Foundry Tower reports record financial year

Foundry Tower reports record financial year

Business news |
By Peter Clarke

For the full year revenues were $1.25 billion up 30 percent compared with 2015 and the company made a net profit of $204 million in 2016 compared with a net loss of $30 million in the previous year. Record cash from operations of $327 mllion left Tower with cash and short term deposits on December 31, 2016 of $389 million. Tower Semiconductor, trades as TowerJazz.

For 4Q16 Tower made a net profit of $48 million on revenues of $340 million. Revenues were up 34 percent compared with the same quarter a year before and the net profit more than doubled.

“2016 was on all fronts – business, financial, operational and technological – the best year TowerJazz has posted. The year began with a successful acquisition of the San Antonio facility, increasing our capacity and operational flexibility, and ended achieving our stated target in the fourth quarter of $100 million annualized third party revenue at TPSCo,” said Russell Ellwanger, CEO of Tower. “Present customer forecast indicates growth throughout the year with each quarter being significantly higher year over year.”

Tower said that the outlook for 1Q17 was for revenue of $330 million +/- 5 percent and representing at the mid-point revenue growth of 19 percent compared with 1Q16.

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