SUN GIANT SUNPOWER’S Q1

SunPower Reports First-Quarter 2011 Results
May 12, 2011 (PR Newswire via SunPower)

"SunPower Corp. (NASDAQ: SPWRA, SPWRB)…announced financial results for its 2011 first quarter ended April 3, 2011…"

[Tom Werner, President/CEO, SunPower:] "We met our margin and bottom line financial goals in the first quarter by adjusting our downstream channels and operating expenses…Our revenue was lower than plan as a result of changing market conditions in Europe. Operationally, we exceeded our manufacturing cost reduction targets for the quarter and remain on plan to achieve our efficiency adjusted panel cost per watt target of $1.08 in the fourth quarter of this year. Execution on the Fab 3 ramp continues to surpass our internal forecasts as yields and equipment efficiency again reached record levels…"

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"…[K]ey milestones achieved by the company since the fourth quarter of 2010 include…$1.2 billion U.S. Department of Energy loan guarantee conditional commitment and final county permit approval awarded for 250 megawatt (MW) California Valley Solar Ranch…19-MW Alamosa power plant for Xcel Energy completed — largest solar power plant in Colo…11-MW rooftop contract awarded by Tucson Electric Power…48-MW supply agreement signed with Toshiba…75-MW per year Silicon Valley solar panel manufacturing facility dedicated…Surpassed 1,600 partners in global dealer network in Q1 2011..."

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[Tom Werner, President/CEO, SunPower:] "We were also pleased to recently announce Total's transformational investment in SunPower…With Total's $1 billion credit support agreement, solar research and development investments and other resources available through its global network, we will be taking the next step…[It] will improve our capital structure enabling SunPower to accelerate our power plant and commercial development businesses, and expand our manufacturing capacity with lower cash requirements."

"For the second quarter of 2011, the company expects revenue to be in the range of $500 to $550 million and MW recognized to be in the 160 to 190 MW range. For fiscal year 2011, the company expects MW recognized to be consistent with previous guidance of 825 to 920 MW…"