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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 29, 2013

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 2013 Results

Q4 2013 GAAP Revenue of $638 Million, Non-GAAP Revenue of $758 Million
Q4 2013 GAAP Earnings Per Share of $0.15, Non-GAAP Earnings Per Share of $0.47
2013 GAAP Earnings Per Share of $0.70, Non-GAAP Earnings Per Share of $1.68

SAN JOSE, Calif., Feb. 12, 2014
- SunPower Corp. (NASDAQ: SPWR) today announced financial results for its 2013 fourth quarter and fiscal year ended Dec. 29, 2013.

($ Millions, except per-share data)
4th Quarter 2013
3rd Quarter 2013
4th Quarter 2012
2013
2012
GAAP revenue (1)
$638.1
$657.1
$678.5
$2,507.2
$2,417.5
GAAP gross margin
20.5%
29.4%
6.9%
19.6%
10.2%
GAAP net income (loss) (2)
$22.3
$108.4
$(144.8)
$95.6
$(352.0)
GAAP net income (loss) per diluted share (2)
$0.15
$0.73
$(1.22)
$0.70
$(3.01)
Non-GAAP gross margin (3)
20.4%
19.1%
18.7%
20.4%
15.4%
Non-GAAP net income per diluted share (3)
$0.47
$0.44
$0.18
$1.68
$0.18
Megawatts produced
317
313
153
1,134
936

(1)
GAAP revenue includes (excludes) $(120.1) million, $37.7 million and $(106.1) million for the fourth quarter of fiscal 2013, third quarter of fiscal 2013, and the fourth quarter of fiscal 2012, respectively, in revenue primarily related to utility and power plant projects. Similarly, GAAP revenue for fiscal 2013 and 2012 excludes $95.1 million and $204.6 million, respectively, in revenue primarily related to utility and power plant projects. See details in the non-GAAP measures disclosure included in this press release.
(2)
GAAP results include net, pre-tax adjustments excluded from non-GAAP results which increase (decrease) net income (loss) by $(48.0) million, $53.1 million and $(179.3) million for the fourth quarter of fiscal 2013, third quarter of fiscal 2013, and the fourth quarter of fiscal 2012, respectively. Similarly, GAAP results include net, pre-tax adjustments excluded from non-GAAP results which decrease net income (loss) for fiscal 2013 and 2012 by $124.9 million and $371.3 million, respectively. See details in the non-GAAP measures disclosure included in this press release.
(3)
A reconciliation of GAAP to non-GAAP results is included at the end of this press release.

“Solid execution enabled us to substantially beat our plan every quarter this year,” said Tom Werner, SunPower president and CEO. “Demand remains strong in both our power plant and distributed generation businesses, and we are executing well in our manufacturing operations with all solar cell fabrication facilities (Fab) running at full capacity. Our technology and operations teams continue to drive down panel cost as we reduced our annual costs by more than 20 percent for the second year in a row. Additionally, our new 350-megawatt (MW) Fab remains on track and we expect first silicon production in less than 12 months.

“Regionally, North America was once again our strongest market. The 579-MW AC Solar Star projects for MidAmerican Solar reached a key milestone with the first 57-MW array segment delivering energy to the grid, and we achieved full commercial operation on the 250-MW AC California Valley Solar Ranch (CVSR), one of the world’s largest solar power plants completed to date. We also booked a 20-MW SunPower® C7 Tracker project in North America for delivery in 2015. This is an important milestone in the commercial scale-up of this exciting, new and low-cost power plant technology. We also continue to see


The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 12, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets Parenthetical (parentheticals)
Consolidated Statement Of Comprehensive Income (expense) Statement
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Balance Sheet Components
Balance Sheet Components (details)
Balance Sheet Components (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Common Stock
Common Stock (details)
Common Stock (tables)
Debt And Credit Sources
Debt And Credit Sources (details)
Debt And Credit Sources (tables)
Equity Method Investments
Equity Method Investments (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Foreign Currency Derivatives
Foreign Currency Derivatives (details)
Foreign Currency Derivatives (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Leasing
Leasing (details)
Leasing (tables)
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)
Restructuring
Restructuring (details)
Restructuring (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-back Compensation
Stock-back Compensation (details)
Stock-back Compensation (tables)
Subsequent Events (notes)
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 (policies)
The Company And Summary Of Significant Accounting Policies (tables)
The Company And Summary Of Significant Accounting Policies Concetration Of Credit Risk (details)
The Company And Summary Of Significant Accounting Policies Property, Plant & Equipment, Estimated Useful Life (details)
Transactions With Total And Total S.a.
Transactions With Total And Total S.a. (details)
Transactions With Total And Total S.a. (tables)
Ticker: SPWR
CIK: 867773
Form Type: 10-K Annual Report
Accession Number: 0000867773-14-000011
Submitted to the SEC: Fri Feb 14 2014 9:54:53 PM EST
Accepted by the SEC: Tue Feb 18 2014
Period: Sunday, December 29, 2013
Industry: Semiconductors And Related Devices

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