Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) today reported impressive financial results for the fourth quarter of 2015 and the full year. The company, managed by CEO Russell Ellwanger, reported record fourth quarter sales of $255 million, an annual pace of over $1 billion.
Net GAAP profit totaled $22 million in the fourth quarter, compared with $600,000 in the fourth quarter of 2014 and $14 million in the third quarter of 2015. Non-GAAP profit totaled $70 million, $0.88 per share, compared with $46 million and $58 million in the third quarter of 2015.
Tower Semiconductor finished 2015 with $961 million in revenue, up 16%, compared with 2014, including 27% organic growth (excluding revenue from Micron and Panasonic).
The company had a $30 million GAAP loss in 2015, $0.40 per share, including $110 million in non-cash financing expenses, mainly due to accretion and amortization non-cash costs resulting from the successful accelerated conversion of Series F debentures during 2015. Non-GAAP net profit zoomed 81% to $231 million, $3.11 per share.
Tower Semiconductor also issued its financial guidance for the first quarter of 2016, predicting $276 million in sales, with an upward or downward range of 5%, 22% more than in the first quarter of 2015 and 8% more than in the fourth quarter of 2015.
Concerning his company's results, Ellwanger said, "We are most enthusiastic to enter 2016 having achieved above $1 billion of annualized revenue run rate, and having (i) demonstrated sustainable and growing net profits commencing the second quarter of the past year and (ii) a forward looking business model of profit margin growth utilizing cost covered available capacity to support the continued high customer demand.”
Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2016
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