TowerJazz posts loss, sales up

SAN JOSE, Calif. -- Foundry vendor TowerJazz Semiconductor Ltd. (Migdal Haemek, Israel) said fourth quarter 2009 revenue was $100.6 million, representing a 26 percent increase over third quarter 2009 revenue of $79.6 million and 30 percent over fourth quarter 2008 revenue of $77.5 million.

Net loss for the fourth quarter 2009 was $31.4 million as compared to a loss of $30.2 million for the previous quarter, or minus $0.16 and $0.18 per share, respectively.

Full year 2009 revenues were $298.8 million, 19 percent higher than $251.7 million recorded in 2008. For 2009, it had a loss of $120.5 million.

TowerJazz forecasts revenue in the first quarter of 2010 to range between $110 and $115 million, representing a sequential revenue growth of 9-14 percent and 89-98 percent year-over-year growth in revenues.

More than one year after buying Jazz Semiconductor Inc., the company, once known as Tower Semiconductor Ltd., is now taking steps to reach its two main goals in its ongoing turnaround efforts. It hopes to finally reach profitability and become the world's largest player in the wide-open specialty foundry business in 2010. As part of the moves, Tower rebranded the company as TowerJazz.