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.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.