Sunpower Corp (SPWR) 10-K Annual Report Fri Feb 19 2016

SAN JOSE, Calif., February 17, 2016 - SunPower Corp. (NASDAQ: SPWR) today announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016.



($ Millions, except percentages and per-share data)	4th Quarter 2015	3rd Quarter 2015	4th Quarter 2014	FY 2015	FY 2014
GAAP revenue	$374.4	$380.2	$1,164.2	$1,576.5	$3,027.3
GAAP gross margin	5.4%	16.5%	22.3%	15.5%	20.6%
GAAP net income (loss)	$(127.6)	$(56.3)	$134.7	$(187.0)	$245.9
GAAP net income (loss) per diluted share	$(0.93)	$(0.41)	$0.83	$(1.39)	$1.55
Non-GAAP revenue¹	$1,363.9	$441.4	$609.7	$2,612.7	$2,618.7
Non-GAAP gross margin¹	28.8%	17.7%	20.4%	23.9%	19.6%
Non-GAAP net income¹	$270.4	$20.5	$39.4	$337.8	$205.1
Non-GAAP net income per diluted share¹	$1.73	$0.13	$0.26	$2.17	$1.33
EBITDA¹	$379.9	$54.2	$84.9	$556.5	$373.9


¹	Information about SunPower's use of non-GAAP financial information is provided under "Use of Non-GAAP Financial Measures" below.

"2015 was a transformational year for the solar industry as increasing demand, favorable policy developments and broad global support for renewables created strong industry growth fundamentals. SunPower benefited from these trends as we exceeded our forecasts and closed out the year with record fourth quarter and full year non-GAAP 2015 results. During the year, we executed on our technology roadmaps, added new products and launched our joint YieldCo vehicle 8point3 Energy Partners. We are well positioned to capitalize on the continued growing adoption of solar in North America as well as key international markets such as China and Latin America. We also expanded our global power plant footprint while completing the world’s largest solar power plant, located in California. In distributed generation, we made further investments in Smart Energy and launched a range of complete customer solutions for the commercial market that will significantly reduce cost while improving performance,” said Tom Werner, SunPower president and CEO. “Upstream, we again delivered record output and yield while ramping our new Fab 4 cell manufacturing facility for volume production in 2016. We made strong progress on our cost reduction roadmaps and in the fourth quarter announced the launch of our new lower cost, high efficiency Performance Series product line which enhances our ability to rapidly expand SunPower’s global footprint with significantly lower capital cost.

“In the power plant segment for the fourth quarter, we successfully met our project commitments, added to our pipeline and further built out our U.S. HoldCo asset base, improving visibility for drop downs to 8point3 Energy Partners in 2016. Specifically, our 135-megawatt (MW) Quinto project achieved commercial operation during the quarter and is now generating energy for 8point3 Energy Partners. Our quarterly power plant segment results benefited from strong Engineering,

The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 17, 2016 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

Material Contracts, Statements, Certifications & more

Sunpower Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.24: Form Of Indemnification Agreement For Directors And Officers

Exhibit 21.1: List Of Subsidiaries

Exhibit 23.1: 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: 0000867773-16-000101
Submitted to the SEC: Thu Feb 18 2016 6:39:45 PM EST
Accepted by the SEC: Fri Feb 19 2016
Period: Sunday, January 3, 2016
Industry: Semiconductors And Related Devices