TowerJazz posts record sales
8/10/2010 12:39 PM EDT
SAN JOSE, Calif. - Israel's TowerJazz, a specialty foundry vendor, reported record revenue of $125.7 million in the quarter, but it also posted another loss.
Second quarter 2010 revenue represented a 107 percent increase over second quarter 2009 revenue of $60.6 million and a sequential 10 percent increase over first quarter 2010 revenue of $113.8 million.
Calculated in accordance with GAAP, second quarter 2010 net loss was $9 million or minus $0.04 per share as compared to $31 million or loss of $0.19 per share for the second quarter of 2009 and a deficit $36 million or minus $0.18 per share in the previous quarter.
TowerJazz achieved an operating profit on a GAAP basis of $4 million. This is compared to a GAAP operating loss of $24 million in the second quarter of 2009 and compared to $0.2 million GAAP operating profit in the prior quarter.
EBITDA for the second quarter of 2010 was $42 million, an all-time record, and up substantially from $4 million reported in the second quarter of 2009 and $35 million in the prior quarter.
TowerJazz forecasts revenue in the third quarter of 2010 to range between $132 and $137 million, with a mid range guidance representing a sequential revenue growth of 7 percent and year-over-year growth in revenues of 69 percent.
In a statement, Russell Ellwanger, CEO, said: “2010 began strongly for TowerJazz and our momentum continues to grow. To our best visibility, we foresee continued best ever revenue and EBIDTA throughout this year and into 2011. We have now surpassed a revenue run rate that would achieve $500 annual revenue, which we consider as a major milestone achievement. This quarter was by far the best in TowerJazz’ history, nicely surpassing the combined, best single pro-forma revenue quarters ever achieved by either Tower or Jazz.''
Several years ago, Tower acquired specialty foundry vendor Jazz.