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TowerJazz Presents Second Quarter 2013 Results

TowerJazz, the global specialty foundry leader, today announced financial results for the second quarter, ended June 30, 2013.

Highlights
  • Second quarter revenues of $125 million, up 11% sequentially;
  • Improvement in non-GAAP gross margin to 35%, non-GAAP operating margin to 21% and non-GAAP net margin to 15%;
  • EBITDA of $27 million for the quarter, $12 million increase from prior quarter;
  • Forecasts revenues of $130 to $140 million in the third quarter of 2013, representing 8 percent mid-range growth;
  • End of quarter cash balance of $117 million, shareholders’ equity at $184 million and strong balance sheet ratios.
  • Recently completed a successful rights offering to shareholders raising a total of approximately $40 million.

CEO Perspective

Russell Ellwanger, Chief Executive Officer of TowerJazz, commented: “The past quarter realized significant achievements in most every sector of our business. We entered several new areas with leading customer partnerships, where we are the sole pure-play foundry. Operationally, we continuously improve efficiencies which enabled the reported higher gross and operating margins."

Concluded Mr. Ellwanger, “As demonstrated by a record of 7500 masks entering into our factories during the first half of 2013 (30 percent higher than first half of 2012), each and every of our business units is realizing notable market share growth with analogous revenue promise over the next years as these tape outs ramp to volume production."

Second quarter 2013 results summary

Second quarter 2013 revenue was $125 million, an 11% increase as compared to $113 million in the prior quarter. Revenues in the second quarter of 2013 were 26% below as compared with the second quarter of 2012 due to the contractual decrease of the Micron volume agreement, as previously disclosed.

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