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TowerJazz Presents Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: TSEM

Fourth quarter 2012 results summary

Fourth quarter 2012 revenue reached $147.6 million as compared with $154.6 million in the prior quarter.

On a non-GAAP basis, as described and reconciled below, gross profit for the fourth quarter of 2012 was $49 million, representing a 33 percent gross margin, similar to the gross margin reported in the fourth quarter of 2011.

Operating profit on a non-GAAP basis in the fourth quarter of 2012 was $32 million, representing an operating margin of 22 percent, compared with operating margin of 23 percent, as reported in the fourth quarter of 2011.

On a GAAP basis, net loss in the fourth quarter of 2012 was $23 million or $1.05 per share as compared to a $17 million net loss or $0.79 per share in the fourth quarter of 2011.

On a non-GAAP basis, net profit in the fourth quarter of 2012 was $22 million or $0.99 per share, representing a net margin of 15%. This is compared to $34 million or $1.60 per share in the fourth quarter of 2011

Financial Guidance

TowerJazz forecasts revenues of $110 to $120 million in the first quarter of 2013. We view this revenue level as short term in line with the Micron volume agreement. Based upon tape out activity and specific engagements, we foresee growth throughout the year.

Conference Call and Web Cast Announcement

TowerJazz will host a conference call to discuss fourth quarter and full year 2012 results today, February 14, 2013, at 10:00 a.m. Eastern Time / 5:00 p.m. Israel time.

To participate, please call: 1-888-407-2553 (U.S. toll-free number) or +972-3-918-0609 (international) and mention ID code: TOWER-JAZZ. Callers in Israel are invited to call locally by dialing 03-918-0609. The conference call will also be Web cast live at www.earnings.com and at www.towerjazz.com and will be available thereafter on both websites for replay for a period of 90 days, starting a few hours following the call.

About TowerJazz

Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the global specialty foundry leader, its fully owned U.S. subsidiary Jazz Semiconductor and its fully owned Japanese subsidiary TowerJazz Japan, operate collectively under the brand name TowerJazz, manufacturing integrated circuits with geometries ranging from 1.0 to 0.13-micron. TowerJazz provides industry leading design enablement tools to allow complex designs to be achieved quickly and more accurately and offers a broad range of customizable process technologies including SiGe, BiCMOS, Mixed-Signal and RFCMOS, CMOS Image Sensor, Power Management (BCD), and Non-Volatile Memory (NVM) as well as MEMS capabilities. To provide world-class customer service, TowerJazz maintains two manufacturing facilities in Israel, one in the U.S., and one in Japan with additional capacity available in China through manufacturing partnerships. For more information, please visit www.towerjazz.com.

As previously announced, beginning with the fourth quarter of 2007, the Company has been presenting its financial statements in accordance with U.S. GAAP.

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