Thursday, February 19, 2009
Tower Semiconductor of Israel made a net loss of $106.4 million on revenues of $251.7 million in the year to Dec. 31, 2008 the company said. The loss was slightly trimmed from the previous year and revenues were up from $230.9 million in 2007.
The loss was despite a merger with Jazz Technologies in September 2008, although the company said that merger helped Tower counteract plummeting foundry sales which are likely to drive declining revenues in the first half of 2009.
Revenue for the fourth quarter of 2008 was $77.5 million, which was within company's guidance range, and included the full quarter of results from Jazz Technologies following the close of the merger on Sept. 19, 2008. This compares to revenue of $61.6 million in the fourth quarter of 2007 and $58.5 million in the third quarter of 2008. Calculated in accordance with GAAP, net loss for the fourth quarter of 2008 was $24.2 million, which included approximately $29 million of depreciation and amortization. Revenue for the full year 2008 was $251.7 million, representing an increase of 9 percent when compared to revenue of $230.9 million for the full year 2007. Calculated in accordance with GAAP, the net loss for the year improved by $28 million from $134 million to $106 million and included $139 million of depreciation and amortization.
By: DocMemory
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