Migdal Hameq, Israel
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.


MIGDAL HAEMEK, Israel, CHELMSFORD, England and ARAI, Japan, Nov. 01, 2016 (GLOBE NEWSWIRE) -- TowerJazz, the global specialty foundry leader, and e2v, the global innovator of imaging solutions, have today announced that e2v’s standard and custom CMOS image sensor solutions are now available with a newly developed generation of global shutter pixels. This advanced solution has been developed by TowerJazz at TowerJazz Panasonic Semiconductor Co. (TPSCo), made possible by its long heritage and proven experience in imaging technology. Working together, e2v and TowerJazz have used their combined expertise to leverage this new technology and accelerate its availability to the market within a rapid time frame. TPSCo’s ability to produce premium quality image sensors enabled TowerJazz to develop a significantly smaller global shutter pixel.  e2v then integrated this new technology into its state-of-the-art industrial sensors. This innovation offers highly optimized electro-optical performance with impressively low dark current noise characteristics.  This solution is the world’s smallest global shutter pixel, on a 110nm technology node with extremely high shutter efficiency. It will also serve next generation industrial and 3D gesture recognition market segments. The new technology platform from TowerJazz will be transferred from Arai, Japan to Migdal Haemek, Israel to support large sensors and stitching, providing dual sourcing to its growing customer base. The overall image sensor market is predicted to be worth 17.5 billion USD by 20201 and this new product offering will enable e2v and TowerJazz to capitalize on this market growth. François Thouret, President of Professional Imaging at e2v, said, “Our successful relationship with TowerJazz extends over 10 years. We are very proud to be the leading customer partnering with them and TPSCo to bring this innovative imaging solution to the market. In a fast changing and demanding industry, the availability of this groundbreaking technology is a key milestone to ensure our standard and custom solutions fulfill the current and future needs of our customers.” Dr. Avi Strum, TowerJazz Senior VP and General Manager of CMOS Image Sensor Business Unit, said, “We are very pleased to have collaborated with e2v to produce the first sensor in the world with pixels as small as 2.8um. e2v has been a strong and dedicated partner to TowerJazz. Its exceptional capabilities in CMOS sensor design technology help deliver the best results from our leading process technology, allowing us both to gain market share in this innovative and competitive market.” e2v’s standard and custom CMOS image sensors will be exhibited at VISION, Messe Stuttgart, Germany on November 8-10, 2016. Visit the team in booth E-17. TowerJazz and TPSCo will be exhibiting at VISION, Messe Stuttgart, Germany on November 8-10, 2016 in booth 1I82. About e2v Bringing life to technology, e2v partners with its customers to improve, save and protect people’s lives. e2v’s innovations lead developments in automation, healthcare, communications, safety, discovery and the environment. e2v’s CMOS, CCD and EM image sensors, line scan cameras, camera modules and subsystems deliver high performance across many applications. e2v’s unique approach involves listening to the market and application challenges of customers and partnering with them to provide innovative standard, semi-custom or fully custom imaging solutions, bringing increased value to their systems. e2v employs approximately 1750 people worldwide, has design and operational facilities across Europe, North America and Asia, and has a global network of sales and technical support offices. e2v has annual sales of GB236M as at 31 March 2016 and is listed on the London Stock Exchange. For more information www.e2v.com. About TowerJazz Panasonic Semiconductor Co. TowerJazz Panasonic Semiconductor Co., Ltd. (TPSCo) was established by Panasonic Corporation (NASDAQ ADS:PCRFY) (TYO:6752), 51% of which was acquired by Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and 49% of which is now held by Panasonic Semiconductor Solutions Co., Ltd. TPSCo has three manufacturing facilities in Hokuriku, Japan which have been producing large scale integrated circuits for over 30 years. Areas of process technology focus include: high dynamic range image sensors (CIS and CCD), integrated power devices (BCD, SOI, and LDMOS) and high frequency silicon RFCMOS.  With over 120 qualified silicon process flows on 200mm and 300mm wafers from super micron to 45nm as well as internal back end processing, assembly and test services, TPSCo provides both IDMs and fabless companies with unparalleled semiconductor manufacturing quality and technology, including in-house turnkey services.  For more information, please visit www.tpsemico.com/. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its fully owned U.S. subsidiary Jazz Semiconductor, 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.  For more information, please visit www.towerjazz.com To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm and 200mm), one 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.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.


TowerJazz, the global specialty foundry leader, announced today that it is the high volume technology manufacturer for Cavendish Kinetics, the leader in radio-frequency micro-electromechanical systems (RF MEMS).  Together, the companies have demonstrated industry leading 100 billion cycle reliability. RF MEMS is becoming a key technology to improve smartphone antenna efficiency as LTE standards evolve and handset form factors get more aggressive. Cavendish Kinetics’ SmarTuneTM products are used to fine tune smartphone antennas across the ever-growing spectrum of LTE frequency bands, maximizing RF performance for better signal strength, faster data rates and longer battery life.  Recently, Cavendish has received a wave of positive press for its RF MEMS based SmarTune mobile products, after announcements of 40 smartphone handset design wins, most notably the 2016 Samsung Galaxy A8.  Cavendish also won The Linley Group award for “Best Mobile Chip” in January 2017. “TowerJazz has been a tremendous partner for both the technology development and manufacturing of RF MEMS,” said Atul Shingal, Cavendish Kinetics EVP of Operations.  “As our volumes have dramatically increased over the past two years, TowerJazz has delivered fantastic quality and reliability.” “Cavendish Kinetics RF MEMS products offer the smartphone industry significant performance improvements, and uniquely solve some of the most difficult smartphone antenna challenges,” said Dr. David Howard, TowerJazz Executive Director and Fellow. “TowerJazz is proud to partner with Cavendish on both their current SmarTune product line and also on their next generation products that will address a more diverse range of applications.” About Cavendish Kinetics Cavendish Kinetics (www.cavendish-kinetics.com) is the leading provider of high-performance RF MEMS antenna tuning solutions for smartphones, handheld and wearable devices.  Cavendish’s SmarTune devices have been qualified beyond 100 billion cycles and are shipping in volume since 2014.  Cavendish Kinetics has offices in San Jose CA, Dallas TX, China, Korea, and the Netherlands. 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.


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.


Revenues up 34% year over year; EBITDA up 54% year over year resulting in Net Profit of $51 million and Cash from Operations of $86 million Further Revenue Growth Guided For the Fourth Quarter of 2016 MIGDAL HAEMEK, Israel, Nov. 15, 2016 (GLOBE NEWSWIRE) -- TowerJazz (NASDAQ:TSEM) (TASE:TSEM) today reported results for the third quarter of 2016 ended September 30, 2016. Highlights of the Third Quarter of 2016 CEO Commentary Mr. Russell Ellwanger, Chief Executive Officer of TowerJazz, commented, “our third quarter is our eleven consecutive quarter of year over year revenue and EBITDA growth and yielded approximately $400 million, $340 million and $200 million of annualized EBITDA, cash from operations and net profit, respectively. These results speak loudly to our business model and execution, including acquisitions that provide immediate ROI with long term revenue and margin guarantees from our seller partners and incremental growth against fully covered fixed costs. We have developed a customer base from which we continue to see strong demand across our different business units for our leading edge forefront differentiated technology. In addition, our worldwide operational model allows us to optimize product mix according to utilization rates, as demonstrated with significant increase in margins and EPS.” Ellwanger continued, “We expect to complete 2016 as the strongest year in our history. Based on our mid-range guidance, full year revenues would be $1.25 billion, a foundry leading year-over-year growth of 30% with more than proportional increase in all related financial metrics.” Third Quarter Results Overview Revenues for the third quarter of 2016 were a record of $326 million, reflecting 34% growth as compared with $244 million reported for the third quarter of 2015 and 7% higher than the $305 million reported in the immediately preceding quarter. Gross profit for the third quarter of 2016 was $81 million. This represents an increase of 47% as compared with $55 million in gross profit in the third quarter of 2015, and an increase of 12% as compared with $73 million gross profit in the immediately preceding quarter. Operating profit was $49 million for the third quarter of 2016, as compared with $24 million as reported in the third quarter of 2015 and $40 million in the immediately preceding quarter. Net profit for the third quarter of 2016 was $51 million, or $0.58 in basic earnings per share, demonstrating increased net profit as compared with $14 million or $0.18 earnings per share in the third quarter of 2015 and as compared with $38 million, or $0.45 earnings per share in the second quarter of 2016. Net profit for the third quarter of 2016 included $6.5 million of income tax benefit related to finalization of the closure of the Japanese subsidiary that held the fab in Nishiwaki that ceased operations in 2014. On an adjusted basis, as described and reconciled in the tables below, adjusted net profit for the third quarter of 2016 was $49 million, as compared with $19 million adjusted net profit reported for the third quarter of 2015 and $40 million reported in the immediately preceding quarter. EBITDA for the third quarter of 2016 totaled $97 million. This represents a 54% increase as compared with $63 million in the third quarter of 2015 and 11% increase as compared with $87 million in the second quarter of 2016. Cash and short-term deposits as of September 30, 2016 were $363 million, as compared with $311 million as of June 30, 2016. The main cash activities during the third quarter of 2016 were comprised mainly of the following: $86 million cash generated from operations; $22 million from exercise of warrants and options; $9 million debt received, net; investments of $55 million in fixed assets, net; and investment of $12 million in long term deposits. These cash activities resulted in free cash flow for the third quarter of 2016 of $31 million, as compared with $10 million in the third quarter of 2015 and $27 million, which included $11 million, net, of received customer prepayments, in the second quarter of 2016. Shareholders' equity as of September 30, 2016 was $636 million, an increase of 65% as compared with $386 million as of December 31, 2015 and an increase of 14% as compared with $559 million as of June 30, 2016.  Net debt amounted to $16 million as of September 30, 2016 as compared with net debt of $51 million as of June 30, 2016. Nine Months Results Overview Revenues for the first nine months of 2016 were a record $909 million, reflecting 29% growth as compared to $706 million in the first nine months of 2015. Gross and operating profit for the first nine months of 2016 were $215 million and $120 million, respectively, reflecting a 53% and 152% increase respectively, as compared to gross and operating profit of $141 million and $48 million in the first nine months of 2015, respectively. Net profit for the first nine months of 2016 was $156 million, or $1.81 in basic earnings per share. This included $51 million gain from the San Antonio acquisition and $6.5 million income tax benefit related to the finalization of the closure of the Nishiwaki Japanese subsidiary, which were partially offset by $7 million non-cash financing expenses relating to the Israeli banks’ loans early repayment. This is compared to a net loss for the nine months ended September 30, 2015 of $52 million which included $74 million in a non-cash finance expense associated with Series F Bonds accelerated conversion done in 2015 and $11 million income tax benefit resulting from expiration of statute of limitations. Excluding the above described one-time items, net profit for the first nine months of 2016 was $105 million as compared with $11 million for the first nine months of 2015, a $94 million improvement against $203 million of higher revenues. EBITDA for the first nine months totaled $261 million, representing a 51% increase as compared to $173 million in the first nine months of 2015. Cash from operations was $246 million in the first nine months of 2016 with free cash flow of $79 million, as compared to $117 million and $10 million, respectively, in the first nine months of 2015. Business Outlook TowerJazz expects revenues for the fourth quarter of 2016 ending December 31, 2016 to be $340 million, with an upward or downward range of 5%, representing approximately 34% year over year revenue growth as compared with the fourth quarter of 2015. Teleconference and Webcast TowerJazz will host an investor conference call today, November 15, 2016, 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 third quarter 2016 and its fourth quarter 2016 outlook. This call will be webcast and can be accessed via TowerJazz’s website at www.towerjazz.com, or by calling: 1-888-407-2553 (U.S. Toll-Free), 03-918-0644 (Israel), +972-3-918-0644 (International).  For those who are not available to listen to the live broadcast, the call will be archived for 90 days. Investor and Analyst Conference TowerJazz will be hosting an Investor and Analyst Conference on Wednesday, November 16, 2016 in New York. The conference will commence at 10:00am Eastern time and will take place at NASDAQ MarketSite – Press Conference Area, 4 Times Square, New York City. The event will follow an opening bell ceremony at 9:30am, in which TowerJazz’s management will formally ring the bell at the open of the NASDAQ market. The Investor and Analyst Conference is designed to provide the Company’s existing and potential investors and analysts an opportunity to learn more about TowerJazz’s strategy, business, operations and financials, while demonstrating the Company’s strength and capabilities that enable value creation. During the event, TowerJazz will present its business and financial strategies, performance, achievements and future goals. Presentation slides will be posted on the day of the event at www.towerjazz.com under the section: Investors, Investors Resources, Presentations. The Company presents its financial statements in accordance with U.S. GAAP. Some of the financial information in this release, including in the financial tables below, which we refer to in this release as  “adjusted financial measures”, are 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) other non-cash financing expense, net associated with Bonds Series F accelerated conversion (5) non-cash financing expenses related to bank loans early repayment and (6) non-recurring income tax benefit. 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 reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used in this release, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of profit or loss, according to U.S. GAAP, excluding gain from acquisition, net, interest and other financing expenses (net), other income (expense), net, taxes, non-controlling interest, depreciation and amortization and stock based compensation expenses. 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. Net debt, as presented in this release, is comprised of the outstanding principal amount of banks’ loans (in the amounts of approximately $192 million, $175 million and $246 million as of September 30, 2016, June 30, 2016 and December 31, 2015, respectively) and the outstanding principal amount of debentures (in the amounts of approximately $187 million, $187 million and $65 million as of September 30, 2016,  June 30, 2016 and December 31, 2015, respectively), less cash and short-term deposits (in the amounts of approximately $363 million,  $311 million and $206 million as of September 30, 2016, June 30, 2016 and December 31, 2015, respectively). About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its fully owned U.S. subsidiary Jazz Semiconductor, 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. 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, (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 our debt re-financing, restructuring and/or fundraising to enable the service and/or re-financing of our debt and 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 therefore, (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.


News Article | November 15, 2016
Site: globenewswire.com

What:  TowerJazz (Nasdaq:TSEM), the global specialty foundry leader, will visit the Nasdaq MarketSite in Times Square. In honor of the occasion, Russell C. Ellwanger, Chief Executive Officer, will ring the Opening Bell. When: Wednesday, November 16, 2016 – 9:15 a.m. to 9:30 a.m. ET Social Media: For multimedia features such as exclusive content, photo postings, status updates and video of bell ceremonies, please visit our Facebook page: http://www.facebook.com/NASDAQ. For photos from ceremonies and events, please visit our Instagram page: http://instagram.com/nasdaq For livestream of ceremonies and events, please visit our YouTube page: http://www.youtube.com/nasdaq/live For news tweets, please visit our Twitter page: http://twitter.com/nasdaq For exciting viral content and ceremony photos, please visit our Tumblr page: http://nasdaq.tumblr.com/ Webcast: A live stream of the Nasdaq Opening Bell will be available at: https://new.livestream.com/nasdaq/live or http://www.nasdaq.com/about/marketsitetowervideo.asx Photos: To obtain a hi-resolution photograph of the Market Open, please go to http://business.nasdaq.com/discover/market-bell-ceremonies and click on the market open of your choice. About TowerJazz Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) and its fully owned U.S. subsidiary Jazz Semiconductor, 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. About Nasdaq Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,700 listed companies with a market value of $10 trillion and approximately 18,000 corporate clients. To learn more, visit: nasdaq.com/ambition or business.nasdaq.com


News Article | March 4, 2015
Site: tech.firstpost.com

TowerJazz has won a contract from Intel to produce infrared sensors for Intel’s 3D cameras, the Israeli chip manufacturer said. Terms of the deal were not disclosed, but a market source who asked not to be named estimates that the agreement could be worth hundreds of millions of dollars within four years. The 3D cameras installed on laptops recognise gestures, enabling users to control their computers with hand and head movements. The technology was developed by Intel’s Israeli subsidiary close to TowerJazz’s manufacturing plant in northern Israel. Avi Strum, general manager of TowerJazz’s CMOS image sensor business, said the technology has numerous potential uses, such as the ability for the likes of cooks or car mechanics to operate a computer with gestures rather than having to touch it with dirty hands. The camera can also capture images of an object and quickly create a model for use in 3D printing. “Intel sensing solutions will bring consumers new experiences and will change the way people capture and share 3D images,” Strum said. “That Intel chose us for mass production of such sensors is very positive.” While gesture control is most common in laptops or gaming systems, it is expected to become more widely used in mobile devices such as smartphones.


News Article | March 19, 2014
Site: gizmodo.com

Two Chinese companies, TowerJazz and Gpixel, have teamed up to develop the GMAX3005, a new massively high-resolution 150 megapixel CMOS image sensor. The goal is to use it for medical and industrial applications, so don't expect it to see it in your next DSLR. Admittedly, we don't have a lot of reference points for evaluating some of the claims in this release, but the companies say that this is the highest-resolution CMOS sensor in the world, and we can't find any that come close. The chip measures 167.6mm x 30.1mm, which implies an absurdly wide aspect ratio; however, the release describes this image sensor as "full frame," which in consumer speak means 35mm. Safe to say, you won't be using this sensor anytime soon, but it might find its way into medical tech that saves your life one day. Intriguing! [Businesswire via Photography Blog via The Phoblographer]


News Article | January 17, 2014
Site: www.zdnet.com

Panasonic is aiming to sell three chip assembly plans in Asia to Singaporean firm United Test and Assembly Center as the company continues to restructure amid financial losses. The tech giant hopes a deal will be signed and completed by the end of February. The plants, located in Indonesia, Malaysia and Singapore, account for almost 6,000 employees. According to Reuters sources, a price is yet to be agreed, and Panasonic is still considering options for two other chip plans in Shanghai and Suzhou, China -- although the electronics maker could either sell them or close them down to save money. A Panasonic spokesman said options were being "considered" but nothing has been finalized. United Test and Assembly Center Ltd is one of the largest providers worldwide of semiconductor components, including memory and circuits. UTAC has manufacturing plants in Singapore, China, Shanghai and Taiwan. In December, Panasonic announced a joint venture with TowerJazz Semiconductor, which will take over three of the company's plans in Japan. Panasonic's finances have been less than impressive in the last few years, but in Q4 2013, despite a sales drop of eight percent, the firm managed to secure $667 million in profit. This small profit is not much, true, but may signal a turning point for the consumer electronics maker after after posting a $9.7 billion loss for the fiscal year ending 2012.


TORONTO--(BUSINESS WIRE)--Eyelit Inc., a manufacturing software provider for visibility, control, and coordination of manufacturing operations for the aerospace & defense, discrete electronics, life sciences, medical device, semiconductor, and photovoltaic (solar) industries, announced today its revenue growth for the first quarter of 2015, and a dramatic increase in its new software license revenue. Eyelit continued its growth in the first quarter of the year by increasing software license revenues by over 40% in comparison to the first quarter of 2014. The rise was highlighted by a multi-site project for a major new customer, a consumer electronics company on the Global 100 index. Regionally, North America was the largest contributor to revenue growth followed by Asia. “We finished with good first quarter growth and profit, and we were able to build on our full-year profit and revenue growth from the previous year. Eyelit is well positioned for accelerated expansion in the rest of 2015. We expect substantial gains in services revenue this year with the kickoff of two new WorkStream MES migration projects, one located in Europe and the other in North America. We also expect a significant revenue boost in the second and third quarters from follow-on business with our large corporate customers,” stated Dan Estrada, Eyelit’s Vice-President of Sales and Marketing. “We are hiring additional staff for our consulting services and development teams to keep up with the increased global demand for Eyelit’s products.” During the first quarter of 2015, Eyelit’s customers rolled out version 5.2 of the Eyelit software suite while Eyelit was rapidly adding extensive new functionality to its next major release. Eyelit version 5.2.1 will introduce the Operator Certification™ module and other new and powerful complementary products, which extend the reach of Eyelit’s software suite into additional industry segments beyond its current target markets. Eyelit Inc. is the leader in Manufacturing Execution and Quality Management (MES and QMS) solutions for visibility, control, and coordination of manufacturing operations for the aerospace & defense, electronics, life sciences, medical device, semiconductor, and solar industries. Eyelit uniquely delivers a broad set of manufacturing solutions, including Asset Management (Semi E10, SEMI PV2-0709), Dispatching, Factory Integration (Automation), Manufacturing Execution (MES/MOM), Recipe Management, Supply Chain Management, Quality Management (CAPA/OCAP/SPC/APC/RMA), and Business Process Management, that enable its customers to rapidly and cost-effectively optimize production and company processes. With exceptional customer service, Eyelit has time and again proven that superior, innovative technology can maximize efficiency and value. More than 50 leading companies, including Ascent Solar, austriamicrosystems, CEA-Leti, CEITEC, eMagin, FLIR Systems, Freescale Semiconductor, JSC Angstrem-T, Kionix, Mentor Graphics, Murata Electronics Oy, PerkinElmer, Raytheon Company, SEMATECH, TowerJazz, Umicore, and X-FAB, rely on Eyelit as a trusted software partner. Follow Eyelit on LinkedIn and Twitter.

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