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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 28, 2014

Sunpower Corp

CIK: 867773 Ticker: SPWR


Exhibit 99.1

FOR IMMEDIATE RELEASE

SunPower 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 2014 Results

Q4 2014 GAAP Earnings Per Share of $0.83, Non-GAAP Earnings Per Share of $0.26
FY 2014 GAAP Earnings Per Share of $1.55, Non-GAAP Earnings Per Share of $1.33
Announced Intention to Form Joint YieldCo Vehicle with First Solar

SAN JOSE, Calif., Feb. 24, 2015
- SunPower Corp. (NASDAQ: SPWR) today announced financial results for its fourth quarter and fiscal year ended Dec. 28, 2014.

($ Millions, except percentages and per-share data)
4th Quarter 2014
3rd Quarter 2014
4th Quarter 2013
2014
2013
GAAP revenue
$1,164.2
$662.7
$638.1
$3,027.3
$2,507.2
GAAP gross margin
22.3%
16.4%
20.5%
20.6%
19.6%
GAAP net income
$134.7
$32.0
$22.3
$245.9
$95.6
GAAP net income per diluted share
$0.83
$0.20
$0.15
$1.55
$0.70
Non-GAAP revenue1
$609.7
$704.2
$758.2
$2,618.6
$2,602.3
Non-GAAP gross margin1
20.4%
16.7%
20.4%
19.6%
20.4%
Non-GAAP net income1
$39.4
$46.4
$72.2
$205.1
$221.0
Non-GAAP net income per diluted share1
$0.26
$0.30
$0.47
$1.33
$1.68
1 
Information about SunPower's use of non-GAAP financial information is provided under "Use of Non-GAAP Financial Measures" below.

“2014 was a very important year for SunPower in terms of our strategic development. We significantly expanded our international power plant market footprint while constructing the world’s largest solar power plant in California. On the distributed generation (DG) side of our business, we made a number of acquisitions and strategic investments that we believe position SunPower as a leader in the emerging smart energy eco-system,” said Tom Werner, SunPower president and CEO. “Exiting the year, we saw continued strength in both our power plant and DG businesses while executing well against our long term cost reduction roadmap. We also expect production of our first PV cell from our new Fab 4 facility mid-year 2015 as we continue our capacity expansion plans.
 
“Yesterday we announced another important strategic development, that we are in advanced negotiations to form a joint YieldCo vehicle with First Solar, Inc. into which each company expects to contribute a portfolio of selected solar generation assets. We believe that this joint venture will drive significant long-term value for our shareholders and we will provide additional details about the joint venture when they are finalized.

“North America was again our highest contributing region in the fourth quarter. Construction of the 579-megawatt (MW) ac Solar Star Projects for Berkshire Hathaway Energy and Southern California Edison is on plan with more than 412-MWac now



The following information was filed by Sunpower Corp (SPWR) on Tuesday, February 24, 2015 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 (parentheticals)
Consolidated Statement Of Comprehensive Income (loss) Statement
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parentheticals)
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)
Common Stock
Common Stock (details)
Common Stock (tables)
Debt And Credit Sources
Debt And Credit Sources (details)
Debt And Credit Sources (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Equity Method Investments
Equity Method Investments (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Future Amortization (details)
Goodwill And Other Intangible Assets - Goodwill Rollforward (details)
Goodwill And Other Intangible Assets - Intangible Assets (details)
Goodwill And Other Intangible Assets - Narrative (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Leasing
Leasing (details)
Leasing (tables)
Net Income (loss) Per Share
Net Income (loss) Per Share (details)
Net Income (loss) Per Share (tables)
Restructuring
Restructuring (details)
Restructuring (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Subsequent Events
Subsequent Events (details)
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 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: 0000867773-15-000013
Submitted to the SEC: Tue Feb 24 2015 9:37:39 AM EST
Accepted by the SEC: Tue Feb 24 2015
Period: Sunday, December 28, 2014
Industry: Semiconductors And Related Devices

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