MIGDAL HAEMEK, Israel — TowerJazz, the global specialty foundry leader, today announced financial results for the quarter ended September 30, 2010.enable quick execution on synergistic business opportunities.”
Third Quarter Highlights enable quick execution on synergistic business opportunities.”
• Record revenue of $134.7 million, growing 69% over third quarter last year and 7% QoQ.
• GAAP net profit with strong growth in operating profit; increased non-GAAP operating profit to $46 million with operating margins of 34 percent, as compared to $13 million and 16 percent in Q3 2009, respectively; GAAP operating profit increased to $18 million with operating margins of 13 percent.
• Record EBITDA of $46 million growing 3X over third quarter last year and 10 percent over Q2 2010;
• Significantly improved balance sheet and capital structure having reduced and restructured $400 million of debt.
• Increased cash-balance to $88 million, as compared to $52 million as of end of Q3 2009 and increased shareholders' equity to $102 million.
• Guiding for revenues of $133-137 million in Q4 2010; exceeding the stated $500 million revenue target for 2010. CEO and Chairman Perspective enable quick execution on synergistic business opportunities.”
Russell Ellwanger, Chief Executive Officer, commented: “During the past months, the CFO and I met with many investors. We were strongly acknowledged and appreciated as a company which has continually expressed aggressive targets and then achieved them. I am much pleased with the TowerJazz team that made good on our expressed target to achieve GAAP net profit in the 2nd half of 2010. The fact that we are guiding Q4 to be slightly up outpacing the industry with some of our peer group showing double digit reduction, and the continuance of a design win rate of 120 per quarter is a testament to our business model and customer satisfaction levels and promises strong multiyear growth. The third quarter record revenue of $135 million combined with the fourth quarter guidance places us comfortably above the 2010 $500 million revenue target. As such we will have exceeded 70% year-over-year growth, which we believe will maintain our position as the #1 growth foundry worldwide.” enable quick execution on synergistic business opportunities.”
Continued Mr. Ellwanger, “As announced, we just completed and were oversubscribed at a $100 million bond fundraising. Such raising completed a comprehensive debt restructure totaling $400 million carried out over the past several months. The composite has created a new balance sheet with zero bank loans’ principal due during the coming 3 years, servable debt ratios and a cash balance which will enable quick execution on synergistic business opportunities.”