Tower Semiconductor Ltd. (Migdal Haemek, Israel) announced results for the first quarter ended March 31, 2003. Sales for the first quarter of 2003 were $12.6 million, an increase of 50 percent over sales of $8.4 million in the first quarter of 2002. This represents an increase of nine percent over sales from operations in the prior quarter, when sales from operations were $11.6 million (in the prior quarter, the company recognized an additional $4 million in revenue from a technology agreement).
Total first-quarter loss was $14.4 million, or $0.33 per share, including non-capitalized Fab 2 expenses (net) of $12.6 million, compared to a loss of $13.6 million, or $0.33 per share, including non-capitalized Fab 2 expenses (net) of $10.8 million, for the fourth quarter of 2002 and compared with a loss of $12 million, or $0.47 per share, including non-capitalized Fab 2 expenses (net) of $6.4 million, for the first quarter of 2002.
