TowerJazz saw record figures in 2012

Gross profit on a non-GAAP basis for 2012 was USD 233 million or gross margin of 37%, an improvement over the USD 219 million or gross margin of 36% in 2011. Non-GAAP operating profit for 2012 was USD 165 million or operating margin of 26% compared with an operating profit of USD 155 or operating margin of 25% million in 2011. EBITDA for 2012 improved to USD 164 million compared with USD 155 million in 2011. The Company's cash and short-term deposits balance as of December 31, 2012 was USD 133 million as compared to USD 101 million as of December 31, 2011. Positive cash flow from operations for the year was USD 75 million (or USD 95 million excluding the one-time reorganization payments). TowerJazz forecasts revenues of $110 to $120 million in the first quarter of 2013. The company view this revenue level as short term in line with the Micron volume agreement. Based upon tape out activity and specific engagements, Towerjazz expect to see growth throughout the year.