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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 30, 2012

Sunpower Corp

CIK: 867773 Ticker: SPWR
Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

Investors
Bob Okunski
408-240-5447
Bob.Okunski@sunpowercorp.com

Media
Helen Kendrick
408-240-5585
Helen.Kendrick@sunpowercorp.com


SunPower Reports Fourth-Quarter and Fiscal Year 2012 Results

Q4 2012 GAAP Revenue of $679 million, Non-GAAP Revenue of $785 million
2012 GAAP Revenue of $2.42 billion, Non-GAAP Revenue of $2.62 billion

SAN JOSE, Calif., Feb. 7, 2013
- SunPower Corp. (NASDAQ: SPWR) today announced financial results for its 2012 fourth quarter and fiscal year ended Dec. 30, 2012.

($ Millions except per-share data)
4th Quarter 2012
3rd Quarter 2012
4th Quarter 2011
2012
2011
GAAP revenue (1)
$678.5
$648.9
$625.3
$2,417.5
$2,374.4
GAAP gross margin
6.9%
12.4%
6.8%
10.2%
9.5%
GAAP net loss (2)
($144.8)
($48.5)
($93.0)
($352.0)
($613.7)
GAAP net loss per diluted share (2)
($1.22)
($0.41)
($0.94)
($3.01)
($6.28)
Non-GAAP gross margin (3)
18.7%
14.1%
11.3%
15.4%
13.2%
Non-GAAP net income (loss) per diluted share (3)
$0.18
$0.03
$0.04
$0.18
$0.16
Megawatts (MW) produced
153
227
261
936
922

(1)
GAAP revenue excludes $106.1 million and $186.4 million for the fourth quarter of fiscal 2012 and the fourth quarter of fiscal 2011, respectively, and includes $42.3 million for the third quarter of fiscal 2012, in revenue related to the construction of utility power plant projects and construction activities. Similarly, GAAP revenue excludes $204.8 million and $186.4 million for fiscal 2012 and 2011, respectively, related to the construction of utility power plant projects and construction activities. See details in the non-GAAP measure disclosure included in this press release.
(2)
GAAP results include approximately $179.3 million, $47.5 million and $93.0 million for the fourth quarter of fiscal 2012, the third quarter of fiscal 2012 and the fourth quarter of fiscal 2011, respectively, in net, pre-tax charges and adjustments excluded from non-GAAP results. 2012 and 2011 GAAP results include $371.3 million and $608.7 million, respectively, in net, pre-tax charges and adjustments excluded from non-GAAP results.
(3)
A reconciliation of GAAP to non-GAAP results is included at the end of this press release.

“We exited 2012 with strong fourth-quarter results as we benefitted from our diversified downstream channel strategy, solid execution on our cost roadmap and increased customer demand for our high efficiency, industry leading technology,” said Tom Werner, SunPower president and CEO. “North America remained our most significant market for the quarter as evidenced by our sale of the 579 megawatt (MW) Antelope Valley Solar Projects (AVSP) to MidAmerican Solar, a transaction that further reinforces our strong bankability. Additionally, the California Valley Solar Ranch (CVSR) project owned by NRG Energy is now more than 75 percent complete and we remain on plan to finish this project by the end of this year. In residential lease, our fourth-quarter performance was solid and we see significant long-term global growth opportunities in this segment due to our compelling value proposition, low total system costs and downstream footprint. With our recently announced $100 million residential leasing partnership with U.S. Bancorp, and additional financings currently in process, we are well positioned in the North American residential lease segment for 2013. In Asia, we expanded our presence in the Japanese rooftop market as a


The following information was filed by Sunpower Corp (SPWR) on Thursday, February 7, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Balance Sheet Components
Balance Sheet Components (details)
Balance Sheet Components (tables)
Business Combinations
Business Combinations (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies - Advances To Suppliers (details)
Commitments And Contingencies - Future Financing Commitments (details)
Commitments And Contingencies Commitments And Contingencies - Advances From Customers (details)
Debt And Credit Sources
Debt And Credit Sources (details)
Debt And Credit Sources (tables)
Debt And Credit Sources - Convertible Debenture And Related Transactions (details)
Equity Method Investments
Equity Method Investments (details)
Equity Method Investments (tables)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Non-recurring Basis (details)
Fair Value Measurements Fair Value Measurements (tables)
Fair Value Measurements Fair Value Measurements - Debt Derivatives (details)
Foreign Currency Derivatives
Foreign Currency Derivatives (details)
Foreign Currency Derivatives (tables)
Foreign Currency Derivatives - Net Gain (loss) (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Goodwill (details)
Goodwill And Other Intangible Assets - Intangible Assets (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes - Operating Loss Carryforwards (details)
Income Taxes - Tax Holidays (details)
Net Income (loss) Per Share Of Common Stock
Net Income (loss) Per Share Of Common Stock (details)
Net Income (loss) Per Share Of Common Stock (tables)
Net Income (loss) Per Share Of Common Stock - Anti-dilutive Securities (details)
Preferred Stock And Common Stock (details)
Preferred Stock And Common Stock (notes)
Preferred Stock And Common Stock (tables)
Restructuring
Restructuring (details)
Restructuring (tables)
Sale Of Discontinued Operations
Sale Of Discontinued Operations (details)
Sale Of Discontinued Operations (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Segment Information - Major Customer (details)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
The Company And Summary Of Significant Accounting Policies
The Company And Summary Of Significant Accounting Policies (policies)
The Company And Summary Of Significant Accounting Policies The Company And Summary Of Significant Accounting Policies (details)
The Company And Summary Of Significant Accounting Policies The Company And Summary Of Significant Accounting Policies (tables)
Transactions With Total (details)
Transactions With Total And Total S.a.
Transfer Of Entities Under Common Control
Transfer Of Entities Under Common Control (details)
Transfer Of Entities Under Common Control (tables)
Ticker: SPWR
CIK: 867773
Form Type: 10-K Annual Report
Accession Number: 0000867773-13-000012
Submitted to the SEC: Fri Feb 22 2013 7:37:51 PM EST
Accepted by the SEC: Mon Feb 25 2013
Period: Sunday, December 30, 2012
Industry: Semiconductors And Related Devices

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