MIGDAL HAEMEK, ISRAEL: TowerJazz, the global specialty foundry leader, today announced it expects fourth-quarter revenue to exceed the company's previous guidance given on November 9, 2009 due to successful completion of the first milestone in its Asian project announced on November 23, 2009, in which TowerJazz is providing know-how, training and turnkey manufacturing solutions.
The company now expects fourth-quarter revenue to be between $98 million and $102 million, which is higher than the previous guidance of $90 million to $94 million, with a mid-range representing a 26 percent increase from previous quarter revenues and a 29 percent increase year over year and representing company record revenue.
Russell Ellwanger, chief executive officer of TowerJazz, said: "To be in the guidance range of $100 million is a significant achievement for the company. We foresee the following quarters in 2010 to continue to grow on top of this new baseline performance. I can imagine no place that is more exciting to work than at TowerJazz."