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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, January 3, 2016

Sunpower Corp

CIK: 867773 Ticker: SPWR


Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

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

Media
Natalie Wymer
408-457-2348
Natalie.Wymer@sunpower.com


SunPower Reports Fourth Quarter and Fiscal Year 2015 Results
Record Annual EBITDA of More Than $550 Million


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

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
8point3 Energy Partners Lp (details)
8point3 Energy Partners Lp (notes)
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: 0000867773-16-000101
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

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