Tower Semiconductor's loss widens as sales fall
EBN
(01/30/02 18:51 p.m. EST)
siliconstrategies.com
Tower Semiconductor Ltd., Migdal Haemek, Israel, today announced sales for the fourth quarter were $8.8 million versus $29.2 million in the fourth quarter of 2000, and $9.9 million in the immediately-preceding quarter, ended September 30, 2001.
The company reported a loss for the fourth quarter of 2001 of $9.3 million or 41 cents loss per share, including non-capitalized Fab 2 expenses (net) of $4.5 million, compared with an earning of $400,000 million, or 3 cents per share, in the fourth quarter of 2000, including non-capitalized Fab 2 expenses (net) of $900,000, and compared with a loss of $12.4 million, or 6 cents per share, in the preceding quarter ended September 30, 2001, including non-capitalized Fab 2 expenses (net) of $4.7 million.
Sales for the twelve months ended December 31, 2001 were $52.4 million versus $104.8 million in the twelve months ended December 31, 2000. The company reported a loss of $38.5 million or $1.92 per share, including non-capitalized Fab 2 expenses (net) of $14 million, compared with a loss of $4 million, or 26 cents per share, in the twelve months ended December 31, 2000, including non-capitalized Fab 2 expenses (net) of $1.7 million.
"In 2001 we laid the foundations for a great future for Tower Semiconductor, starting with January's ground breaking of Fab 2, through meeting on time all of the planned major milestones for the project," said Nissan-Cohen, co-chief executive, in a written statement. |
