SunPower Reports Record Fourth-Quarter and Fiscal Year 2008

SunPower Reports Record Fourth-Quarter and Fiscal Year 2008

Generated fourth quarter 2008 revenue of $401 million, up 79% year-on-year - Recorded fiscal year 2008 revenue of $1.43 billion, up 85% year-on-year - Achieved fourth quarter 2008 GAAP net income per share of $0.35, $0.70 non-GAAP - Announced two multi-year agreements with European integrators totaling 230 megawatts - Added more than 350 residential and small-commercial dealers worldwide in 2008 - Appointed Dennis Arriola as the company's new chief financial officer - Maintained strong liquidity with over $436 million in cash and investments - Expects fiscal year 2009 revenue of $1.6 billion to $2.0 billion

SAN JOSE, Calif., Jan. 29 /- SunPower Corporation (Nasdaq: SPWRA ) today announced record financial results for its 2008 fourth quarter and fiscal year, which ended Dec. 28, 2008. Revenue for the 2008 fourth quarter was $401 million and compares to $378 million in the third-quarter of 2008 and $224 million in the fourth-quarter of last year. The Components and Systems segments accounted for 56% and 44% of fourth-quarter revenue, respectively.

"Our fourth-quarter performance reflects the continued strength of our vertically integrated business model, broad channel reach and geographic diversification," said Tom Werner, SunPower's CEO. "Our flexible model enables us to rapidly deploy our solutions across multiple geographies, especially in our worldwide dealer network where we continue to see strong demand both in the United States and Europe. Our Systems business also executed well in the fourth quarter as we commissioned dozens of large scale solar projects globally."
On a GAAP basis for the 2008 fourth quarter, SunPower reported gross margin of 27.9%, total operating income of $55 million and net income per diluted share of $0.35.

On a non-GAAP basis, adjusted to exclude non-cash charges for amortization of intangible assets of $4.2 million and stock-based compensation of $18.2 million, SunPower reported total gross margin of 29.9%, operating income of $77.5 million and net income per diluted share of $0.70. This compares with prior-quarter non-GAAP gross margin of 29.2%, total operating income of $73 million and $0.58 net income per diluted share. For the 2008 fourth quarter, Components segment gross margin was 35.6% and Systems segment gross margin was 22.7%. The company's GAAP and Non-GAAP fourth-quarter results include a $6.3 million, or $0.07 net income per diluted share, foreign currency gain related to its Korean joint venture.


"Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership," continued Werner. "Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today's economic and credit environment."
2009 Guidance
The company expects the following fiscal year 2009 non-GAAP results: total revenue of $1.6 billion to $2.0 billion, net income per diluted share of $2.20 to $2.80(1) and production capacity of more than 450 megawatts.
"The long-term solar industry fundamentals remain very positive and the company's 2009 sales pipeline is made up of identifiable customers and projects," said Dennis Arriola, SunPower's chief financial officer. "Given the continuing weak credit environment, our ability to meet the high-end of the revenue and earnings-per-share ranges will be dependent on improved access to the project financing markets. We expect our first-half of 2009 performance to be materially affected by seasonal factors and the continuing impact of the credit crisis."
This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent figures on the final page of this press release.
Please note that the company has posted supplemental information related to its fourth-quarter 2008 performance on the Events and Presentations section of the Investor Relations page located on the SunPower website at http://www.sunpowercorp.com.
full news and financials at http://www.sunpowercorp.com.


About SunPower
SunPower Corporation (Nasdaq: SPWRA -) designs, manufactures and delivers high-performance solar-electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia, and Asia. For more information, visit http://www.sunpowercorp.com.







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Renewable Energy Stocks Green Investor Audio Interview with

Renewable Energy Stocks Green Investor Audio Interview with
Tom Djokovich, CEO of Thin Film Solar Company, XsunX, Inc. (OTCBB: XSNX)

“We’ve designed our solar modules specifically for the electrical utilities scale market”


POINT ROBERTS, WA and DELTA, BC—August 19, 2008 -- www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a green investor audio interview with Tom Djokovich, CEO of XsunX, Inc. (OTCBB: XSNX). XsunX, Inc is a solar technology Company engaged in the build-out of its multi-megawatt thin film photovoltaic solar manufacturing facilities.

In the interview, Tom Djokovich, CEO of XsunX discusses the company’s business model, the thin film solar technology, recent progress, market drivers and current bids and proposals in the pipeline.

“A year ago we designed a solar module and a manufacturing system to produce it. In January we began building a manufacturing facility near Portland Oregon. To start, we will build about 25 megawatts of production capacity, which represents approximately 200,000 marketable solar panels per year, and then grow that capacity to 35 megawatts by improving our system performance and adding work shifts. We then plan to begin efforts to scale to 100 megawatts of manufacturing capacity by some time in 2010”, Tom Djokovich summarizes in describing his business model.

According to Mr. Djokovich, “Our modules are designed for the electrical utilities scale market where thousands of solar modules are used in each power field. We have started bidding projects for utilities and government agencies to install our modules. The second part of our target market is the conventional installer and integrator where we have received significant requests for purchases of our modules in 2009 and later.”

In addressing the opportunity, Mr. Djokovich notes “The electrical market is enormous. To keep up with demand, the utilities are reaching out for new power production methods that are clean and safe. Long term, these power fields are great investments that can provide a 5 year payback on the average installation and then you have 15 years of cash flow with low operating costs. We see this trend picking up significantly and have positioned ourselves to take advantage of this opportunity.”

To hear full audio interview click here:
http://s3.amazonaws.com/static.investorideas.com/podcasts/2008/081508a.mp3

Featured Showcase Solar Company XsunX (OTCBB: XSNX): Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi- megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/

About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.

Hear more audio interviews at the Investorideas.com Green Investor Audio Series:
http://www.investorideas.com/gi/

About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.

Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. XsunX compensate the website $5000 per month.
www.InvestorIdeas.com/About/Disclaimer.asp
* All interview content is based on previously disclosed public information in SEC filings and press releases.


For more information contact:

Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com,Source: RenewableEnergyStocks.com, XsunX

Renewable Energy Stocks Sector Close-Up on Solar Stocks; Solar Stocks on the Run

Renewable Energy Stocks Sector Close-Up on Solar Stocks; Solar Stocks on the Run

Raised Targets, Japan Reinstating Solar Subsidies and Technical Trading Incite Run


POINT ROBERTS, WA and DELTA, BC—June 24, 2008 -- www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up on solar stocks with commentary from solar expert J. Peter Lynch, Adam Krop, Vice President-Equity Research at Ardour Capital Investments and Robert Wilder, Manager of the WilderHill Clean Energy Index.

Solar stocks were given a boost as Lehman Brothers raised targets on Evergreen Solar Inc. and First Solar Inc. First Solar was up $19.78 (7.37%) on the day following Lehman’s analyst, Vishal Shah,
increasing his price target to $335 from $280.

Renewable Energy Stocks solar expert, J. Peter Lynch, commented, “Solar stocks are beginning to come back from their recent correction. About half of the stocks I follow have broken above their 50- day moving averages. If the tax credits get extended the whole sector will run up, but it will require a close eye and the ability to exit quickly if the extension fails.”

According to Adam Krop, Vice President-Equity Research at Ardour Capital Investments, LLC,
“In addition to Lehman upgrade, solar stocks are moving higher on chatter that Japan may be on the verge of reinstating solar subsidies to make up for lost market share in the past two and a half years.”

The Ardour Solar Energy Index (Market, News), a compilation of global solar energy stocks
in three primary solar energy sectors: Photovoltaics, Solar Thermal, and Solar Lighting was up $9.20 at the close.

Robert Wilder, Manager of the WilderHill Clean Energy Index (^ECO) noted, “One needn't look very far to see why several solar stocks have seen increasing valuations lately. With oil around unprecedented highs, Saudis unable to calm concerns they cannot make up for growing depletion of existing supply, natural gas demand outstripping supply, and coal costs rising to boot, there's an environment of new attention to alternatives.” Full quote click here: http://www.investorideas.com/Articles/062408.asp

"Solar could make up 10% of U.S. generation by 2025 according to a recent utility solar assessment study by Clean Edge and Co-op America. This kind of projection evidences the growth potential of the Solar Industry to its participants, and we feel privileged to be a part of it," said Tom Djokovich, CEO of XsunX, Inc. (OTCBB: XSNX).

Sector Close-Up as of Trading June 23, 2008:

First Solar, Inc. (Market, News) closed at $288.00 US, up $19.78 (7.37%) following Lehman’s upgrade.
Akeena Solar Inc. (NASDAQ:AKNS) was down $0.02 on the day but up in after markets $ 0.12 (2.06%).
Evergreen Solar Inc (Market, News) closed up 3.52%.
LDK Solar ADR (Market, News) increased $1.80 (4.80%) with additional gains after hours.
SunPower Corporation (Market, News ) had gains of $1.29 (1.59%).
Yingli Green Energy (Market, News) was down $0.48 (2.46%) with after market gains of$0.15 (0.79%).
Clear Skies Solar Inc. (OTCBB: CSKH) closed down $0.08.
XsunX: (OTCBB: XSNX) closed down $0.01 (1.27%).
ICP SOLAR (Market, News ) ended down$ 0.02 (3.23%).
WorldWater & Solar Technologies (Market, News) traded volume of 925,958.

For investors following solar stocks, the RenewableEnergyStocks.com website provides a comprehensive list of photovoltaic and solar stocks to research.

Coming soon to Investorideas.com - InvestorIdeas.com Green Investor:
Follow well- known financial columnist Michael Brush, who also writes the Insiders Corner for Investorideas.com, in a series of interviews with some of the leading CEOs, investment banking and financial leaders in the sector.

Featured Showcase Solar Company: Clear Skies Solar, Inc. (OTCBB: CSKH). Clear Skies Solar, Inc. (CSS) through its wholly owned subsidiary provides full-service renewable energy solutions to commercial, industrial, and agricultural clients across the country. CSS was incorporated in 2003 and launched formal operations in 2005. During that time period, CSS developed its proprietary systems, obtained licenses and certifications, and acquired technologies that could maximize the impact of its construction expertise on the renewable energy sector.

Leading the charge among the Clear Skies technologies is their patented XTRAXR, the first of its kind to handle the trading of carbon credits and its comprehensive billing procedures, designed and developed entirely by Clear Skies Group's in-house research and development department. XTRAXR will deliver reliable autonomous data readings for solar energy systems around the United States. Additionally, the XTRAXR system can also provide monitoring of energy production from wind, solar-thermal, geo-thermal, tidal and other types of facilities and installations that are fossil-fuel independent.

CSS has become one of the premier solar electric installation companies in the country. More info can be found on the Investorideas.com Company Showcase http://www.investorideas.com/CO/CSG/
or the company website at www.clearskiesgroup.com.


Featured Showcase Solar Company XsunX: (OTCBB: XSNX) Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi- megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/


About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.

Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure: XsunX and Clear Skies Holdings compensate the website $5000 per month. In addition CSKH has issued options. More info:
www.InvestorIdeas.com/About/Disclaimer.asp

For more information contact:

Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com,
Source: RenewableEnergyStocks.com, WilderHill Clean Energy Index ,XsunX, Clear Skies Solar

LDK Solar Announces Proposed Offering of US$300 Million Senior Convertible Notes

LDK Solar Announces Proposed Offering of US$300 Million Senior Convertible Notes


XINYU CITY, China and SUNNYVALE, Calif., April 8, 2008 LDK Solar Co., Ltd. (NYSE: LDK ), announced today its intention to offer, subject to market and other conditions, approximately $300 million aggregate principal amount of Senior Convertible Notes due 2013 pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"). The notes are convertible into LDK Solar's American depositary shares, cash or a combination of cash and American depositary shares. The interest rate, conversion price and other terms are to be determined by negotiations between LDK Solar and the initial purchasers of the notes.

LDK Solar expects to use the net proceeds of the offering to enter into prepaid forward contracts with one or more of the initial purchasers and/or their affiliates to repurchase approximately $150 million worth of its American depositary shares. In addition, LDK Solar expects to use approximately 75% of the remaining net proceeds to fund the construction of a polysilicon manufacturing plant, approximately 20% of the remaining net proceeds to fund the capacity expansion of its wafer production facilities and 5% of the remaining net proceeds to fund other general corporate activities.

This notice does not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers of the securities will be made only by means of a private offering memorandum. The sale of the notes and the American depositary shares issuable upon conversion have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance LDK Solar's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of LDK Solar; the ability of LDK Solar to operate as a public company; the period of time for which its current liquidity will enable LDK Solar to fund its operations; LDK Solar's ability to protect its proprietary information; general economic and business conditions; the volatility of LDK Solar's operating results and financial condition; LDK Solar's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about LDK Solar and the industry. These statements are based upon information available to LDK Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties.

LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although LDK Solar believes that the expectations expressed in these forward-looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.



Source: LDK Solar Co., Ltd.

Renewable Energy Stocks Audio Interview; Ezra Green, CEO & Chairman of Clear Skies Solar, Inc. (OTCBB: CSKH) Discusses Business Model and Development

Renewable Energy Stocks Audio Interview; Ezra Green, CEO & Chairman of Clear Skies Solar, Inc. (OTCBB: CSKH) Discusses Business Model and Development of New Solar Technologies

“We are very similar to SunEdison, with the structure of doing installations internally”


POINT ROBERTS, WA and DELTA, BC—March 27, 2008 -- www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up audio interview on solar stocks featuring Ezra Green, CEO and Chairman of Clear Skies Solar, Inc. (OTCBB: CSKH).

When asked what larger company Clear Skies Solar, Inc. (OTCBB: CSKH) could be comparable to, strictly from a business model, Mr. Green responded, “We are very similar to the SunEdisons, (http://www.sunedison.com ) with the structure of doing installations internally. We have all the talent in-house, with the exception of contract labor. We are project managers and we have the experience to install and completely manage large scale projects.”

Clear Skies Solar, Inc. (OTCBB: CSKH) is also developing technology, to stay ahead of their competition. Mr. Green goes on to discuss the company’s X-Trax™ Solar monitoring system that was developed in- house and the development of new technologies moving forward. “If we need a specific tool for the industry to give us an edge over the competition, we need to develop it in- house so we can be more expeditious in our installations, be more competitive in our pricing, and of course add to the speed of the installations while maintaining high quality. We are always developing new products and filing patents to make sure we are leading and cutting edge in the industry. “

Following up on the X-Trax™ news, the company recently announced a new proprietary TetraPort Solar Energy Carport System, the third solar technology solution developed exclusively by Clear Skies Solar.

In terms of new markets, Mr. Green went on to say the company is exploring Asian Markets, as well as Australia and South Africa.

To hear the full Audio/Podcast click here:
http://s3.amazonaws.com/static.investorideas.com/podcasts/2008/030408a.mp3

Featured Showcase Solar Company: Clear Skies Solar, Inc. (OTC BB:CSKH.OB ) through its wholly owned subsidiary, Clear Skies Group, Inc., provides full-service renewable energy solutions to commercial, industrial, and agricultural clients across the country. CSG was incorporated in 2003 and launched formal operations in 2005. During that time period, CSG developed its proprietary systems, obtained licenses and certifications, and acquired technologies that could maximize the impact of its construction expertise on the renewable energy sector. CSG has become one of the premier solar electric installation companies in the country. More info can be found on the Investorideas.com Company Showcase, or the company website at www.clearskiesgroup.com.
Clear Skies Solar, Inc. (OTC BB: CSKH.OB) presented in the Investorideas.com online Greentech investor conference, March 20, 2008. To play presentation: http://www.investorideas.com/Forums/Media/Green2/cskh/default.aspx
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy, clean tech and fuel cell sectors.

Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Clear Skies Holdings compensate the website $5000 per month.
www.InvestorIdeas.com/About/Disclaimer.asp

For more information contact:

Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com,Source: RenewableEnergyStocks.com, Clear

Renewable Energy Stocks Sector Close-Up on Solar Stocks; Audio Interview With

Renewable Energy Stocks Sector Close-Up on Solar Stocks; Audio Interview With
Tom Djokovich, CEO of XsunX, Inc. (OTCBB: XSNX)

CEO of XsunX, Inc. Provides Comparison of Amorphous Silicon with Silicon Wafer Technology


POINT ROBERTS, WA and DELTA, BC—March 11, 2008 -- www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up audio interview on solar stocks with
Tom Djokovich, CEO of XsunX, Inc. (OTCBB: XSNX).

Mr. Djokovich provides valuable solar technology insight with his comparison of their amorphous silicon with conventional silicon wafer technology. He stated, “Amorphous silicon has certain properties that make it a better solar absorber than silicon wafer. The bottom line is that on a watt per watt basis, it outperforms many other technologies, specifically silicon wafer because it starts working earlier in the morning, works later into the evening, is more efficient in cloud cover and at the same time has minimal thermal degradation during the warmest parts of the day.”

Mr. Djokovich goes on to discuss XsunX’s phased roll out of production capacity, growing manufacturing capacities to over 100 megawatts by 2010 and what that means for investor’s patient enough to wait it out. He also provides an update on the current status of the production facility and insight into the company’s target markets and competitive strengths in the solar industry.

To hear full audio interview click here:
http://s3.amazonaws.com/static.investorideas.com/podcasts/2008/030408b.mp3
* All interview content is based on previously disclosed public information in SEC filings and press releases.

XsunX, Inc.(OTCBB:XSNX) will also be presenting in the upcoming Investorideas.com online Greentech investor conference, March 20, 2008, giving investors free online access to industry and investing perspective in the green and renewable sector.

Featured Showcase Solar Company XsunX (OTCBB: XSNX): Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi- megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/


About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy, clean tech and fuel cell sectors.

Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. XsunX compensate the website $5000 per month.
www.InvestorIdeas.com/About/Disclaimer.asp

For more information contact:

Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com,
Source: RenewableEnergyStocks.com, XsunX

Zacks Analyst Interview Highlights: JA Solar, Canadian Solar and Energy Conversion Devices

Zacks Analyst Interview Highlights: JA Solar, Canadian Solar and Energy Conversion Devices

CHICAGO--March 3,2008 --Zacks.com releases the latest Analyst Interview. Today’s interview is with senior analyst Jon Kolb, who discusses JA Solar (Nasdaq: JASO), Canadian Solar (Nasdaq: CSIQ) and Energy Conversion Devices (Nasdaq: ENER).

A synopsis of today’s Analyst Interview is presented below. The full article can be read at http://at.zacks.com/?id=2678.

Which are a few of your top Buys at the present time?

In late November of last year, we upgraded shares of Chinese solar panel maker JA Solar (Nasdaq: JASO) from Hold to Buy, and put on a target price of $22.50. JASO’s significant upswing following its February 2007 IPO remains a compelling growth story in clean energy, although the stock was down over 5% in a down day in the market Friday.

Capacity expansions and committed supply of key raw materials at JA Solar will continue to fuel growth. Strong earnings growth, coupled with a well-diversified customer base makes JASO one of the fastest-growing alternative energy stocks. Material cost savings through the company’s long-term supply agreement will also boost margins.

On the same day we upgraded JASO, we upgraded Canadian Solar (Nasdaq: CSIQ) to a Buy. Generally, it was for many of the same industry-wide strength reasons, but in Canadian Solar’s case, precipitous decline following its November 2006 IPO have reversed course strongly upward. After a gap of 3 consecutive quarters, the company reported positive operating income.

So two alt-energy Buys, but neither are U.S.-based companies.

Well, there’s always Michigan-based Energy Conversion Devices (Nasdaq: ENER). We remain optimistic about this company’s long-term potential success in the industry, given increased activity in solar power projects and progress towards sustainable profitability in late 2008. The company is developing and expanding its solar business while exiting other non-core businesses.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=2679.

About Zacks

The performance of the Zacks Rank portfolios for annual and year-to-date periods are the linked monthly total returns (price changes + dividends) of equal weighted hypothetical portfolios, consisting of those stocks with the indicated Zacks Rank, assuming monthly rebalancing and zero transaction costs. These are not the returns of actual portfolios. The hypothetical portfolios were created at the beginning of each month from January 1988 forward based on the values of the Zacks Rank available to Zacks' clients before the beginning of each month. The portfolios created monthly from 1988 through September 2006 exclude ADRs and are comprised of stocks that have the indicated Zacks Rank and were covered by at least two analysts at the time of the stocks inclusion in the portfolio. Starting in October 2006 and going forward, the portfolios are comprised of all stocks with the indicated Zacks Rank and do not exclude ADRs, which is more reflective of the list of stocks that customers will find on the Zacks web sites. These performance numbers have been audited from 1995 through 2003 by Virchow, Krause & Company, LLP.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Contacts Zacks.comMark VickeryZacks Web Content Editor312-265-9380Visit: www.zacks.com

SunPower Reports Fourth-Quarter and Year-End 2007 Results


2007 revenue of $774.8 million, up 227.6 percent year-on-year -
Q4 2007 revenue of $224.3 million, up 201.1 percent year-on-year -
Solar Solutions acquisition expands market position in Italy -
14 megawatt Nellis AFB solar system completed: largest in North America -
60 megawatts booked by SunPower Systems for solar power plants in Spain -
$200 million Project Finance Facility closed with Morgan Stanley for U.S. systems -
8 megawatt GE Energy Financial Services financing closed serving five U.S. customers -
Fab 2 and second solar panel manufacturing facility achieve scale economies -
Next-generation T20 Trackers delivered to 18 MW Olivenza project in Spain -
First polysilicon received from DC Chemical in January 2008


SAN JOSE, Calif., Jan. 24 2008 - -- SunPower Corporation (Nasdaq: SPWR - News) today announced financial results for the fourth quarter 2007, which ended December 30, 2007. This press release contains both GAAP and non- GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent figures on the final page of this press release.

Revenue for the 2007 fourth quarter was $224.3 million, down 4.3 percent from prior-quarter revenue of $234.3 million and up 201.1 percent from year- ago fourth-quarter revenue of $74.5 million. The Components segment accounted for $100.4 million of fourth-quarter revenue, a 31.1 percent increase from prior-quarter revenue of $76.6 million. The Systems segment accounted for $123.9 million of fourth-quarter revenue, a 21.4 percent decrease from prior- quarter revenue of $157.7 million. Third-quarter 2007 revenue was significantly influenced by large scheduled project installations, particularly the Nellis Air Force Base project. 2007 fourth-quarter revenue growth, compared to the fourth quarter of 2006, was primarily driven by continued strong demand for SunPower products and systems across market segments and channels. For reporting purposes, the Systems segment generally represents products and services sold directly to the system owner, while the Components segment represents primarily products sold to installers and resellers. Additionally, both SunPower and third-party solar panels sold through the Systems segment channels are recorded as Systems segment revenue.
On a GAAP basis, SunPower reported total operating income of $11.2 million and diluted net income per share of $0.06. These figures include non-cash operating expenses for amortization of purchase accounting intangible assets of $7.1 million and non-cash, stock-based compensation of $14.0 million. Fourth quarter 2007 GAAP results also include a non-cash charge of $8.2 million representing the write-off of unamortized debt issuance costs related to the issuance of SunPower's convertible debentures which became convertible in the first fiscal quarter of 2008 starting December 31, 2007. This also resulted in the reclassification of the convertible debentures from long-term to current liabilities as of December 30, 2007.

On a non-GAAP basis, adjusted to exclude non-cash charges for amortization of intangible assets, stock-based compensation, write-off of unamortized debt issuance costs, and the related tax effects, SunPower reported total operating income of $32.4 million and diluted net income per share of $0.39. This compares with prior-quarter total operating income of $27.0 million and $0.33 diluted net income per share.

Also on a non-GAAP basis, SunPower reported total gross margin for the fourth quarter 2007 of 25.3 percent, compared with total gross margin of 20.4 percent in the prior quarter. Fourth-quarter non-GAAP total gross margin was influenced by the higher gross margin in the Systems segment, which achieved gross margin of 26.8 percent, while the Components segment reported gross margin of 23.4 percent.

"SunPower achieved record operating results again in the fourth quarter of 2007," said Tom Werner, SunPower's CEO. "SunPower's investments in channel development, brand building, technology, and people yielded great results this quarter. We have purposefully chosen to vertically integrate and build a portfolio of customer segments, channels and applications to leverage our proprietary high-performance solar technology. Our brand and technology platforms improve our response time to new market opportunities and limit our individual market risk. Upstream we have also followed a portfolio strategy, developing a diversified set of silicon suppliers from polysilicon to ingots and wafers. We believe that our scale and flexibility places SunPower on the leading edge of the cost reduction roadmap as we address a rapidly evolving market.

"The global solar market delivered strong, dynamic growth in 2007. In the latter part of 2008 and beyond, we expect our industry's silicon feedstock to become more abundant, leading to lower solar panel prices which will redistribute the power and profit pools in the value chain. SunPower has been preparing for this development for the last two years by vertically integrating downstream. In that vein, earlier this month we closed the acquisition of Solar Solutions -- now named SunPower Italia -- an Italian systems integrator. The investment in Italy and channel development in Southern Europe is aligned with SunPower's vertically integrated model, our portfolio approach to customer market segments and our global geographic reach. We welcome SunPower Italia to our team.

"SunPower continues to benefit from strong demand for our industry-leading solar technology in Europe, the United States and Asia. In the fourth quarter of 2007 we announced solar systems serving a wide variety of customers in Korea and the United States, in addition to power plants totaling approximately 60 megawatts in Spain. Powering our growth in sales, SunPower announced financing facilities with Morgan Stanley and GE Energy Financial Systems for the United States, designed to increase the speed and reduce the cost of financing our customers' solar systems.

"In December, SunPower teamed with the United States Air Force and MMA Renewable Ventures to dedicate the largest photovoltaic power plant in the North America at the Nellis Air Force Base, located near Las Vegas. At more than 14 megawatts, and built on top of a landfill, SunPower deployed our proprietary single-axis SunPower® T20 Tracker solar tracking system which delivers up to 30 percent more energy than traditional fixed-tilt systems. Our tracking technology offers the highest energy delivery for our customers when paired with SunPower panels using Generation 2 solar cells which achieve median sunlight conversion efficiencies exceeding 22 percent. SunPower's industry-leading solar system performance yields important benefits to our customers by reducing the amount of land, material and site work needed to install a given capacity solar system or by enabling significantly higher capacity systems to be installed within given site area's constraints. SunPower is building a brand based on the substantial technology benefits we offer our customers.


"Technology advantages also position SunPower as a cost reduction leader among silicon-based solar companies. We are making steady progress on our plan to reduce installed system costs by 50 percent from 2006 levels by year- end 2012. SunPower's U.S. Department of Energy contract under the Solar America Initiative is now active with a comprehensive roadmap for research and development aimed at installed system cost reduction based on efficiencies spanning the solar value chain. We expect to achieve several major manufacturing milestones in 2008, including substantially greater manufacturing scale, a successful transition to second-generation products and to thinner, 145 micron wafers. New supply agreements that begin delivery in 2008 will support manufacturing cost reductions by reducing our average feedstock price for the first time since we began commercial solar cell production.


"We expect SunPower's median solar cell efficiency to increase over the course of 2008 as we add five more Gen 2 lines in Fab 2. Our Fab 2 expansion will nearly double our nameplate solar cell manufacturing capacity from 214 megawatts at the end of 2007 to 414 megawatts at the end 2008. Our start-up team has done a tremendous job transferring our learning from Fab 1 to Fab 2. We have now completed our production ramp on the first two lines in Fab 2 which will exclusively produce our industry-leading Gen 2 solar cells. Our Gen 2 solar cells increase the power generated by each solar cell by 10 percent compared to our A-300 solar cell. Concurrently we are reducing our manufacturing unit cost by increasing equipment throughput and achieving manufacturing scale.


"In panel manufacturing, we have started production on two more solar panel manufacturing lines and began ramping a third at the end of Q4, all of which are automated and contribute to scale economies. These lines will manufacture our larger-format, 96-cell solar panels which have achieved the highest rated solar panel efficiency ever measured, at more than 20 percent. Likewise, in systems technology manufacturing, we are now shipping our cost- optimized, factory-assembled next-generation T20 tracker to our Olivenza project in Spain combining improved product design with manufacturing scale.


"Over the past two months our silicon suppliers have met major milestones that lay the foundation for our expansion by substantially increasing our silicon supply in 2008. In the fourth quarter 2007, M.Setek transitioned to polysilicon manufacturing using internally-produced TCS gas which we believe will stabilize ingot deliveries from M.Setek materially going forward. In the fourth quarter 2007, M.Setek's transition to in-house TCS manufacturing resulted in non-linear deliveries of silicon ingot to SunPower which limited our total solar cell production. In January 2008, DC Chemical delivered its first sample of polysilicon to Woongjin Energy, our ingot-pulling joint venture in Korea, which produced ingots meeting our specifications. Woongjin Energy began production in the fourth quarter of 2007 with outstanding performance, delivering twice the expected ingot volume during its first months of production.


"SunPower continues to add to our portfolio of silicon agreements across the supply chain. After dedicating our Woongjin Energy joint venture ingot- pulling plant in November, we announced an ingot-pulling and wafering agreement in December with Jiawei SolarChina, a company affiliated with our long-term solar panel partner in China. Last week we announced a 2500 megawatt set of polysilicon agreements with NorSun and its joint venture partners to be delivered from a new polysilicon plant in Saudi Arabia. Across our portfolio of silicon supply agreements, we expect to have sufficient silicon in 2010 to achieve more than six times our 2007 production."

SunPower's Silicon Supply Agreement Position and Capacity Expansion Plan
2008 2009 2010 Beginning of Year, Nameplate Capacity (megawatts) 214 414 574 Annual Production Capacity Supported by Silicon Agreements to Date (megawatts) 250+ 430+ 650+ Annual Cash Required for Silicon Prepayments in Advance of Delivery ($ millions) $58.4 $48.8 $11.1

"With our strong finish in 2007, we are raising our guidance for the fiscal year 2008 and expect the following non-GAAP results: Total revenue of $1.2 billion to $1.3 billion and diluted net income per share of $2.00 to $2.10," continued Werner. "We expect our 2009 total revenue to increase 40 percent to 50 percent from 2008 levels. Following our protocol to offer guidance for the current quarter, we expect first quarter of 2008 non-GAAP total revenue of $230 million to $250 million, company non-GAAP gross margin of 24 percent to 25 percent and non-GAAP diluted net income per share of $0.33 to $0.36 reflecting a higher non-GAAP average tax rate of 24 percent to 25 percent in 2008 than in 2007 which ended at 11.0 percent.(1)
"On a business segment basis, we expect the following non-GAAP results for the first quarter 2008: Components segment revenue of $75.0 million to $77.5 million, driven by a planned increase in allocation of SunPower panels to the Systems segment, and gross margin of 26.5 percent to 27.5 percent; Systems segment revenue of $155.0 million to $172.5 million and gross margin of 23 percent to 24 percent with a lower mix of higher-margin systems sales expected than in the fourth quarter 2007. We expect the Components segment to benefit from the continued manufacturing ramp of our next-generation technology and the Systems segment to benefit from an increase in allocation of SunPower panels to the segment during the quarter."(2)
About SunPower
SunPower Corporation (Nasdaq: SPWR - News) designs, manufactures and delivers high-performance solar- electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY - News).
(1) For the full year 2008, we expect the following total company GAAP results: Revenue of $1.2 billion to $1.3 billion and diluted net income per share of $1.17 to $1.27. For the first quarter of 2008, we expect the following total company GAAP results: Revenue of $230 million to $250 million; gross margin of approximately 21 percent to 22 percent and diluted net income per share of $0.13 to $0.16.
(2) For the first quarter of 2008, we expect the Components business segment to generate GAAP revenue of $75.0 million to $77.5 million and gross margin of approximately 23 percent to 24 percent and the Systems business segment to generate GAAP revenue of $155.0 million to $172.5 million and gross margin of approximately 20 percent to 21 percent.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. SunPower Corporation uses words and phrases such as "expect," "will," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, SunPower's plans and expectations regarding: (a) the industry's silicon feedstock becoming more abundant, leading to lower solar panel prices which will redistribute the power and profit pools in the value change; (b) SunPower's reducing installed system costs by 50 percent from 2006 levels by year-end 2012; (c) SunPower's achieving substantially greater manufacturing scale, and a successful transition to second generation products and to thinner, 145 micron wafers; (d) new supply agreements beginning in 2008 supporting manufacturing cost reductions by reducing SunPower's average feedstock price; (e) SunPower's median solar cell efficiency increasing over the course of 2008 as it adds 5 more Gen 2 lines in Fab 2; (f) SunPower's Fab 2 expansion nearly doubling its nameplate solar cell manufacturing capacity from 214 megawatts at the end of 2007 to 414 megawatts at the end of 2008; (g) Fab 2 exclusively producing SunPower's industry-leading Gen 2 solar cells; (h) three additional lines manufacturing SunPower's larger-format 96-cell solar panels; (i) M.Setek's transitioning to polysilicon manufacturing using internally-produced TCS gas increasing ingot deliveries from M.Setek materially going forward; (j) SunPower's having sufficient silicon in 2010 to achieve more than six times its 2007 production; (k) SunPower's achieving certain GAAP and non-GAAP results, including revenue and diluted net income per share for the full year 2008, revenue for the full year 2009, revenue, gross margin, diluted net income per share, and non-GAAP average tax rate for the first quarter 2008, Components and Systems segment revenue and gross margin for the first quarter 2008; (l) SunPower's increasing allocation of SunPower panels to its Systems segment; and (m) SunPower's Components segment benefiting from the continued manufacturing ramp of its next-generation technology and the Systems segment benefiting from an increase in allocation of SunPower panels to the segment during the quarter. These forward-looking statements are based on information available to SunPower as of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond SunPower's control. In particular, risks and uncertainties that could cause actual results to differ include (i) SunPower's ability to ramp new production lines; (ii) SunPower's ability to realize expected manufacturing efficiencies; (iii) SunPower's ability to reduce kerf loss and otherwise achieve anticipated reductions in polysilicon usage efficiency (iv) production difficulties that could arise; (v) the success of SunPower's ongoing research and development efforts; (vi) SunPower's ability to obtain adequate supply of polysilicon, ingots and wafers to manufacture its products and the price it pays for such materials; (vii) the price and availability of cells and solar panels; (viii) business and economic conditions and growth trends in the solar power industry; (ix) the continuation of governmental and related economic incentives promoting the use of solar power; (x) SunPower's ability to compete with other companies and competing technologies; (xi) the potential renegotiation of or non-performance by parties to SunPower's supply and customer contracts; (xii) unforeseen manufacturing equipment delays at SunPower's fabrication facilities and panel factories; (xiii) unanticipated changes in the mix of balance of systems sales; and (xiv) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing SunPower's views as of any subsequent date, and SunPower is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
To supplement the consolidated financial results prepared under GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to stock-based compensation, amortization of intangible assets, impairment of acquisition-related intangibles, fair value adjustments to deferred revenue, purchased in-process research and development expenses, write-off of unamortized debt issuance costs, and their related tax effects. Management does not consider these charges in evaluating the core operational activities of SunPower. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate SunPower's current performance. Most analysts covering SunPower use the non-GAAP measures as well. Given management's use of these non-GAAP measures, SunPower believes these measures are important to investors in understanding SunPower's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in SunPower's core business across different time periods. These non- GAAP measures are not in accordance with or an alternative for GAAP financial data and may be different from non-GAAP measures used by other companies.
Fiscal Periods
SunPower operates on a fiscal calendar comprised of four thirteen-week quarters that end at midnight Pacific Time on the Sunday nearest the calendar quarter-end.
SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.

SUNPOWER CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
(Unaudited)
Dec. 30, Dec. 31, 2007 2006 ASSETS
Cash and cash equivalents $285,214 $165,596 Restricted cash 67,887 - Investments 134,503 16,496 Accounts receivable, net 138,250 51,680 Costs and estimated earnings in excess of billings 39,667 - Inventories 140,504 22,780 Deferred project costs 8,316 - Prepaid expenses and other assets 75,009 23,288 Advances to suppliers 161,220 77,636 Property, plant and equipment, net 377,994 202,428 Goodwill and other intangible assets, net 235,577 16,932
Total assets $1,664,141 $576,836

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $123,108 $26,534 Accrued and other liabilities 112,639 21,540 Convertible debt 425,000 - Billings in excess of costs and estimated earnings 69,900 - Customer advances 69,404 39,991
Total liabilities 800,051 88,065
Stockholders' equity 864,090 488,771
Total liabilities and stockholders' equity $1,664,141 $576,836

SUNPOWER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006 Revenue Systems $123,912 $157,734 $- $464,178 $- Components 100,431 76,600 74,509 310,612 236,510 224,343 234,334 74,509 774,790 236,510
Cost of systems revenue 97,416 135,111 - 386,511 - Cost of components revenue 79,745 60,818 56,364 240,475 186,042 177,161 195,929 56,364 626,986 186,042
Gross margin 47,182 38,405 18,145 147,804 50,468
Operating expenses: Research and development 3,904 3,902 2,564 13,563 9,684 Selling, general and administrative 32,068 27,708 6,105 108,256 21,677 Purchased in-process research and development - - - 9,575 - Impairment of acquisition- related intangibles - - - 14,068 -
Total operating expenses 35,972 31,610 8,669 145,462 31,361
Operating income 11,210 6,795 9,476 2,342 19,107
Interest and other income (expense), net (3,825) 3,032 2,503 940 9,354
Income before income taxes 7,385 9,827 11,979 3,282 28,461
Income tax provision (benefit) 2,509 1,396 670 (5,920) 1,945
Net income $4,876 $8,431 $11,309 $9,202 $26,516
Net income per share: - Basic $0.06 $0.11 $0.16 $0.12 $0.40 - Diluted $0.06 $0.10 $0.15 $0.11 $0.37
Shares used in calculation of net income per share: - Basic 79,023 77,693 69,339 76,393 65,864 - Diluted 85,796 82,610 74,108 81,769 71,087

(In thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006 (Presented on a GAAP Basis)
Gross margin 47,182 38,405 18,145 147,804 50,468 Operating income 11,210 6,795 9,476 2,342 19,107 Net income per share: -Basic 0.06 0.11 0.16 0.12 0.40 -Diluted 0.06 0.10 0.15 0.11 0.37

THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept.30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006 (Presented on a non-GAAP Basis)*
Gross margin 56,731 47,904 19,527 186,198 56,004 Operating income 32,357 27,017 11,798 106,879 28,661 Net income per share: -Basic 0.42 0.35 0.20 1.35 0.55 -Diluted 0.39 0.33 0.18 1.26 0.51

About SunPower's Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude non-cash items related to stock- based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, fair value adjustments to deferred revenue, purchased in-process research and development expenses, and their related tax effects. The non-GAAP adjustments included herein are primarily the result of our acquisition of SunPower Corporation, Systems or SP Systems (formerly known as PowerLight Corporation) on January 10, 2007. The specific non-GAAP measures listed below are gross margin, operating income and net income per share. Management believes that each of these non-GAAP measures (gross margin, operating income and net income per share) are useful to investors by enabling them to better assess changes in each of these key elements of SunPower's results of operations across different reporting periods on a consistent basis, independent of these non-cash items. Thus, each of these non-GAAP financial measures provides investors with another method for assessing SunPower's operating results in a manner that is focused on its ongoing core operating performance, absent the effects of purchase accounting, stock-based compensation charges and write-off of unamortized debt issuance costs. Management also uses these non-GAAP measures internally to assess the business and financial performance of current and historical results, for strategic decision making, forecasting future results and evaluating the Company's current performance. Many of the analysts covering SunPower also use these non-GAAP measures in their analyses. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.
-- Non-GAAP gross margin. The use of this non-GAAP financial measure allows management to evaluate the gross margin of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles and fair value adjustments to deferred revenue. In addition, it is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of SunPower's core businesses.
-- Non-GAAP operating income. The use of this non-GAAP financial measure allows management to evaluate the operating results of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, and all other purchase accounting charges. In addition, it is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to understand the results of operations of the Company's core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.
-- Non-GAAP net income per share. Management presents this non-GAAP financial measure to enable investors and analysts to assess the Company's operating results and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, all other purchase accounting charges and the tax effects of these non-GAAP adjustments. In addition, investors and analysts can compare the Company's operating results on a more consistent basis against that of other companies in our industry.
Non-Cash Items
-- Stock-based compensation. Stock-based compensation relates primarily to SunPower stock awards such as stock options and restricted stock. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company's core performance against the performance of other companies without the variability created by stock-based compensation.
-- Amortization of intangibles. SunPower incurs amortization of intangibles as a result of Cypress acquiring the Company in November 2004, in which Cypress' cost of purchased technology, patents, trademarks and a distribution agreement is reflected in our financial statements. In addition, SunPower incurs amortization of intangibles as a result of our acquisition of SP Systems, which includes purchased technology such as existing technology, patents, brand names and trademarks. SunPower excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from prior acquisitions and have no direct correlation to the operation of SunPower's core businesses.
-- Impairment of acquisition-related intangibles. SunPower incurred an impairment of acquisition-related intangibles in June 2007, which relates to the net book value of the PowerLight tradename being written off in its entirety as a result of the change in branding strategy. SunPower excluded this item because the expense is not reflective of its core operating performance after completion of its acquisition of SP Systems. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without non-cash expenses such as impairment of acquisition-related intangibles.
-- Purchase accounting charges. Purchase accounting charges as a result of the acquisition of SP Systems include: (1) amortization of intangibles, which includes purchased technology related to acquisitions such as existing technology, patents, brand names and trademarks; (2) fair value adjustments to deferred revenue, which is an acquisition-related adjustment that results in certain revenues never being recognized under GAAP by either the acquiring company or the company being acquired and (3) purchased in-process research and development expenses, which relates to projects in process as of the acquisition date that have not reached technological feasibility and are immediately expensed. These acquisition-related charges are not factored into management's evaluation of potential acquisitions or its performance after completion of acquisitions, because they are not related to our core operating performance, and the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding this data provides investors with a basis to compare SunPower's performance against the performance of other companies without the variability caused by purchase accounting.
-- Write-off of unamortized debt issuance costs. The market price trigger condition was met for our senior convertible debentures in December 2007, giving holders of the convertible debt the right to convert the convertible debt. As a result, SunPower accelerated the amortization of deferred debt issuance costs. Excluding this non-cash charge provides investors with a basis to compare SunPower's period-over- period operating results because the charge is not reflective of SunPower's historical results or its expected future expenses after such costs are fully amortized on January 2, 2008.
-- Tax effect. This amount is used to present each of the amounts described above on an after-tax basis with the presentation of non- GAAP net income per share.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP results of operations measures to non-GAAP measures" set forth at the end of this release and which should be read together with the preceding financial statements prepared in accordance with GAAP.

SUNPOWER CORPORATION RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (Unaudited) (In thousands, except per share data)
STATEMENT OF OPERATIONS DATA:
THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006
GAAP gross margin $47,182 $38,405 $18,145 $147,804 $50,468 Fair value adjustment to deferred revenue - - - 1,142 - Amortization of intangible assets 6,185 5,911 1,164 24,852 4,690 Stock-based compensation expense 3,364 3,588 218 12,400 846 Non-GAAP gross margin $56,731 $47,904 $19,527 $186,198 $56,004
GAAP operating income $11,210 $6,795 $9,476 $2,342 $19,107 Fair value adjustment to deferred revenue - - - 1,142 - Amortization of intangible assets 7,132 6,858 1,164 28,540 4,690 Stock-based compensation expense 14,015 13,364 1,158 51,212 4,864 Purchased in-process research and development - - - 9,575 - Impairment of acquisition- related intangibles - - - 14,068 - Non-GAAP operating income $32,357 $27,017 $11,798 $106,879 $28,661

NET INCOME PER SHARE: THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006
Basic: GAAP net income per share $0.06 $0.11 $0.16 $0.12 $0.40 Reconciling items: Stock-based compensation expense 0.18 0.17 0.02 0.67 0.08 Purchase accounting: Fair value adjustment to deferred revenue - - - 0.01 - Amortization of intangible assets 0.09 0.09 0.02 0.37 0.07 Purchased in-process research and development - - - 0.13 - Impairment of acquisition-related intangibles - - - 0.18 - Write-off of unamortized debt issuance costs 0.10 - - 0.11 - Tax effect (0.01) (0.02) - (0.24) -
Non-GAAP net income per share $0.42 $0.35 $0.20 $1.35 $0.55
Diluted: GAAP net income per share $0.06 $0.10 $0.15 $0.11 $0.37 Reconciling items: Stock-based compensation expenses 0.16 0.16 0.01 0.63 0.07 Purchase accounting: Fair value adjustment to deferred revenue - - - 0.01 - Amortization of intangible assets 0.08 0.09 0.02 0.35 0.07 Purchased in-process research and development - - - 0.12 - Impairment of acquisition-related intangibles - - - 0.17 - Write-off of unamortized debt issuance costs 0.10 - - 0.10 - Tax effect (0.01) (0.02) - (0.23) -
Non-GAAP net income per share $0.39 $0.33 $0.18 $1.26 $0.51
Shares used in calculation of GAAP net income per share: - Basic 79,023 77,693 69,339 76,393 65,864 - Diluted 85,796 82,610 74,108 81,769 71,087
Shares used in calculation of non-GAAP net income per share: - Basic 79,023 77,693 69,339 76,393 65,864 - Diluted 85,796 82,610 74,108 81,769 71,087
The following supplemental data represents the individual charges andcredits that are excluded from SunPower's non-GAAP financial measures for eachperiod presented in the Condensed Consolidated Statements of Operationscontained herein.
SUPPLEMENTAL DATA (In thousands)
THREE MONTHS ENDED
December 30, 2007
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $4,788 $1,397 $- $947 $- $- $- Stock-based compensation expense 1,952 1,412 564 10,087 - - - Write-off of unamortized debt issuance costs - - - - - 8,260 Tax effect - - - - - - (993) $6,740 $2,809 $564 $11,034 $- $8,260 $(993)
September 30, 2007
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $4,788 $1,123 $- $947 $- $- $- Stock-based compensation expense 2,049 1,539 404 9,372 - - - Tax effect - - - - - - (1,786) $6,837 $2,662 $404 $10,319 $- $- $(1,786)
December 31, 2006
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $- $1,164 $- $- $- $- $- Stock-based compensation expense - 218 178 762 - - - Tax effect - - - - - - (33) $- $1,382 $178 $762 $- $- $(33)
TWELVE MONTHS ENDED
December 30, 2007
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Fair value adjustment to deferred revenue $1,142 $- $- $- $- $- $- Amortization of intangible assets 20,085 4,767 - 3,688 - - - Stock-based compensation expense 8,187 4,213 1,817 36,995 - - - Purchased in-process research and development - - - - 9,575 - - Impairment of acquisition -related intangibles - - - - 14,068 - - Write-off of unamortized debt issuance costs - - - - - 8,260 - Tax effect - - - - - - (18,754) $29,414 $8,980 $1,817 $40,683 $23,643 $8,260 $(18,754)
December 31, 2006
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $- $4,690 $- $- $- $- $- Stock-based compensation expense - 846 1,197 2,821 - - - Tax effect - - - - - - - $- $5,536 $1,197 $2,821 $- $- $-


Source: SunPower Corporation