Migdal Hameq, Israel

TowerJazz Semiconductor

www.towerjazz.com
Migdal Hameq, Israel

Tower Semiconductor Ltd. and its fully owned U.S. subsidiary Jazz Semiconductor, operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures integrated circuits offering a range of customizable process technologies, including SiGe, BiCMOS, SOI, mixed-signal and RFCMOS, CMOS image sensors, power management , and non-volatile memory as well as MEMS capabilities. TowerJazz also owns 51% of TowerJazz Panasonic Semiconductor Co. , an enterprise with Panasonic Corporation. Through TPSCo, TowerJazz offers leading edge 45nm CMOS, 65nm RF CMOS and 65nm 1.12µm pixel technologies.The company manufactures integrated circuits for semiconductor companies such as: Avago Technologies, Fairchild Semiconductor, International Rectifier, Panasonic, RF Micro Devices, Samsung, Skyworks Solutions, Texas Instruments and Vishay – Siliconix. For global capacity assurance, TowerJazz operates six manufacturing facilities on three continents: Fab 1 and Fab 2 located in Migdal Haemek, Israel, Fab 3 located in Newport Beach, California and three additional fabs through TPSCo located in the Hokuriku region of Japan. In addition, TowerJazz operates a worldwide design center in Netanya, Israel. Tower Semiconductor is an Israeli public company that is traded on NASDAQ and the Tel Aviv Stock Exchange, and is included in the TA-100 Index and the TA BlueTech-50 Index. In 2010, TowerJazz became the #1 specialty foundry by revenue, with 70% revenue growth year-over-year. Wikipedia.

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MIGDAL HAEMEK, Israel, May 08, 2017 (GLOBE NEWSWIRE) -- TowerJazz (NASDAQ:TSEM) (TASE:TSEM) today reported its results for the first quarter ended March 31, 2017. Highlights of the First Quarter of 2017 CEO Commentary Mr. Russell Ellwanger, Chief Executive Officer of TowerJazz, commented, “The first quarter demonstrated a strong year over year growth. We are executing well within each of our targeted analog application markets. During the quarter, we received higher than expected demand for high margin businesses such as RF SiGe optical infrastructure and CMOS Image Sensor business, specifically industrial applications. These orders, which will be shipped throughout the next quarters, further strengthen our belief for revenue and margin growth in the year, with our second quarter guidance reflecting the Company’s highest revenue ever.” First Quarter Results Overview Revenues for the first quarter of 2017 were $330 million, reflecting a 19% growth as compared to the first quarter of 2016. Gross profit for the first quarter of 2017 was $85 million, at a margin of 26%, representing an increase of 38% as compared with $61 million and a margin of 22%, in the first quarter of 2016. Operating profit was $53 million for the first quarter of 2017, at a margin of 16% and representing an increase of 71%, as compared with $31 million reported in the first quarter of 2016, at a margin of 11%. EBITDA for the first quarter of 2017 totaled to $101 million, at a margin of 31%. This represents a 30% increase as compared with $78 million, at a margin of 28%, in the first quarter of 2016. Net profit for the first quarter of 2017 was $46 million, or $0.48 basic earnings per share and $0.45 diluted earnings per share. This is compared with $66 million, or $0.78 basic earnings per share and $0.69 diluted earnings per share in the first quarter of 2016, which included $41 million net gain from the acquisition of the San Antonio facility. On an adjusted basis, as described and reconciled in the tables below, adjusted net profit for the first quarter of 2017 was $50 million, an increase of 58% compared with $32 million, for the first quarter of 2016. Net cash (cash and short-term deposits less debt par value) as of March 31, 2017, totaled to $86 million as compared to net cash of $37 million as of December 31, 2016 and net debt of $65 million as of March 31, 2016. Cash and short term deposits as of March 31, 2017 were at a record of $432 million with $346 million of debt outstanding principal amount. The main cash activities during the first quarter of 2017 were comprised of the following: $82 million cash generated from operating activities; $13 million received from the exercise of warrants and options; investments of $40 million in fixed assets, net; $12 million in debt repayments; a TPSCo dividend to Panasonic of $4 million; and a positive $4 million due to the effect of the Japanese Yen exchange rate on the cash balance. Shareholders' equity as of March 31, 2017 was a record of $746 million, 48% higher than $504 million as of March 31, 2016 and 9% higher than $683 million as of December 31, 2016. Business Outlook TowerJazz expects revenues for the second quarter of 2017 ending June 30, 2017 to be $345 million with an upward or downward range of 4%, representing 13% year over year revenue growth as compared to the second quarter of 2016 and 5% sequential quarter over quarter growth. Teleconference and Webcast TowerJazz will host an investor conference call today, May 8, 2017, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter 2017 and its outlook. This call will be webcast and can be accessed via TowerJazz’s website at www.towerjazz.com., or by calling: 1-888-668-9141 (U.S. Toll-Free), 03-918-0609 (Israel), +972-3-918-0609 (International).  For those who are not available to listen to the live broadcast, the call will be archived for 90 days. The Company presents its financial statements in accordance with U.S. GAAP.  The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information in this release, which we describe in this release as “adjusted financial measures”, is non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they apply to our Company. These adjusted financial measures are calculated excluding one or more of the following: (1) amortization of acquired intangible assets; (2) compensation expenses in respect of equity grants to directors, officers and employees; (3) gain from acquisition, net; (4) Nishiwaki Fab restructuring and impairment cost (income), net; and (5) acquisition related costs. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/ or presented in this release, as well as calculated in the tables herein, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of net profit, according to U.S. GAAP, excluding gain from acquisition, net, interest and other non-cash financing income (expense), net, other income (expense), net, taxes, non-controlling interest, depreciation and amortization, stock based compensation expenses, acquisition related costs and Nishiwaki Fab restructuring and impairment cost (income), net. EBITDA is reconciled in the tables below from GAAP operating profit. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash or Net Debt, as used and/ or presented in this release, is comprised of the outstanding principal amount of bank loans (in the amounts of $166 million, $166 million and $245 million as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively) and the outstanding principal amount of debentures (in the amounts of $180 million, $186 million and $65 million as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively), less cash and short-term deposits (in the amounts of $432 million, $389 million and $245 million as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively). The term Net Cash and/ or Net Debt is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. In addition, the term Free Cash Flow, as used and/ or presented in this release, is calculated to be cash from operating activities (net of interest payments) as this term is defined by GAAP (in the amounts of $82 million, $82 million and $77 million for the three month periods ended March 31, 2017, December 31, 2016 and March 31, 2016, respectively) less cash for investments in property and equipment, net, as this term is defined by GAAP (in the amounts of $40 million, $43 million and $58 million for the three months periods ended March 31, 2017, December 31, 2016 and March 31, 2016, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz. This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets; (ii) over demand for our foundry services and/or products that exceeds our capacity; (iii) maintaining existing customers and attracting additional customers, (iv) high utilization and its effect on cycle time, yield and on schedule delivery which may cause customers to transfer their product(s) to other fabs, (v) operating results fluctuate from quarter to quarter making it difficult to predict future performance, (vi) impact of our debt and other liabilities on our financial position and operations, (vii) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (viii) fluctuations in cash flow, (ix) our ability to satisfy the covenants stipulated in our agreements with our lender banks and bondholders (as of March 31, 2017 we are in compliance with all such covenants included in our banks’ agreements, bond G indenture and others), (x) pending litigation, including the shareholder class actions that were filed against the Company, certain officers, its directors and/or its external auditor in the US and Israel, following a short sell thesis report issued by a short-selling focused firm, which has been dismissed and closed in the US and is still pending in Israel; (xi) our majority stake in TPSCo and our acquisition of the San Antonio fabrication facility by TowerJazz Texas (“TJT”), including new customer engagements, qualification and production ramp-up, (xii) the closure of TJP within the scope of restructuring our activities and business in Japan, settling any future claims or potential claims from third parties, (xiii) meeting the conditions set in the approval certificates received from the Israeli Investment Center under which we received a significant amount of grants in past years, (xiv) receipt of orders that are lower than the customer purchase commitments, (xv) failure to receive orders currently expected, (xvi) possible incurrence of additional indebtedness, (xvii) effect of global recession, unfavorable economic conditions and/or credit crisis, (xviii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xix) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we manufacture products before receipt of customer orders, (xx) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xxi) the execution of debt re-financing and/or fundraising to enable the service of our debt and/or other liabilities, (xxii) operating our facilities at high utilization rates which is critical in order to cover a portion or all of the high level of fixed costs associated with operating a foundry, and our debt, in order to improve our results, (xxiii) the purchase of equipment to increase capacity, the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiv) the concentration of our business in the semiconductor industry, (xxv) product returns, (xxvi) our ability to maintain and develop our technology processes and services to keep pace with new technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxvii) competing effectively, (xxviii) use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers; (xxix) achieving acceptable device yields, product performance and delivery times, (xxx) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxxi) retention of key employees and recruitment and retention of skilled qualified personnel, (xxxii) exposure to inflation, currency rates (mainly the Israeli Shekel and Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well fluctuations in the market price of our traded securities, (xxxiii) issuance of ordinary shares as a result of conversion and/or exercise of any of our convertible securities, as well as any sale of shares by any of our shareholders, or any market expectation thereof, which may depress the market price of our ordinary shares and may impair our ability to raise future capital, (xxxiv) meeting regulatory requirements worldwide, including environmental and governmental regulations; and (xxxv) business interruption due to fire and other natural disasters, the security situation in Israel and other events beyond our control such as power interruptions. A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.


TowerJazz, the global specialty foundry leader, today announced details on its 12th annual Technical Global Symposium (TGS) being held in Europe, Japan, Korea, and the United States. This year, TowerJazz’s TGS series will focus on the Company’s leading technology and customer partnerships, based on full circle value creation. As the leading analog pure play foundry, with a proven business model and technology leadership in growth markets, TowerJazz creates value for its customers from design concept to volume production, by providing them with the most advanced analog technology, thus enabling their competitive advantage and fast time to market. TGS facilitates customer and partner interaction with TowerJazz team members and industry executives to exchange information on the latest solutions for next-generation analog/mixed signal ICs in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. This year, TGS events will be hosted on the following dates and locations: By joining TowerJazz at one of its TGS worldwide venues, attendees may learn more about the Company’s advanced and differentiated specialty analog technology offerings such as RF/HPA, Power Management and CMOS Image Sensors. In addition, TowerJazz will discuss the latest design enablement tools and capabilities jointly developed with its EDA partners, as well as its worldwide manufacturing capabilities, all of which drive customer success and market leadership. “As the number one worldwide specialty foundry, our focus remains value creation. We work closely with our customers globally to provide them with the most advanced analog technology platforms, design services, and high quality manufacturing. Our customers and partners tell us that TGS provides a powerful platform for networking with industry leaders, while gaining valuable insights on the market’s leading analog solutions portfolio, and initiating new business opportunities. This year we are excited to host our TGS series in four locations around the globe featuring our specialty foundry offerings and unique technical capabilities, and focused on strong partnerships for value creation.” said Gary Saunders, Senior Vice President of Worldwide Sales, TowerJazz. Sponsors at TGS events include the industry’s leading EDA vendors and tool providers who will share the latest design capabilities offered in collaboration with TowerJazz: ANSYS, Cadence, Keysight Technologies, Mentor Graphics, PacTech, Presto Engineering, Silvaco, SST (Silicon Storage Technology), Synkom Co. Ltd., Synopsys. For more information and registration please visit: http://tgs.towerjazz.com/. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


TowerJazz, the global specialty foundry leader, today announced details on its 12th annual Technical Global Symposium (TGS) being held in Europe, Japan, Korea, and the United States. This year, TowerJazz’s TGS series will focus on the Company’s leading technology and customer partnerships, based on full circle value creation. As the leading analog pure play foundry, with a proven business model and technology leadership in growth markets, TowerJazz creates value for its customers from design concept to volume production, by providing them with the most advanced analog technology, thus enabling their competitive advantage and fast time to market. TGS facilitates customer and partner interaction with TowerJazz team members and industry executives to exchange information on the latest solutions for next-generation analog/mixed signal ICs in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. This year, TGS events will be hosted on the following dates and locations: By joining TowerJazz at one of its TGS worldwide venues, attendees may learn more about the Company’s advanced and differentiated specialty analog technology offerings such as RF/HPA, Power Management and CMOS Image Sensors. In addition, TowerJazz will discuss the latest design enablement tools and capabilities jointly developed with its EDA partners, as well as its worldwide manufacturing capabilities, all of which drive customer success and market leadership. “As the number one worldwide specialty foundry, our focus remains value creation. We work closely with our customers globally to provide them with the most advanced analog technology platforms, design services, and high quality manufacturing. Our customers and partners tell us that TGS provides a powerful platform for networking with industry leaders, while gaining valuable insights on the market’s leading analog solutions portfolio, and initiating new business opportunities. This year we are excited to host our TGS series in four locations around the globe featuring our specialty foundry offerings and unique technical capabilities, and focused on strong partnerships for value creation.” said Gary Saunders, Senior Vice President of Worldwide Sales, TowerJazz. Sponsors at TGS events include the industry’s leading EDA vendors and tool providers who will share the latest design capabilities offered in collaboration with TowerJazz: ANSYS, Cadence, Keysight Technologies, Mentor Graphics, PacTech, Presto Engineering, Silvaco, SST (Silicon Storage Technology), Synkom Co. Ltd., Synopsys. For more information and registration please visit: http://tgs.towerjazz.com/. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


TowerJazz, the global specialty foundry leader, today announced details on its 12th annual Technical Global Symposium (TGS) being held in Europe, Japan, Korea, and the United States. This year, TowerJazz’s TGS series will focus on the Company’s leading technology and customer partnerships, based on full circle value creation. As the leading analog pure play foundry, with a proven business model and technology leadership in growth markets, TowerJazz creates value for its customers from design concept to volume production, by providing them with the most advanced analog technology, thus enabling their competitive advantage and fast time to market. TGS facilitates customer and partner interaction with TowerJazz team members and industry executives to exchange information on the latest solutions for next-generation analog/mixed signal ICs in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. This year, TGS events will be hosted on the following dates and locations: By joining TowerJazz at one of its TGS worldwide venues, attendees may learn more about the Company’s advanced and differentiated specialty analog technology offerings such as RF/HPA, Power Management and CMOS Image Sensors. In addition, TowerJazz will discuss the latest design enablement tools and capabilities jointly developed with its EDA partners, as well as its worldwide manufacturing capabilities, all of which drive customer success and market leadership. “As the number one worldwide specialty foundry, our focus remains value creation. We work closely with our customers globally to provide them with the most advanced analog technology platforms, design services, and high quality manufacturing. Our customers and partners tell us that TGS provides a powerful platform for networking with industry leaders, while gaining valuable insights on the market’s leading analog solutions portfolio, and initiating new business opportunities. This year we are excited to host our TGS series in four locations around the globe featuring our specialty foundry offerings and unique technical capabilities, and focused on strong partnerships for value creation.” said Gary Saunders, Senior Vice President of Worldwide Sales, TowerJazz. Sponsors at TGS events include the industry’s leading EDA vendors and tool providers who will share the latest design capabilities offered in collaboration with TowerJazz: ANSYS, Cadence, Keysight Technologies, Mentor Graphics, PacTech, Presto Engineering, Silvaco, SST (Silicon Storage Technology), Synkom Co. Ltd., Synopsys. For more information and registration please visit: http://tgs.towerjazz.com/. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


TowerJazz, the global specialty foundry leader, today announced details on its 12th annual Technical Global Symposium (TGS) being held in Europe, Japan, Korea, and the United States. This year, TowerJazz’s TGS series will focus on the Company’s leading technology and customer partnerships, based on full circle value creation. As the leading analog pure play foundry, with a proven business model and technology leadership in growth markets, TowerJazz creates value for its customers from design concept to volume production, by providing them with the most advanced analog technology, thus enabling their competitive advantage and fast time to market. TGS facilitates customer and partner interaction with TowerJazz team members and industry executives to exchange information on the latest solutions for next-generation analog/mixed signal ICs in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. This year, TGS events will be hosted on the following dates and locations: By joining TowerJazz at one of its TGS worldwide venues, attendees may learn more about the Company’s advanced and differentiated specialty analog technology offerings such as RF/HPA, Power Management and CMOS Image Sensors. In addition, TowerJazz will discuss the latest design enablement tools and capabilities jointly developed with its EDA partners, as well as its worldwide manufacturing capabilities, all of which drive customer success and market leadership. “As the number one worldwide specialty foundry, our focus remains value creation. We work closely with our customers globally to provide them with the most advanced analog technology platforms, design services, and high quality manufacturing. Our customers and partners tell us that TGS provides a powerful platform for networking with industry leaders, while gaining valuable insights on the market’s leading analog solutions portfolio, and initiating new business opportunities. This year we are excited to host our TGS series in four locations around the globe featuring our specialty foundry offerings and unique technical capabilities, and focused on strong partnerships for value creation.” said Gary Saunders, Senior Vice President of Worldwide Sales, TowerJazz. Sponsors at TGS events include the industry’s leading EDA vendors and tool providers who will share the latest design capabilities offered in collaboration with TowerJazz: ANSYS, Cadence, Keysight Technologies, Mentor Graphics, PacTech, Presto Engineering, Silvaco, SST (Silicon Storage Technology), Synkom Co. Ltd., Synopsys. For more information and registration please visit: http://tgs.towerjazz.com/. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


TowerJazz, the global specialty foundry leader, today announced details on its 12th annual Technical Global Symposium (TGS) being held in Europe, Japan, Korea, and the United States. This year, TowerJazz’s TGS series will focus on the Company’s leading technology and customer partnerships, based on full circle value creation. As the leading analog pure play foundry, with a proven business model and technology leadership in growth markets, TowerJazz creates value for its customers from design concept to volume production, by providing them with the most advanced analog technology, thus enabling their competitive advantage and fast time to market. TGS facilitates customer and partner interaction with TowerJazz team members and industry executives to exchange information on the latest solutions for next-generation analog/mixed signal ICs in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. This year, TGS events will be hosted on the following dates and locations: By joining TowerJazz at one of its TGS worldwide venues, attendees may learn more about the Company’s advanced and differentiated specialty analog technology offerings such as RF/HPA, Power Management and CMOS Image Sensors. In addition, TowerJazz will discuss the latest design enablement tools and capabilities jointly developed with its EDA partners, as well as its worldwide manufacturing capabilities, all of which drive customer success and market leadership. “As the number one worldwide specialty foundry, our focus remains value creation. We work closely with our customers globally to provide them with the most advanced analog technology platforms, design services, and high quality manufacturing. Our customers and partners tell us that TGS provides a powerful platform for networking with industry leaders, while gaining valuable insights on the market’s leading analog solutions portfolio, and initiating new business opportunities. This year we are excited to host our TGS series in four locations around the globe featuring our specialty foundry offerings and unique technical capabilities, and focused on strong partnerships for value creation.” said Gary Saunders, Senior Vice President of Worldwide Sales, TowerJazz. Sponsors at TGS events include the industry’s leading EDA vendors and tool providers who will share the latest design capabilities offered in collaboration with TowerJazz: ANSYS, Cadence, Keysight Technologies, Mentor Graphics, PacTech, Presto Engineering, Silvaco, SST (Silicon Storage Technology), Synkom Co. Ltd., Synopsys. For more information and registration please visit: http://tgs.towerjazz.com/. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


MIGDAL HAEMEK, Israel, Aug. 03, 2017 (GLOBE NEWSWIRE) -- TowerJazz (NASDAQ:TSEM) (TASE:TSEM) today reported its results for the second quarter ended June 30, 2017. Highlights of the Second Quarter of 2017 CEO Commentary Mr. Russell Ellwanger, Chief Executive Officer of TowerJazz, commented, “Our second quarter of 2017 presented again strong and incremental business and financial performance, having achieved 26% year over year organic revenue growth resulting in an annual net profit run rate of $200 million. We remain focused and attentive to the needs of our broad customer base, working to provide full circle value creation built upon our market leading specialty technology offerings, and hence guide further growth for our third quarter of 2017.” Second Quarter Results Overview Revenues for the second quarter of 2017 were a record $345 million, reflecting 13% growth as compared to $305 million in the second quarter of 2016. For the second quarter of 2017, our organic growth, excluding Panasonic and Maxim long term committed contracts, was 26% as compared to the second quarter of 2016. Gross profit for the second quarter of 2017 was a record $91 million, an increase of 25% as compared to $73 million in the second quarter of 2016. Operating profit was a record $57 million for the second quarter of 2017, demonstrating an increase of 43%, as compared to $40 million reported in the second quarter of 2016. EBITDA for the second quarter of 2017 was a record $108 million, at a margin of 31%, as compared to $87 million, at a margin of 29%, in the second quarter of 2016. Net profit for the second quarter of 2017 was $50 million, a 30% increase as compared to $38 million in the second quarter of 2016, resulting in net margin of 14.5% vs. 12.6%, respectively; $0.52 basic earnings per share vs. $0.45, respectively; and $0.49 diluted earnings per share vs. $0.40, respectively. Net profit for the second quarter of 2016 included $10 million net gain from the acquisition of the San Antonio fabrication facility and $7 million financing cost resulted from the early repayment of the Israeli banks’ loans. Free cash flow for the quarter was a record of $43 million, with $84 million positive cash flow from operations and $41 million investments in fixed assets, net. The other main cash activities during the second quarter of 2017 were comprised of the following: $14 million received from the exercise of warrants and options and $6 million debt repayments. Cash, cash equivalents and short term deposits as of June 30, 2017 were at a record of $484 million with $341 million of debt outstanding principal amount. Net cash (cash and short-term deposits less debt par value) as of June 30, 2017, totaled to a record of $143 million as compared to net cash of $86 million as of March 31, 2017 and $37 million as of December 31, 2016. Shareholders' equity as of June 30, 2017 was a record of $814 million, as compared to $746 million as of March 31, 2017 and to $683 million as of December 31, 2016. As compared to the first quarter of 2017, second quarter revenues increased by $15 million, which resulted in EBITDA and net profit growth of $7 million and $5 million, respectively, representing incremental margins of 49% and 30%, respectively. First Half Results Overview Revenues for the 2017 first half were a record of $675 million, reflecting 16% growth as compared to $583 million for the first half of 2016. Gross and operating profit for the first half of 2017 were a record of $176 million and $110 million, respectively, increased as compared to $134 million and $71 million, respectively, in the first half of 2016. EBITDA for the first half of 2017 totaled to a record of $209 million, or 31% EBITDA margin, representing 27% increase as compared with $165 million, or 28% EBITDA margin, in the first half of 2016. Net profit for the first half of 2017 was $96 million, or $1.00 in basic earnings per share. Net profit for the first half of 2016 was $104 million, or $1.22 basic earnings per share and included $51 million gain from the acquisition of San Antonio fab and $7 million non-cash financing expenses relating to the Israeli banks loans early repayment. Free cash flow for the first half of 2017 was a record of $84 million, with a record $166 million positive cash flow from operations and $82 million investments in fixed assets, net. The other main cash activities during the first half of 2017 were comprised of the following: $27 million received from the exercise of warrants and options; $17 million debt repayments; a positive $4 million due to the effect of the Japanese Yen exchange rate on the cash balance; and a TPSCo dividend to Panasonic of $4 million. Business Outlook TowerJazz expects revenues for the third quarter of 2017 ending September 30, 2017 to be $355 million with an upward or downward range of 5%, representing 9% year over year revenue growth as compared to the third quarter of 2016. Teleconference and Webcast TowerJazz will host an investor conference call today, August 3, 2017, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the second quarter 2017 and its outlook. This call will be webcast and can be accessed via TowerJazz’s website at www.towerjazz.com, or by calling: 1-888-668-9141 (U.S. Toll-Free), 03-918-0609 (Israel), +972-3-918-0609 (International).  For those who are not available to listen to the live broadcast, the call will be archived for 90 days. The Company presents its financial statements in accordance with U.S. GAAP.  The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information in this release, which we describe in this release as “adjusted financial measures”, is non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they apply to our Company. These adjusted financial measures are calculated excluding one or more of the following: (1) amortization of acquired intangible assets; (2) compensation expenses in respect of equity grants to directors, officers and employees; (3) gain from acquisition, net;(4) financing cost resulted from banks loans early repayment and (5) Nishiwaki Fab restructuring and impairment cost (income), net;. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/ or presented in this release, as well as calculated in the tables herein, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of net profit, according to U.S. GAAP, excluding gain from acquisition, net, interest and other financing expense, net, other income, net, taxes, non-controlling interest, depreciation and amortization expense, stock based compensation expense, acquisition related costs and Nishiwaki Fab restructuring and impairment cost (income), net. EBITDA is reconciled in the tables below from GAAP operating profit. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as used and/ or presented in this release, is comprised of the outstanding principal amount of bank loans (in the amounts of $161 million, $166 million and $166 million as of June 30, 2017, March 31, 2017 and December 31, 2016, respectively) and the outstanding principal amount of debentures (in the amounts of $180 million, $180 million and $186  million as of June 30, 2017, March 31, 2017 and December 31, 2016, respectively), less cash, cash equivalents and short-term deposits (in the amounts of $484 million, $432 million and $389 million as of June 30, 2017, March 31, 2017 and December 31, 2016, respectively). The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. In addition, the term Free Cash Flow, as used and/ or presented in this release, is calculated to be cash from operating activities as this term is defined by GAAP (in the amounts of $84 million, $82 million and $82 million for the three months periods ended June 30, 2017, March 31, 2017 and June 30, 2016, respectively) less cash for investments in property and equipment, net (in the amounts of $41 million, $40 million and $54 million for the three months periods ended June 30, 2017, March 31, 2017 and June 30, 2016, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets; (ii) over demand for our foundry services and/or products that exceeds our capacity; (iii) maintaining existing customers and attracting additional customers, (iv) high utilization and its effect on cycle time, yield and on schedule delivery which may cause customers to transfer their product(s) to other fabs, (v) operating results fluctuate from quarter to quarter making it difficult to predict future performance, (vi) impact of our debt and other liabilities on our financial position and operations, (vii) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (viii) fluctuations in cash flow, (ix) our ability to satisfy the covenants stipulated in our agreements with our lender banks and bondholders (as of June 30, 2017 we are in compliance with all such covenants included in our banks’ agreements, bond G indenture and others), (x) pending litigation, including the shareholder class actions that were filed against the Company, certain officers, its directors and/or its external auditor in the US and Israel, following a short sell thesis report issued by a short-selling focused firm, which has been dismissed and closed in the US and is still pending in Israel; (xi) our majority stake in TPSCo and our acquisition of the San Antonio fabrication facility by TowerJazz Texas (“TJT”), including new customer engagements, qualification and production ramp-up, (xii) the closure of TJP within the scope of restructuring our activities and business in Japan, settling any future claims or potential claims from third parties, (xiii) meeting the conditions set in the approval certificates received from the Israeli Investment Center under which we received a significant amount of grants in past years, (xiv) receipt of orders that are lower than the customer purchase commitments, (xv) failure to receive orders currently expected, (xvi) possible incurrence of additional indebtedness, (xvii) effect of global recession, unfavorable economic conditions and/or credit crisis, (xviii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xix) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we manufacture products before receipt of customer orders, (xx) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xxi) the execution of debt re-financing and/or fundraising to enable the service of our debt and/or other liabilities, (xxii) operating our facilities at high utilization rates which is critical in order to cover a portion or all of the high level of fixed costs associated with operating a foundry, and our debt, in order to improve our results, (xxiii) the purchase of equipment to increase capacity, the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiv) the concentration of our business in the semiconductor industry, (xxv) product returns, (xxvi) our ability to maintain and develop our technology processes and services to keep pace with new technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxvii) competing effectively, (xxviii) use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers; (xxix) achieving acceptable device yields, product performance and delivery times, (xxx) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxxi) retention of key employees and recruitment and retention of skilled qualified personnel, (xxxii) exposure to inflation, currency rates (mainly the Israeli Shekel and Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well fluctuations in the market price of our traded securities, (xxxiii) issuance of ordinary shares as a result of conversion and/or exercise of any of our convertible securities, as well as any sale of shares by any of our shareholders, or any market expectation thereof, which may depress the market price of our ordinary shares and may impair our ability to raise future capital, (xxxiv) meeting regulatory requirements worldwide, including environmental and governmental regulations; and (xxxv) business interruption due to fire and other natural disasters, the security situation in Israel and other events beyond our control such as power interruptions. A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.


Offers leading technology for the complex requirements of ADAS and autonomous driving in the wireless connectivity and automotive radar markets Market of automotive semiconductor content dominated by analog with 69% share TowerJazz, the global specialty foundry leader, today announced its advanced analog specialty RF and high-performance analog (HPA) manufacturing processes, addressing the increasing demand for analog semiconductor content in the fast-growing automotive market, especially ADAS (advanced driver assistance systems) and autonomous driving. TowerJazz is serving this market through best-in-class RF and HPA technology solutions developed through close partnerships and roadmap alignment with market leaders and world-class global customer support. RF for automotive falls into two broad categories: wireless connectivity and automotive radar, with automotive radar having the largest share of today’s RF semiconductor content. Automotive radar systems have become a relatively standard feature in today’s premium and mid-range automobiles for performing safety and driver assistance tasks such as forward collision avoidance/warning, lane departure warnings, blind spot detection, and parking assist. Wireless connectivity semiconductor content is expected to grow rapidly as well with the number of connected cars quadrupling over the next five years. According to a new market research report by MarketsandMarkets, the automotive semiconductor market is expected to increase from $35B in 2016 to over $48B by 2022. The increasing demand for automobiles coupled with the overall trend of vehicle electrification is driving the growth of this market. Automotive semiconductor content remains dominated by analog with a 69% share of the total market, with RF semiconductor content expected to grow  over the coming years with a double-digit CAGR. With increasing adoption of ADAS -- and eventual migration to fully autonomous vehicles -- as many as seven to twelve radar systems may be incorporated into each car.  Furthermore, increasing adoption of GPS, 4G-LTE (transitioning soon to 5G) and V2X (vehicle-to-everything) communications will augment the RF semiconductor content in vehicles further expanding the RF semiconductor market for automobiles beyond $1.8B by 2021 with a brisk CAGR of > 14% (according to a 2016  MarketsandMarkets report on the ADAS market and company estimates). Because of the high performance needed at high frequencies for automotive radar systems (24-26GHz for short-range and 76-81GHz for long range), the TowerJazz SiGe Terabit Platform is ideally suited to serve this exciting and growing market. TowerJazz’s SBC18H2 through SBC18H5 SiGe technologies offer Ft of 240-300GHz and Fmax of 280-340GHz, providing customers latitude to optimize speed and noise requirements for their specific applications.  TowerJazz’s SiGe Terabit Platform comes with two CMOS options: 1.8V/3.3V (180nm) and 1.2V/3.3V (130nm). All of TowerJazz’s SiGe technologies offer customizable metallization schemes and high-performance passives (MIM capacitors and inductors) to tailor the offering to each customer’s specific end-application.  For more cost-sensitive applications, TowerJazz also offers a complete 65nm RFCMOS technology platform in its Uozu, Japan factory.  For wireless connectivity solutions, TowerJazz offers a front-end module-on-a-chip RF platform in addition to advanced RFSOI and RFCMOS technology offerings with best-in-class Ron-Coff for switches and noise figures for low-noise amplifiers. “In the last several years we have established ourselves as the leading provider of technology solutions that enable higher data rates in handsets, data centers, and networks. As we look forward, we see the proliferation of IoT devices, the advent of 5G cellular service and the promise of autonomous vehicles augmenting our RF business with additional exciting opportunities for growth and we are investing heavily in technologies that provide our customers a strong advantage in these new areas,” said Dr. Marco Racanelli, Senior Vice President & General Manager of RF/High Performance Analog Business Group, TowerJazz. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


TowerJazz, the global specialty foundry leader, announced today that its 0.18um advanced SiGe technology was used to develop a 24-GHz rear and side radar sensor for DENSO Corporation, a leading supplier of advanced automotive technology, systems and components for major automakers. This sensor, using TowerJazz’s submillimeter-wave technology, is used in the Toyota Camry that was released in North America in July and it will help enhance the vehicle safety system. DENSO’s rear and side radar sensor system offers SRR (short range radar), enabled by TowerJazz’s advanced SiGe process, which helps alert the driver of vehicles approaching from behind when changing lanes and when reversing. It also helps perform automatic braking when reversing. According to Global Market Insights, the global automotive radar market size is estimated to exceed $5 billion by 2023. The advent of self-driven cars is anticipated to drive industry growth over the forecast period. DENSO chose TowerJazz’s SBC18 process as this technology combines high-performance SiGe transistors for the transmission and reception of the radar signal together with 0.18um CMOS for the integration of digital control functions on a single chip. TowerJazz’s accurate models for first time success and automotive quality certification were also important factors in the decision. “TowerJazz’s leading SiGe technology enabled us to create the collision avoidance system which is our flagship offering,” said Mr. Kazuma Natsume, Director, Advanced Safety Engineering Division 2, DENSO Corporation. “TowerJazz’s advanced process enabled the engineers to fully achieve the challenging specs required for next generation short range radar (SRR) for automotive applications. This solution allows DENSO to be a world leader in supplying collision avoidance systems for automotive safety.” “We are very pleased and proud that our technologies enabled a partnership with DENSO providing a differentiated solution for vehicle safety system enhancement,” said Mr. Russell Ellwanger, Chief Executive Officer, TowerJazz. “We look forward to grow the partnership and the relationship with DENSO with this technology entering volume production and fanning out to multiple automobile models.” About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its subsidiaries operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures next-generation integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, medical and aerospace and defense. TowerJazz’s advanced technology is comprised of a broad range of customizable process platforms such as: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm). For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.


Phased array technology available now to meet emerging billion dollar 5G markets TowerJazz, the global specialty foundry leader, and The University of California, San Diego (UCSD), a recognized leader for microwave, millimeter-wave, mixed-signal RFICs, and phased arrays, demonstrate for the first time, a greater than 12 Gbps, 5G phased-array chipset.  This chipset demonstrates that products can be fabricated today to meet the emerging 5G telecom standards for the next wave of worldwide mobile communications. The chipset operates at 28 to 31 GHz, a new communications band planned for release by the FCC. The chipset uses TowerJazz’s high volume SiGe BiCMOS technology, with record performance at the 28GHz band, representing a more than 10-times improvement in data rate vs. 4G LTE, and today meets many other technical specification requirements of the emerging 5G standard. About the 5G Chip Sets and H3 Process The 5G transmit and receive chipsets reported today achieved more than 12 Gbps data rates at 30 meters separation, and greater than 3 Gbps when separated by 300 meters, using two polarizations.  The UCSD chip utilizes 16-64-256 QAM (quadrature amplitude modulation) schemes to achieve these data rates.  The measured EVM (error vector magnitude), a figure of merit used to determine the quality of the data received, suggests both chipsets are already performing at 4G LTE levels.  The 64-QAM link reported today at 12 Gbps, has an EVM < 5% at 30 meters.  The 16 QAM link at 3 Gbps has an EVM <12% at 300m and over all scan angles, and all with no FEC or equalization. The system operates in a dual-polarization mode.  In addition, the 4 x 8 (32-element) phased-arrays use SiGe core chips and are assembled on a multi-layer printed-circuit board together with the antennas.  Record figures of merit such as NF (Noise Figure), EIRP (Equivalent Isotropically Radiated Power), and EVM have been demonstrated. “The TowerJazz H3 platform is truly great, and allows for 13-20 dBm transmit power per element with high PAE (power-added efficiency) of 20% at 28 GHz. Also, it offers very low-noise transistors resulting in an LNA NF of 2.4 dB at 28 GHz, high-Q inductors and low-loss transmission-lines for on-chip power distribution,” said Prof. Gabriel Rebeiz, member of the U.S. National Academy of Engineering, distinguished professor and wireless communications industry chair at the UC San Diego Jacobs School of Engineering. By using TowerJazz’s SiGe BiCMOS technology, UCSD’s design team, led by graduate student Kerim Kibaroglu and post-doctoral fellow Mustafa Sayginer, and with the use of state-of-the-art Keysight equipment such as the 8195A Arbitrary Wave Generator, the DSOS804A Digital Scope and the Signal Studio suite with the VSA software, was able to achieve record links at 30 to 300 meters over all scan angles. Prof. Rebeiz added, “We thank TowerJazz for this wonderful process and look forward to continued collaboration.” Today, peak wireless data rates for 4G LTE can be up to 1 Gbps, but are nominally lower around 100 to 300 Mbps.  Here, TowerJazz has demonstrated more than 10x those speeds using the UCSD 5G next-generation mobile designs made with its high volume H3 technology. “We continue to release additional technology nodes, e.g. our H5 and H6, which have even lower noise devices and higher speed capabilities. These technologies will enable 5G designers to further increase data rates through higher QAM modulation schemes, or shrink chip sizes and increase the distance over which these 5G chips can perform,” said Dr. David Howard, Executive Director and TowerJazz Fellow.   “Also, as we add new features to our SiGe Terabit Platform, we support easy evolution of customer technology for fast time to market. This allows our customers to grow their technology roadmap and products as the 5G standards evolve.” Availability The SBC18H3 process, as well as H4, H5 processes, are available through TowerJazz at www.towerjazz.com. Chips used in the technology demonstrations are available from UCSD and interested parties should contact Prof. Gabriel M. Rebeiz; Department of Electrical and Computing Engineering at UCSD, 858/336-3186 or rebeiz@ece.ucsd.edu. About Phased Arrays Phased arrays allow the electronic steering of an antenna beam in any direction and with high antenna gain by controlling the phase at each antenna element. The radiated beam can be “moved in space” using entirely electronic means through control of the phase and amplitude at each antenna element used to generate the beam. This beam steering technique is much more compact and much faster than mechanically steered arrays. Furthermore, phased arrays allow the creation of deep nulls in the radiation pattern to mitigate strong interference signals from several different directions. They have been in use since the 1950s in defense applications and are receiving intense commercial interest for automotive (radars) and communication (5G) chip markets. About UCSD The University of California, San Diego, is one of the leading Universities in mixed-signal, microwave and mm-wave RFICs, digital communications, applied electromagnetics, RF MEMS (microelectromechanical systems) and nano-electronics research, and is home to the Center for Wireless Communications.  UCSD has an annual research budget exceeding $850M, and its Jacobs School of Engineering is ranked as Number 17 in the US-News and World Report 2015 ranking.  The Electrical and Computer Engineering Department, consisting of 46 teaching tenured faculty, trains approximately 400 graduate students per year. For more information, please visit www.ece.ucsd.edu and www.ucsd.edu. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its fully owned U.S. subsidiaries Jazz Semiconductor, Inc. and TowerJazz Texas Inc., operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures integrated circuits, offering a broad range of customizable process technologies including: SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management (BCD and 700V), and MEMS. TowerJazz also provides a world-class design enablement platform for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity. To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three additional facilities in Japan (two 200mm and one 300mm) through TowerJazz Panasonic Semiconductor Co. (TPSCo), established with Panasonic Corporation of which TowerJazz has the majority holding. Through TPSCo, TowerJazz provides leading edge 45nm CMOS, 65nm RF CMOS and 65nm 1.12um pixel technologies, including the most advanced image sensor technologies. For more information, please visit www.towerjazz.com or www.tpsemico.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.

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