Sunpower Corp (SPWR) 10-K Annual Report February 2014



($ 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

Material Contracts, Statements, Certifications & more

Sunpower Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.47: Form Of Employment Agreement For Executive Officers

Exhibit 10.49: Form Of Indemnification Agreement For Directors And Officers

Exhibit 10.61: Third Amendment To Letter Of Credit Facility

Exhibit 10.91: Security Agreement

Exhibit 21.1: List Of Subsidiaries

Exhibit 23.1: Consent Of Independent Registered Public Accounting Firm

Exhibit 23.2: Consent Of Independent Registered Public Accounting Firm

Exhibit 24.1: Power Of Attorney

Exhibit 31.1: Certification By Chief Executive Officer Pursuant To Rule 13A-14(A)/15D-14(A)

Exhibit 31.2: Certification By Chief Financial Officer Pursuant To Rule 13A-14(A)/15D-14(A)

Exhibit 32.1: Certification Furnished Pursuant To 18 U.S.C. Section 1350 As Adopted Pursuant T

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