News Release from: Tower Semiconductor
Edited by the Electronicstalk Editorial Team on 8 November 2006
Sales growth continues for Tower
Tower Semiconductor has announced its third quarter 2006 results.
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Tower Semiconductor has announced its third quarter 2006 results. The company reported total sales of US $51.5 million, representing a 2.5x increase as compared with the $20.6 million reported in the third quarter of 2005 and an increase of 15% over the $44.6 million reported in the second quarter of 2006. The 2006 third quarter net income was $39.5 million, or $0.46 per share, which included a one-time gain of $80.1 million, resulting from the recently announced closing of the bank restructuring deal, and depreciation and amortisation expenses of $38.2 million.
Loss for the third quarter of 2006, excluding the above described one-time gain of $80.1 million, would have been $40.6 million, or ($0.48) per shares, including depreciation and amortisation expenses of $38.2 million, as compared with loss for the third quarter of 2005 which was $55.4 million, or ($0.83) per share, including $36.9 million depreciation and amortisation expenses.
'We continue to execute on our business plan, as represented by achieving a significant milestone of higher than $50 million in quarterly sales', said Russell Ellwanger, Chief Executive Officer, Tower Semiconductor.
'We are encouraged that our business model and diversified customer base has enabled us to guide for continued growth for the fourth quarter of 2006'.
'Building on the several major agreements signed and announced during the third quarter, we are optimistic about further growth throughout 2007'.
Tower expects continued growth in the fourth quarter of 2006 and forecasts sales of $53-57 million.
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