MIGDAL HAEMEK, Israel, August 9, 2012 /PRNewswire/ --
TowerJazz, the global specialty foundry leader, today announced financial results for the second quarter ended June 30, 2012.
Second Quarter 2012 Highlights
- Revenues of $168.6 million, up 21 percent year-over-year compared with $139.7 million;
- Revenues for the first half of 2012 are $76 million higher, or 29% as compared to the first half of 2011;
- EBITDA of $52 million, $11 million up or 28 percent quarter over quarter and 42% up year-over-year excluding the onetime acquisition gain last year;
- Non-GAAP gross and operating margins at 40% and 31% respectively as compared to 36% and 26% in the second quarter of 2011, respectively;
- Non-GAAP net profit of $45 million and net margin of 27% as compared to $28 million and 20% net margin in the second quarter of 2011;
- End of quarter cash balance of $171 million as compared to $101 million as of December 31, 2011 and $158 million as of March 31, 2012;
- In accordance with its acquisition plan, executed a cost reduction plan to increase efficiency of the Japanese facility, including a reduction in force, and additional cost reduction measures, enabling it to improve its margins by greater than $30 million on an annual basis;
- Net cash from operating activities of $33 million, or $42 million excluding one-time reorganization payments of $9 million.
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