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To: StanX Long who wrote (64079)	5/29/2002 1:57:33 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tower Semi ups forecast to at least 35% sequential rise in Q2 foundry revenues Semiconductor Business News (05/28/02 08:58 a.m. EST) siliconstrategies.com MIGDAL HAEMEK, Israel--Tower Semiconductor Ltd. today raised its second-quarter forecast for silicon foundry revenues to at least a 35% sequential increase from $8.4 million in the first quarter of this year. Earlier this month, the Israeli chip foundry posted $12 million loss, including expenses for a new wafer fab, on sequentially lower revenues in Q1 (see May 2 story). Tower Semiconductor said it was increasing its guidance for Q2 because orders throughout the current quarter are higher than expected. In addition, the foundry company said it expects a moderate growth rate to continue throughout the second half of 2002. Tower's Q1 revenues were 60% below $21.1 million in the first quarter last year, and 4.5% sequentially lower than $8.8 million in Q4 of 2001. "In line with the current improvement in the semiconductor market, Fab 1 utilization rates continue to rise," said co-CEO Yoav Nissan-Cohen, who did not provide details on the capacity utilization rate in a statement issued today. "In addition, our Fab 2 proceeds on schedule, enabling Tower to take full advantage of the coming upturn in the market."