A year after Tower Semiconductor Ltd.'s (Nasdaq: TSEM; TASE: TSEM) acquisition of Jazz, the companies will move a step ahead in the integration with a new name and logo. The company will rebrand as TowerJazz.
Tower also said its third quarter revenue came in at the upper end of its third quarter revenue guidance. Revenue was a record $79.6 million, 36% higher than the corresponding quarter of 2008, and 31% higher than in the second quarter.
The revenue figure represents growth of 286% over the past four years (third quarter 2009 vs. the third quarter of 2005.). Tower said it was also the only foundry to achieve year over year growth in the third quarter 2009, accomplished during one of the biggest downturns in the semiconductor industry’s history
TowerJazz will report its full third quarter financial results, and fourth quarter guidance, on November 9th.
Since the closing of the merger, the company has announced close to 20 new customer engagements including the largest revenue potential customer partnership in its history; a collaboration with Intersil to co-develop a high-performance power management platform for the manufacture of leading-edge power ICs.
Tower shares closed yesterday at $0.95, giving a market cap of $152.04 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2009
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