MIGDAL HAEMEK, Israel – February 16, 2012 – TowerJazz, the global specialty foundry leader, today announced financial results for the fourth quarter and full year ended December 31, 2011.
Full Year and Fourth Quarter Highlights
- Record full year revenues at $611 million, up 20% over revenues of 2010 and well ahead of the industry’s growth;
- Further cements TowerJazz’s position as the #1 specialty foundry by substantial increase in revenue and market lead, as compared to other specialty foundries;
- Record $187 million EBITDA for 2011, reflecting 31% EBITDA margins;
- Maintained 33% and 23% non-GAAP gross and operating margins, respectively, for the fourth quarter of 2011;
- Reduced debt from $482 million as of December 31, 2010 to $350 million as of the end of 2011, through bonds redemption and bonds and bank debt payment, resulting in a 1.7X net debt/ EBITDA ratio;
- $101 million in end of year cash with positive operating cash generation of $108 million in 2011;
- $175 million in year-end shareholders’ equity versus $118 million as of the end of 2010.
TowerJazz Presents Record Revenues in 2011 with 20% Growth Year-over-Year
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