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.
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.
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