TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million

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MIGDAL HAEMEK, Israel, May 15, 2019 (GLOBE NEWSWIRE) -- TowerJazz (NASDAQ: TSEM & TASE: TSEM) reported today revenues of $310 million, EBITDA of $79 million, cash from operations of $75 million, free cash flow of $33 million and net profit of $26 million for the first quarter ended March 31, 2019.  

Gross and operating profits for the first quarter of 2019 were $63 million and $27 million, respectively, as compared to $66 million and $32 million, respectively, in the first quarter of 2018.

Net profit for the first quarter of 2019 was $26 million, or $0.25 diluted earnings per share, as compared to $26 million, or $0.26 diluted earnings per share in the first quarter of 2018. Share count for diluted earnings per share calculation for the first quarter of 2019 was 107 million, as compared to 101 million for the first quarter of 2018, due to the previously reported full conversion of the Jazz bonds into 6 million ordinary shares.

Free cash flow for the quarter was $33 million, with $75 million cash flow from operations and $42 million investments in fixed assets, net. Cash from operations for the first quarter of 2018 was $75 million with $40 million investments in fixed assets, net, resulting in $35 million of free cash flow. 

Shareholders' equity as of March 31, 2019 was a record $1.27 billion, as compared to $1.24 billion as of December 31, 2018 and $1.07 billion as of March 31, 2018.

Ellwanger continued: “We see a broad set of growth drivers, especially for the analog sectors of the semiconductor market that we are focused on, including the global 5G rollout, with increased demand of wireless and infrastructure content, ongoing increases in automotive analog content – including sensors, sensor system and battery management; along with IoT and AI applications. While there is short-term caution, we are encouraged with our second quarter organic growth and optimistic that we will emerge from current market conditions very well positioned for accelerated and sustained growth on both the top and bottom line.”

This call will be webcast and can be accessed via TowerJazz’s website at , 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 on TowerJazz’s website for 90 days.

 

 

 

 

 

 

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Globe Newswire: 09:11 GMT Wednesday 15th May 2019

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