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TowerJazz Posts 2010 Results

MIGDAL HAEMEK, Israel — TowerJazz, the global specialty foundry leader, today announced financial results for the fourth quarter and full year ended December 31, 2010. Full Year Highlights

• Record full year revenues at $509.3 million, up 70% over 2009, greater than 2X the industry’s growth and comfortably surpassing the company’s target of becoming a half-a-billion dollar revenue company;
• Recognized as the #1 specialty foundry based on revenue (up from #6 in 2008 and #3 in 2009);
• Record EBITDA at $168 million, up 289% over 2009;
• Cash flow from operations of $121 million with end of year record cash and short-term deposits balance at $198 million;
• H2 2010 GAAP net profit;
• Record net profit on a non-GAAP basis at $129 million, up 436% year-over-year and representing a net margin of 25%;
• Reduced and restructured approximately $450 million of debt, substantial turnaround in the balance sheet.

Fourth Quarter 2010 Highlights

• Record quarterly revenue of $135.1 million, growing 34% over last year and sequential increase compared with sequential industry decline;
• Record EBITDA at $46 million, 2X over Q4 2009 at 66% incremental margin;
• GAAP net profit of $1.3 million, for the second consecutive quarter; net profit on a non-GAAP basis of $35 million, up 140% year-over-year and representing a net margin of 26%.

CEO and Chairman Perspective

Russell Ellwanger, Chief Executive Officer, commented: “As pointed out in IC Insights, we moved into the #5 overall foundry position and the #1 position for specialty analog foundries. The #1 position was a movement from #3 in 2009 and #12 back in 2005, when we redirected ourselves to focus on specialty analog. I am thrilled with the many strong partnerships that we have built with our trusted and growing customer base propelling us into the #1 position among our peer group. There is great excitement among our multi-national employee base to take on new significant challenges.”

Amir Elstein, Chairman of the Board of Directors of TowerJazz, stated: “I would like to congratulate the management team led by Russell, as well as all the employees of TowerJazz for a record and quite a remarkable year. In only a few years, the company has successfully transformed itself into the specialty market leader. This leadership team is now well positioned to exceed the next big challenge of increasing our revenue to beyond a billion dollars, with the accompanying bottom-line performance.”

{complink 12974|Tower Semiconductor Ltd.}

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