Tower Jazz Beats Earnings for Q4 2013, Growth Accelerates From Here
On February 27 2014, Tower Jazz (NASDAQ:TSEM), the Israel-based specialty foundry, reported results for Q4 and the year ended December 31, 2013.
Although non-GAAP revenues for the quarter were down 9% from the year ago quarter, it was up slightly sequentially. The decline in revenues was entirely due to the decrease in sales to Micron and organically the company grew 20%. This growth was in spite of the fact that the industry as a whole saw sales decline 8-10% in the quarter. In the fourth quarter Tower Jazz saw 450 new design wins and mask-to-factory was up 25%.
Non-GAAP gross margin during the 2014 fourth quarter was
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