Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) predicts revenue growth for the first quarter of 2014, after reporting lower revenue for the fourth quarter and full year of 2013.
Full-year revenue fell to $505 million from $638.8 million in 2012. GAAP-based net loss widened to $107.7 million ($2.72 per share) in 2013 from $70.3 million in 2012, and non-GAAP net profit fell to $56.1 million from $131.5 million.
Cash flow from operations was $75 million in 2013 and $42 million net of interest payments. Cash and deposits fell to $123 million at the end of 2013 from $133 million a year earlier.
Fourth quarter revenue fell to $134.6 million from $147 million for the corresponding quarter of 2012, due to lower contractual orders from Micron Technology Inc. (NYSE: MU). GAAP-based net loss widened to $29.8 million ($0.62 per share) from $23.4 million for the corresponding quarter, and non-GAAP net profit was $19.2 million.
In its guidance, Tower forecasts $130-140 million revenue for the first quarter of 2014, with a midpoint reflecting 20% growth over the corresponding quarter of 2013.
"The Panasonic joint venture, India project cabinet approval, and other previously announced specialty annex capabilities combined with forecasted strong core business, provide devout momentum entering into this year that will carry over for the foreseeable years to come," said Tower CEO Russell Ellwanger, commenting on the company's joint venture with Panasonic Corporation (TSE: 6752) signed in late December, and the Indian government's decision to approve the Tower-Jaypee consortium's fab.
Published by Globes [online], Israel business news - www.globes-online.com - on February 27, 2014
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