9 August 12 10:22–Specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), which markets as TowerJazz, posted double digit revenue and profit growth for the second quarter of 2012, and predicts lower growth in the third quarter, but higher growth for the year as a whole.
Revenue rose 21% to $168.6 million for the second quarter from $139.7 million for the corresponding quarter of 2011. GAAP-based net loss was $9 million ($0.44 per share) for the second quarter compared with a net profit of $2 million for the corresponding quarter, which was due to an $8 million one-time acquisition gain. Non-GAAP net profit rose 20% to $45 million ($2.08 per share) from $28 million for the corresponding quarter.
In its guidance, Tower forecasts $152-162 million revenue for the third quarter and full-year revenue growth of 12-14% to $489-499 million from $436 million revenue in 2011.
Tower’s cash and short-term deposits rose to $171 million at the end of June from $101 million at the end of 2011 and $158 million at the end of March.
Tower CEO Russell Ellwanger said, “We are seeing some fluctuations in the market with several of our largest customers down in their revenue and their revenue guidance quarter-over-quarter; whilst we remain very confident in our strategic direction and tactical activities. This confidence is demonstrated by another quarter of extremely high products and new mask sets introduction into our fabs, which activities have a one to three years peak revenue horizon from the point of fab introduction.” He concluded, “We expect the third quarter to follow the second quarter margin trend.”…Read More>>