This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TowerJazz Presents Third Quarter 2012 Financial Results: Revenues Of $155 Million; $491 Million Revenues In The First Nine Months Of 2012, Growing 13% Versus $436 Million In The Same Period Last Year

MIGDAL HAEMEK, Israel, November 15, 2012 /PRNewswire/ --

TowerJazz, the global specialty foundry leader, today announced financial results for the third quarter ended September 30, 2012.

     (Logo: http://photos.prnewswire.com/prnh/20120509/531192 )

Third Quarter 2012 Highlights

  • Revenues of $154.6 million for the third quarter of 2012 and of $491.2 million in the first nine months of 2012, a 13% increase over revenues of $436.4 million in the same period last year;
  • Non-GAAP gross and operating margins at 37% and 26% respectively as compared to 33% and 22% in the third quarter of 2011, respectively;
  • Non-GAAP net profit of $32 million and net margin of 20% as compared to $32 million and 18% net margin in the third quarter of 2011;
  • EBITDA of $40 million, higher than the $39 million as of the third quarter of 2011 which excludes the one-time gain from the sale of HHNEC holdings;
  • End of quarter cash balance of $161 million as compared to $101 million as of December 31, 2011;
  • Completed a previously announced efficiency and cost reduction plan in the Japanese facility resulting in $30 million of savings on an annual basis;
  • Engaged during the third quarter of 2012 with Vishay-Siliconix for high volume production commitment at the Company's fabs in Israel and Japan through 2018.

CEO Perspective

"Our third quarter results came in line with our expectations and guidance," commented Russell Ellwanger, Chief Executive Officer of TowerJazz.  "The company continues to execute on its operational and strategic plans.  In this past quarter, we announced the largest single customer manufacturing engagement in the company history, which includes advanced flows in the Nishiwaki, Japan factory, increased activities in both Migdal Haemek factories and the operation of a jointly built epitaxial center for super junction families.  These engagements with Vishay Siliconix are multi-year through 2018.  We have continued to make strong progress in growing markets such as Front End Module for mobile communication, power management and high-end image sensors. This is evidenced in the record number of new masks that have entered our factories, this being the last step leading to production revenue ramp. We have done this whilst making the company more efficient as evidenced in our EBITDA performance."  

Ellwanger further commented: "Additionally, we are in the final stages of signing a unique contract in Japan, which we believe will be a significant model for multiple Japanese Integrated Device Makers, and as well we are in advanced stages of an enabling agreement for one of our strong strategic initiatives. We look forward to this evening's call and giving added flavor to the key activities of the last months."

Third quarter 2012 results summary

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs