Lisa Thompson
Growth at reasonable price, research analyst, tech, small-cap

Tower Semi: Q1 In Line, But Investors Await The Q2 For The Big Revenue Bump

Q1 2014 Marks the End of the Old Tower Jazz

Today Tower Semiconductor (NASDAQ:TSEM) reported its last quarter without the Panasonic joint venture. It reported revenues of $132.7 million versus $112.6 million last year up 18% and versus $134.6 million in the fourth quarter of 2013. This was within the range of company guidance of $130-140 million. Since then, the company closed its joint venture with Panasonic on April 1, 2014 and the second quarter of 2014 will have the fully consolidated numbers included the joint venture. Fully diluted non-GAAP EPS came in at $0.30, slightly lower than our estimated $0.33 but very close considering the huge transition occurring in the quarter.

Sales to Micron again declined as

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