Tower upbeat despite loss-making Q1
LONDON – Tower Semiconductor Ltd., the specialty foundry that trades as TowerJazz, made a net loss of $23.2 million on revenues of $112.6 million in the first quarter of 2013. Revenues were down 23.7 percent from $147.6 million in the previous quarter and down 33.0 percent from the same quarter a year before.
The decline in revenue was on the low side of previously given guidance for the quarter of $110 million to $120 million. The steep drop in revenue was predicted to come from the phasing out of supply contracts with Micron Technology Inc. at a wafer fab in Nishiwaki, Japan. Tower (Migdal Haemek, Israel) acquired the fab from Micron and is in the process of bringing up replacement customers.
Tower said it expects 2Q13 revenue to be in the range $122 million to $132 million with a mid-point up 13 percent on first quarter revenue.
"We leave first quarter confident in our tactics and strategies, demonstrated by quarter over quarter double digit guidance growth, and projected quarter over quarter growth throughout the year. This growth is driven by a record number of full mask tape-outs into our 8-inch facilities in Newport Beach, Migdal HaEmek and Nishiwaki and strong and increasing demand in our Israeli 6-inch factory," said Russell Ellwanger, CEO of Tower, in a statement.
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