10-Q/APeriod: Q1 FY2015

FIRST SOLAR, INC. Quarterly Report (Amendment) for Q1 Ended Mar 31, 2015

Filed November 20, 2015For Securities:FSLR

Summary

This filing pertains to Item 4, "Controls and Procedures," and Item 6, "Exhibits," of First Solar, Inc.'s (FSLR) Amendment No. 1 to its Quarterly Report on Form 10-Q/A, filed on November 20, 2015. The core of Item 4 focuses on management's assessment of the effectiveness of the company's disclosure controls and procedures, as well as its internal control over financial reporting. Management, including the CEO and CFO, concluded that these controls were effective as of March 31, 2015, ensuring that required financial information is properly recorded, processed, summarized, and reported within mandated timeframes. Furthermore, the report indicates no material changes in internal control over financial reporting occurred during the three months ended March 31, 2015. The filing also highlights the inherent limitations of any control system, emphasizing that while designed for effectiveness, they provide reasonable, not absolute, assurance against errors or fraud. This statement is standard but important for investors to understand the context of control effectiveness.

Financial Highlights

53 data points
Beta

Revenue

$469.21M

8.3% Gross Margin

Net Income

-$60.92M

-13.0% Net Margin

EPS (Diluted)

$-0.61

Total Assets

$6.67B

Cash & Equivalents

$779.91M

Free Cash Flow

-$479.96M

Financial Statements
Beta
Revenue$469.21M
Cost of Revenue$430.23M
Gross Profit$38.98M
R&D Expenses$34.76M
SG&A Expenses$67.69M
Operating Expenses$109.09M
Operating Income-$70.11M
Interest Expense$194K
Net Income-$60.92M
EPS (Basic)$-0.61
EPS (Diluted)$-0.61
Shares Outstanding (Basic)100.38M
Shares Outstanding (Diluted)100.38M

Key Highlights

  • 1Management, including CEO and CFO, concluded disclosure controls and procedures were effective as of March 31, 2015.
  • 2No material changes in internal control over financial reporting were identified during the three months ended March 31, 2015.
  • 3The effectiveness of controls is assessed to ensure timely and accurate disclosure of required information.
  • 4Management's evaluation confirms that information is properly recorded, processed, summarized, and reported.
  • 5The filing explicitly states that control systems provide reasonable, not absolute, assurance.
  • 6The certifications of the CEO and CFO, required by the Exchange Act, are attached as exhibits.

Frequently Asked Questions

Item 4 of the filing details management's evaluation of the effectiveness of First Solar's disclosure controls and procedures, and its internal control over financial reporting as of March 31, 2015. It aims to assure investors that the company has systems in place to ensure accurate and timely financial reporting.

Based on management's evaluation, there were no changes in internal control over financial reporting during the three months ended March 31, 2015, that materially affected or are likely to materially affect the company's internal control over financial reporting. The disclosure controls and procedures were also deemed effective.

This statement acknowledges that while controls are designed to be effective, they have inherent limitations. They cannot guarantee the detection of all errors or instances of fraud. Factors like human error, judgment, and potential circumvention mean that controls provide a high degree of confidence but not a perfect guarantee.