Tower Semiconductor Q3 net loss narrows
By David Jones
Tower Semiconductor has reported GAAP net loss of $21.3 million, or $0.17 per share, for the third quarter ended September 30, 2008, compared to net loss of $34.6 million, or $0.28 per share, for the same period of 2007.
The company posted a revenue of $58.5 million for the third quarter of 2008, compared to a revenue of $56.6 million in the third quarter of 2007 and $58.1 million in the second quarter of 2008.
For the first nine months ended September 30, 2008, the company reported revenues of $174.20 million, or $0.65 per share, compared to revenues of $169.23 million, or $0.93 per share, for the same period of 2007.
Russell Ellwanger, CEO of Tower Semiconductor, said: "The third quarter of 2008 represented the second largest revenue quarter in Tower's history and record revenue of $174.2 million for the first nine months of the year. This includes a number of significant accomplishments such as the completion of our merger with Jazz Technologies and the improvement of our balance sheet through the elimination of $250 million in debt."