8-KEarnings & ResultsLeadership ChangesExhibits & Filings

FIRST SOLAR, INC. 8-K Report, Financial Results (Aug 1, 2012)

Filed August 1, 2012For Securities:FSLR

Summary

This Form 8-K filing by First Solar, Inc. (FSLR) on August 1, 2012, primarily serves to furnish a press release detailing the company's financial results for the second quarter ended June 30, 2012. While specific financial figures are not embedded in the 8-K itself, the filing indicates that detailed operational and financial performance data will be disclosed through this press release and an accompanying conference call. Investors should refer to Exhibit 99.1 for the actual financial results and management's commentary. In addition to the financial results disclosure, the filing notes a significant change in executive and board composition. Michael J. Ahearn has resigned as an employee of the company, concluding his interim CEO tenure, but will continue as Chairman of the Board receiving non-associate director compensation, including a $150,000 annual cash component and a $200,000 annual stock grant. Furthermore, CEO James A. Hughes has been appointed to the Board of Directors, consolidating leadership roles.

Key Highlights

  • 1First Solar is releasing its Q2 2012 financial results via a press release (Exhibit 99.1) and conference call on August 1, 2012.
  • 2Michael J. Ahearn resigns as an employee, ending his interim CEO role.
  • 3Michael J. Ahearn will continue as Chairman of the Board with a revised compensation structure.
  • 4Mr. Ahearn's new compensation as Chairman includes $150,000 annually in cash and a $200,000 annual stock grant, both paid quarterly.
  • 5CEO James A. Hughes has been appointed to the Board of Directors.
  • 6The information furnished in this report and the attached press release are not considered 'filed' for certain regulatory liabilities unless expressly incorporated into future filings.

Frequently Asked Questions

The main purpose of this Form 8-K filing is to inform investors that First Solar is issuing its second quarter 2012 financial results and to furnish a press release (Exhibit 99.1) containing these results and related commentary. It also reports on changes within the company's leadership and board.

Michael J. Ahearn has resigned as an employee of First Solar, effective July 30, 2012, concluding his role as interim CEO. However, he will continue to serve as Chairman of the Board and will receive non-associate director compensation, including a $150,000 annual cash payment and a $200,000 annual stock grant.

Yes, James A. Hughes, the company's Chief Executive Officer, has been appointed to the Board of Directors, effective July 30, 2012.

The detailed financial results for the second quarter ended June 30, 2012, are provided in the press release furnished as Exhibit 99.1 to this Form 8-K filing. Investors should review this exhibit and listen to the accompanying conference call for comprehensive information.