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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (38823)	10/26/2000 1:07:39 PM
From: Proud_Infidel	Respond to of 70976

Tower presses ahead with new fab, reports $800,000 loss in Q3 Semiconductor Business News (10/26/00, 11:14:51 AM EDT) MIGDAL HAEMEK, Israel -- Silicon foundry supplier Tower Semiconductor Ltd. here posted third-quarter sales of $27.6 million, a 47% increase from $18.2 million in the same period last year and an 8% gain sequentially from $25.6 million in the second quarter this year. Tower Semniconductor's net income in the third quarter was $400,000, or $0.04 per share, excluding expenses for a planned 8-inch wafer fab and other nonrecurring items. Including those charges, Tower posted a net loss of $800,000 for the quarter. Last year, Tower had a net loss of $4.7 million in the third quarter, and it reported a net income of $400,000 in the second quarter of 2000. The third-quarter net loss underscores the importance of Tower's efforts to build a second wafer fab, which has the backing of partners and recently the Israeli government. Earlier this month, the company said Israel's finance minister has proposed a $250 million grant for the planned $1.25 billion fab (see Oct. 11 story). Tower has also struck technology and investment pacts with Toshiba, SanDisk, Alliance Semiconductor, and Macronix International. "We now focus on concluding agreements with additional strategic partners and investors and finalizing the agreement with the banks for credit lines of $550 million, and we expect to break ground soon," said Yoav Nissan-Cohen, Tower's Co-CEO.