. 30,
                        2008        2008       2007        2008        2007
                                (Presented on a non-GAAP Basis)
    Gross margin     $119,811    $110,157    $56,731    $396,769    $186,198
    Operating income  $77,545     $73,323    $32,357    $257,652    $106,879
    Net income per
     share:
     -Basic             $0.72       $0.61      $0.43       $2.39       $1.37
     -Diluted           $0.70       $0.58      $0.39       $2.28       $1.27



About SunPower's Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude non-cash items related to stock- based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, impairment of long-lived assets, fair value adjustments to deferred revenue, purchased in-process research and development expenses, write-off of unamortized debt issuance costs, and their related tax effects. The non-GAAP adjustments included herein are primarily the result of our acquisition of SunPower Corporation, Systems or SP Systems (formerly known as PowerLight Corporation) on January 10, 2007. The specific non-GAAP measures listed below are gross margin, operating income and net income per share. Management believes that each of these non-GAAP measures (gross margin, operating income and net income per share) are useful to investors by enabling them to better assess changes in each of these key elements of SunPower's results of operations across different reporting periods on a consistent basis, independent of these non-cash items. Thus, each of these non-GAAP financial measures provides investors with another method for assessing SunPower's operating results in a manner that is focused on its ongoing core operating performance, absent the effects of purchase accounting, stock-based compensation charges, impairment of long-lived assets and write-off of unamortized debt issuance costs. Management also uses these non-GAAP measures internally to assess the business and financial performance of current and historical results, for strategic decision making, forecasting future results and evaluating the company's current performance. Many of the analysts covering SunPower also use these non-GAAP measures in their analyses. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.

-- Non-GAAP gross margin. The use of this non-GAAP financial measure allows management to evaluate the gross margin of the company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles, impairment of long-lived assets and fair value adjustments to deferred revenue. In addition, it is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of SunPower's core businesses.

-- Non-GAAP operating income. The use of this non-GAAP financial measure allows management to evaluate the operating results of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, impairment of long-lived assets, amortization of intangibles, impairment of acquisition-related intangibles, and all other purchase accounting charges. In addition, it is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to understand the results of operations of the Company's core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.

-- Non-GAAP net income per share. Management presents this non-GAAP financial measure to enable investors and analysts to assess the Company's operating results and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, impairment of long-lived assets, write-off of unamortized debt issuance costs, amortization of intangibles, impairment of acquisition-related intangibles, all other purchase accounting charges and the tax effects of these non-GAAP adjustments. In addition, investors and analysts can compare the Company's operating results on a more consistent basis against that of other companies in our industry.

Non-Cash Items

-- Stock-based compensation. Stock-based compensation relates primarily to SunPower stock awards such as stock options and restricted stock. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company's core performance against the performance of other companies without the variability created by stock-based compensation.

-- Impairment of long-lived assets. SunPower incurred an impairment of long-lived assets in the first quarter of fiscal 2008, which relates to the discontinuation of our imaging detector product line. SunPower excluded this item because the expense is not reflective of its ongoing operating results in the period incurred. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without non-cash expenses such as impairment of long-lived assets.

-- Write-off of unamortized debt issuance costs. The market price trigger condition was met for our senior convertible debentures in late December 2007, giving holders of the convertible debt the right to convert the convertible debt in the first quarter of fiscal 2008. As a result, SunPower accelerated the amortization of deferred debt issuance costs. Excluding this non-cash charge provides investors with a basis to compare SunPower's period-over- period operating results because the charge is not reflective of SunPower's historical results or its expected future expenses after such costs were fully amortized on January 2, 2008.

-- Amortization of intangibles. SunPower incurs amortization of intangibles as a result of Cypress acquiring the company in November 2004, in which Cypress' cost of purchased technology, patents, trademarks and a distribution agreement is reflected in our financial statements. In addition, SunPower incurs amortization of intangibles as a result of our acquisitions, which includes purchased technology such as existing technology, patents, brand names and trademarks. SunPower excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from prior acquisitions and have no direct correlation to the operation of SunPower's core businesses.

-- Impairment of acquisition-related intangibles. SunPower incurred an impairment of acquisition-related intangibles in June 2007, which relates to the net book value of the PowerLight tradename being written off in its entirety as a result of the change in branding strategy. SunPower excluded this item because the expense is not reflective of its core operating performance after completion of its acquisition of SP Systems. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without non-cash expenses such as impairment of acquisition-related intangibles.

-- Purchase accounting charges. Purchase accounting charges as a result of prior acquisitions include: (1) amortization of intangibles, which includes purchased technology related to acquisitions such as existing technology, patents, brand names and trademarks; (2) fair value adjustments to deferred revenue, which is an acquisition-related adjustment that results in certain revenues never being recognized under GAAP by either the acquiring company or the company being acquired and (3) purchased in-process research and development expenses, which relates to projects in process as of the acquisition date that have not reached technological feasibility and are immediately expensed. These acquisition-related charges are not factored into management's evaluation of potential acquisitions or its performance after completion of acquisitions, because they are not related to our core operating performance, and the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding this data provides investors with a basis to compare SunPower's performance against the performance of other companies without the variability caused by purchase accounting.

-- Tax effect. This amount is used to present each of the amounts described above on an after-tax basis with the presentation of non-GAAP net income per share.

For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP results of operations measures to non-GAAP measures" set forth at the end of this release and which should be read together with the preceding financial statements prepared in accordance with GAAP.


                             SUNPOWER CORPORATION
            RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
                                 (Unaudited)
                    (In thousands, except per share data)

    STATEMENT OF OPERATIONS DATA:

                          THREE MONTHS ENDED             TWELVE MONTHS ENDED
                 Dec. 28,     Sept. 28,     Dec. 30,    Dec. 28,     Dec. 30,
                    2008         2008         2007        2008        2007
    GAAP gross
     margin      $111,710     $105,621      $47,182    $363,681    $147,804
      Fair value
       adjustment
       to deferred
       revenue          -            -            -           -       1,142
      Amortization
       of intangible
       assets       2,930        2,947        6,185      11,995      24,852
      Stock-based
       compensation
       expense      5,171        4,875        3,364      18,890      12,400
      Impairment of
       long-lived
       assets           -       (3,286)           -       2,203           -
    Non-GAAP gross
     margin      $119,811     $110,157      $56,731    $396,769    $186,198

    GAAP operating
     income       $55,141      $53,497      $11,210    $168,467      $2,342
      Fair value
       adjustment
       to deferred
       revenue          -            -            -           -       1,142
      Amortization
       of intangible
       assets       4,210        4,201        7,132      16,762      28,540
      Stock-based
       compensation
       expense     18,194       18,911       14,015      70,220      51,212
      Purchased
       in-process
       research and
       development      -            -            -           -       9,575
      Impairment of
       acquisition-
       related
       intangibles      -            -            -           -      14,068
      Impairment of
       long-lived
       assets           -       (3,286)           -       2,203           -
    Non-GAAP
     operating
     income       $77,545      $73,323      $32,357    $257,652    $106,879



    NET INCOME PER SHARE:

                          THREE MONTHS ENDED             TWELVE MONTHS ENDED
                 Dec. 28,     Sept. 28,     Dec. 30,    Dec. 28,     Dec. 30,
                    2008         2008         2007        2008        2007
    GAAP net
     income per
     share          $0.35        $0.27        $0.06       $1.15       $0.12
    Reconciling items:
      Stock-based
       compensation
       expense       0.22         0.24         0.18        0.87        0.67
      Impairment of
       long-lived
       assets           -        (0.04)           -        0.03           -
      Purchase
       accounting:
        Fair value
         adjustment
         to deferred
         revenue        -            -            -           -        0.02
        Amortization
         of intangible
         assets      0.05         0.05         0.09        0.21        0.38
        Purchased
         in-process
         research and
         development    -            -            -           -        0.13
        Impairment of
         acquisition-
         related
         intangibles    -            -            -           -        0.19
      Write-off of
       unamortized
       debt issuance
       costs            -            -         0.11        0.01        0.11
      Tax effect     0.10         0.09        (0.01)       0.12       (0.25)

    Non-GAAP net
     income per
     share           0.72        $0.61        $0.43       $2.39       $1.37


    Diluted:
    GAAP net
     income per
     share          $0.35        $0.25        $0.06       $1.09       $0.11
    Reconciling
     items:
      Stock-based
       compensation
       expenses      0.21         0.23         0.16        0.83        0.64
      Impairment of
       long-lived
       assets           -        (0.04)           -        0.03           -
      Purchase
       accounting:
        Fair value
         adjustment
         to deferred
         revenue        -            -            -           -        0.01
        Amortization
         of intangible
         assets      0.05         0.05         0.08        0.20        0.35
        Purchased
         in-process
         research and
         development    -            -            -           -        0.12
        Impairment of
         acquisition-
         related
         intangibles    -            -            -           -        0.17
      Write-off of
       unamortized
       debt issuance
       costs            -            -         0.10        0.01        0.10
      Tax effect     0.09         0.09        (0.01)       0.12       (0.23)

    Non-GAAP net
     income per
     share          $0.70        $0.58        $0.39       $2.28       $1.27

    Shares used in
     calculation
     of GAAP net
     income per
     share:
      - Basic      83,244       80,465       78,164      80,522      75,413
      - Diluted    85,599       84,488       85,588      84,446      81,227

    Shares used in
     calculation
     of non-GAAP
     net income
     per share:
      -Basic       83,244       80,465       78,164      80,522      75,413
      -Diluted     85,599       84,488       85,588      84,446      81,227



                              SUPPLEMENTAL DATA
                                (In thousands)

                              THREE MONTHS ENDED

                              December 28, 2008

                   Gross Margin

                                            Selling, Other  Interest
                                   Research general  Acqui-   and     Income
                                     and      and    sition   other    tax
                            Compo- develop- admini-  Related income, provision
                  Systems    nents   ment   strative Charges   net   (benefit)
    Amortization
     of intangible
     assets         $1,841   $1,089    $-    $1,280     $-     $-      $-
    Stock-based
     compensation
     expense         3,084    2,087   1,218   11,805     -      -       -
    Tax effect         -        -       -       -        -      -     8,089
                    $4,925   $3,176  $1,218  $13,085    $-     $-    $8,089



                              September 28, 2008

                   Gross Margin
                                            Selling, Other  Interest
                                   Research general  Acqui-   and     Income
                                     and      and    sition   other    tax
                            Compo- develop- admini-  Related income, provision
                  Systems    nents   ment   strative Charges   net   (benefit)
    Amortization
     of intangible
     assets         $1,841   $1,106   $-      $1,254    $-      $-     $-
    Stock-based
     compensation
     expense         2,911    1,964   987     13,049     -       -      -
    Impairment
     of long-lived
     assets         (1,343)  (1,943)   -        -        -       -      -
    Tax effect         -        -      -        -        -       -    7,604
                    $3,409   $1,127  $987    $14,303    $-      $-   $7,604


                              December 30, 2007

                   Gross Margin
                                            Selling, Other  Interest
                                   Research general  Acqui-   and     Income
                                     and      and    sition   other    tax
                            Compo- develop- admini-  Related income, provision
                  Systems    nents   ment   strative Charges   net  (benefit)
    Amortization
     of intangible
     assets         $4,788   $1,397   $-        $947    $-      $-      $-
    Stock-based
     compensation
     expense         1,952    1,412   564     10,087     -       -      -
    Write-off
     of unamortized
     debt issuance
     costs             -        -     -          -       -    8,260     -
    Tax effect         -        -     -          -       -       -    (993)
                    $6,740   $2,809  $564    $11,034    $-   $8,260  $(993)



                              TWELVE MONTHS ENDED

                              December 28, 2008

                   Gross Margin
                                            Selling, Other  Interest
                                   Research general  Acqui-   and     Income
                                     and      and    sition   other    tax
                            Compo- develop- admini-  Related income, provision
                  Systems    nents   ment   strative Charges   net   (benefit)
    Amortization
     of intangible
     assets         $7,691   $4,305   $-     $4,766     $-      $-      $-
    Stock-based
     compensation
     expense        10,745    8,144  3,988   47,343      -       -       -
    Impairment of
     long-lived
     assets            -      2,203    -       -         -       -       -
    Write-off
     of unamortized
     debt issuance
     costs             -        -      -       -         -      972      -
    Tax effect         -        -      -       -         -       -     10,092
                   $18,436  $14,652 $3,988  $52,109     $-     $972   $10,092



                              December 30, 2007

                   Gross Margin
                                            Selling, Other  Interest
                                   Research general  Acqui-   and     Income
                                     and      and    sition   other    tax
                            Compo- develop- admini-  Related income, provision
                  Systems    nents   ment   strative Charges   net  (benefit)

    Fair value
     adjustment
     to deferred
     revenue        $1,142     $-     $-       $-       $-      $-      $-
    Amortization
     of intangible
     assets         20,085    4,767    -      3,688      -       -      -
    Stock-based
     compensation
     expense         8,187    4,213  1,817   36,995      -       -      -
    Purchased
     in-process
     research
     and development    -       -      -        -     9,575      -      -
    Impairment
     of acquisition
     -related
     intangibles        -       -       -       -    14,068      -      -
    Write-off
     of unamortized
     debt issuance
     costs              -       -       -       -        -     8,260    -
    Tax effect          -       -       -       -        -       -    (18,754)
                   $29,414   $8,980 $1,817  $40,683 $23,643   $8,260 $(18,754)

SOURCE SunPower Corporation

 
http://www.sunpowercorp.com

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