Tower Q4 weaker than Street projections - TheStreet

Tower Semiconductor (Nasdaq:TSEM) reported $52.4 million revenue for 2001, compared with $104.8 million for 2000. Loss for 2001 deepened to $38.5 million, which comes to a loss of $1.92 per share, compared with a loss of $4 million or 26 cents per share for 2000.

Revenue for the fourth quarter of 2001 decreased to $8.8 million, compared with $29.2 million for the parallel quarter in 2000. Revenue for the third quarter of 2001 came to $9.9 million.

Net loss for the fourth quarter came to $9.3 million, which comes to a loss of 41 cents per share. The average forecast was for a loss of 39 cents per share. In the fourth quarter of 2000, the company netted $400,000, which comes to 3 cents earnings per share. In the third quarter of 2001, Tower lost $12.4 million, which comes to a loss of 60 cents per share.

"In 2001 we laid the foundations for a great future for Tower Semiconductor, starting with January's ground breaking of Fab 2, through meeting on time all of the planned major milestones for the project," Co-CEO Yoav Nissan-Cohen said. "We opened 2002 with a very successful convertible bond offering, which has demonstrated the confidence of the financial community in our future," he added. He said that the company is encouraged by the progress in the plans of the company's partners for designing their 0.18 micron products to be manufactured in Fab 2.