TowerJazz Presents Fourth Quarter and Full Year 2012 Financial Results

  TowerJazz Presents Fourth Quarter and Full Year 2012 Financial Results

              Full Year 2012 Revenues of $639 Million up 5% YoY

Business Wire

MIGDAL HAEMEK, Israel -- February 14, 2013

TowerJazz, the global specialty foundry leader, today announced financial
results for the fourth quarter and full year, ended December 31, 2012.

Highlights

  *Record full year revenues of $638.8 million, up 5% year-over-year, further
    cementing TowerJazz’s position as the #1 specialty foundry; $164 million
    EBITDA for 2012, reflecting 26% EBITDA margins and up 6% year-over-year;
  *Improvement in full year non-GAAP gross and operating margins at 37% and
    26%, respectively as compared to 36% and 25% in 2011, respectively;
  *Full year non-GAAP net profit of $132 million and net margin of 21%,
    higher than $124 million and 20% net margin in 2011;
  *End of year cash balance of $133 million as compared to $101 million as of
    December 31, 2011.

CEO Perspective

Russell Ellwanger, Chief Executive Officer of TowerJazz, commented: "2012 was
a noteworthy and strategically significant year for the company. We acquired
the Nishiwaki factory with an understanding of long term capacity needs of our
business. This demand is being realized and satisfied in the Nishiwaki factory
with the press released Vishay-Siliconix advanced technology transfer, a very
large Asian based fabless existing customer transferring its highest volume
flow to Nishiwaki and multiple new Japanese and Korean customer engagements.
Our recent introduction of an advanced SOI Switch platform opens a new market
for us and has already realized over 25 customer tape-outs. In 2012, we had
over 450 full mask set tape outs and left the year with more than 400 new
design wins. These numbers are at record levels and a strong indicator of
customer traction and continued growth."

Ellwanger further stated: "In the immediate, we see revenue reduction as per
the planned contractual decrease in the Micron volume agreement in Nishiwaki.
We see this as short term, corrected by the qualification and ramp of the
above mentioned Nishiwaki based activities, as well as other strategic
initiatives in new markets such as the SOI Switch. Our worldwide presence and
specialty technology offerings have enabled us to create a competitive
advantage for our customers and we expect further market share growth in our
chosen value add segments during 2013."

Full year 2012 summary

2012 revenues were a record $638.8 million, an increase of 5 percent over
revenues of $611.0 million for 2011.

On a non-GAAP basis, we achieved improvements in gross profit, operating
profit and net profit.

Gross profit on a non-GAAP basis for 2012 was $233 million or gross margin of
37%, an improvement over the $219 million or gross margin of 36% in 2011.

Non-GAAP operating profit for 2012 was $165 million or operating margin of 26%
compared with an operating profit of $155 or operating margin of 25% million
in 2011.

Net profit for 2012, on a non-GAAP basis was $131.5 million or net margin of
21%, as compared to $124.0 million or net margin of 20% in 2011.

On a GAAP basis, 2012 net loss was $70 million or $3.25 per share compared
with a net loss of $19 million, or $0.92 per share in 2011. As compared to the
previous year, financing expenses increased, mainly due to GAAP, non-cash
financing expenses resulting from the changes in the fair market value of part
of our debentures and warrants which are recorded at fair market value per
GAAP and from the effect of the NIS/USD exchange rate changes on our NIS
denominated debentures. Excluding financing expenses and the one-time items in
2011 of gain from the sale of the Company’s investment in HHNEC and the
one-time gain from acquisition in 2011, and excluding the one-time acquisition
related and reorganization costs, net of taxes, net loss in 2012 was $12
million as compared to $4 million in 2011.

EBITDA for 2012 improved to $164 million compared with $155 million in 2011.

The Company's cash and short-term deposits balance as of December 31, 2012 was
$133 million as compared to $101 million as of December 31, 2011. Positive
cash flow from operations for the year was $75 million (or $95 million
excluding the one-time reorganization payments).

Fourth quarter 2012 results summary

Fourth quarter 2012 revenue reached $147.6 million as compared with $154.6
million in the prior quarter.

On a non-GAAP basis, as described and reconciled below, gross profit for the
fourth quarter of 2012 was $49 million, representing a 33 percent gross
margin, similar to the gross margin reported in the fourth quarter of 2011.

Operating profit on a non-GAAP basis in the fourth quarter of 2012 was $32
million, representing an operating margin of 22 percent, compared with
operating margin of 23 percent, as reported in the fourth quarter of 2011.

On a GAAP basis, net loss in the fourth quarter of 2012 was $23 million or
$1.05 per share as compared to a $17 million net loss or $0.79 per share in
the fourth quarter of 2011.

On a non-GAAP basis, net profit in the fourth quarter of 2012 was $22 million
or $0.99 per share, representing a net margin of 15%. This is compared to $34
million or $1.60 per share in the fourth quarter of 2011

Financial Guidance

TowerJazz forecasts revenues of $110 to $120 million in the first quarter of
2013. We view this revenue level as short term in line with the Micron volume
agreement. Based upon tape out activity and specific engagements, we foresee
growth throughout the year.

Conference Call and Web Cast Announcement

TowerJazz will host a conference call to discuss fourth quarter and full year
2012 results today, February 14, 2013, at 10:00 a.m. Eastern Time / 5:00 p.m.
Israel time.

To participate, please call: 1-888-407-2553 (U.S. toll-free number) or
+972-3-918-0609 (international) and mention ID code: TOWER-JAZZ. Callers in
Israel are invited to call locally by dialing 03-918-0609. The conference call
will also be Web cast live at www.earnings.com and at www.towerjazz.com and
will be available thereafter on both websites for replay for a period of 90
days, starting a few hours following the call.

About TowerJazz

Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the global specialty
foundry leader, its fully owned U.S. subsidiary Jazz Semiconductor and its
fully owned Japanese subsidiary TowerJazz Japan, operate collectively under
the brand name TowerJazz, manufacturing integrated circuits with geometries
ranging from 1.0 to 0.13-micron. TowerJazz provides industry leading design
enablement tools to allow complex designs to be achieved quickly and more
accurately and offers a broad range of customizable process technologies
including SiGe, BiCMOS, Mixed-Signal and RFCMOS, CMOS Image Sensor, Power
Management (BCD), and Non-Volatile Memory (NVM) as well as MEMS capabilities.
To provide world-class customer service, TowerJazz maintains two manufacturing
facilities in Israel, one in the U.S., and one in Japan with additional
capacity available in China through manufacturing partnerships. For more
information, please visit www.towerjazz.com.

As previously announced, beginning with the fourth quarter of 2007, the
Company has been presenting its financial statements in accordance with U.S.
GAAP.

This release, including the financial tables below, presents other financial
information that may be considered "non-GAAP financial measures" under
Regulation G and related reporting requirements promulgated by the Securities
and Exchange Commission as they apply to our company. These non-GAAP financial
measures exclude (1) depreciation and amortization, (2) compensation expenses
in respect of options granted to directors, officers and employees, (3)
acquisition related and reorganization costs, one time gain from acquisition
and one time gain from the sale of HHNEC shares, (4) financing expenses, net
other than interest accrued, such that non-GAAP financial expenses, net
include only interest accrued during the reported period, whether paid or
payable and (5) income tax expense, such that non-GAAP income tax expense
include only taxes paid during the reported period. Non-GAAP financial
measures should be evaluated in conjunction with, and are not a substitute
for, GAAP financial measures. The tables also present the GAAP financial
measures, which are most comparable to the non-GAAP financial measures as well
as reconciliation between the non-GAAP financial measures and the most
comparable GAAP financial measures.

As applied in this release, the term Earnings Before Interest Tax Depreciation
and Amortization (EBITDA) consists of loss, according to U.S. GAAP, excluding
acquisition related and reorganization costs, one time gain from acquisition
and one time gain from the sale of HHNEC shares, interest and financing
expenses (net), tax, depreciation and amortization and stock based
compensation expenses. EBITDA is not a required GAAP financial measure and may
not be comparable to a similarly titled measure employed by other companies.

EBITDA and the non-GAAP financial information presented herein should not be
considered in isolation or as a substitute for operating income, net income or
loss, cash flows provided by operating, investing and financing activities,
per share data or other income or cash flow statement data prepared in
accordance with GAAP and is not necessarily consistent with the non-GAAP data
presented in previous filings.

Forward Looking Statements

This press release includes forward-looking statements, which are subject to
risks and uncertainties. Actual results may vary from those projected or
implied by such forward-looking statements and you should not place any undue
reliance on such forward-looking statements. Potential risks and uncertainties
include, without limitation, risks and uncertainties associated with: (i)
maintaining existing customers and attracting additional customers, (ii)
cancellation of orders, (iii) failure to receive orders currently expected,
(iv) the cyclical nature of the semiconductor industry and the resulting
periodic overcapacity, fluctuations in operating results and future average
selling price erosion, (v) material amount of debt and other liabilities and
having sufficient funds to satisfy our debt obligations and other liabilities
on a timely basis, (vi) operating our facilities at high utilization rates
which is critical in order to defray the high level of fixed costs associated
with operating a foundry and reduce our losses, (vii) our ability to satisfy
the covenants stipulated in our agreements with our lenders, banks and bond
holders, (viii) our ability to capitalize on potential increases in demand for
foundry services, (ix) meeting the conditions set in the approval certificates
received from the Israeli Investment Center under which we received
approximately $200 million in grants over the last ten years, (x) our ability
to accurately forecast financial performance, which is affected by limited
order backlog and lengthy sales cycles, (xi) the purchase of equipment to
increase capacity, the completion of the equipment installation, technology
transfer and raising the funds therefor, (xii) the concentration of our
business in the semiconductor industry, (xiii) product returns, (xiv) our
ability to maintain and develop our technology processes and services to keep
pace with new technology, evolving standards, changing customer and end-user
requirements, new product introductions and short product life cycles, (xv)
competing effectively, (xvi) achieving acceptable device yields, product
performance and delivery times, (xvii) possible production or yield problems
in our wafer fabrication facilities, (xviii) our ability to manufacture
products on a timely basis, (xix) our dependence on intellectual property
rights of others, our ability to operate our business without infringing
others’ intellectual property rights and our ability to enforce our
intellectual property against infringement, (xxi) our ability to fulfill our
obligations and meet performance milestones under our agreements, including
successful execution of our agreement with an Asian entity signed in 2009,
(xxiii) retention of key employees and recruitment and retention of skilled
qualified personnel, (xxiv) exposure to inflation, currency exchange and
interest rate fluctuations and risks associated with doing business locally
and internationally, (xxv) fluctuations in the market price of our traded
securities may adversely affect our reported GAAP non-cash financing expenses,
(xxvi) issuance of ordinary shares as a result of conversion and/or exercise
of any of our convertible securities may dilute the shareholdings of current
and future shareholders, (xxvii) successfully achieving ramping new
technologies at TowerJazz's Japan fab and engaging new customers to utilize
this fab at a level that will cover all of its cost; (xxviii) meeting
regulatory requirements worldwide; and (xxix) business interruption due to
fire and other natural disasters, the security situation in Israel and other
events beyond our control.

A more complete discussion of risks and uncertainties that may affect the
accuracy of forward-looking statements included in this press release or which
may otherwise affect our business is included under the heading "Risk Factors"
in Tower’s most recent filings on Forms 20-F, F-3, F-4, S-8 and 6-K, as were
filed with the Securities and Exchange Commission (the “SEC”) and the Israel
Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as
were filed with the SEC. Future results may differ materially from those
previously reported. The Company does not intend to update, and expressly
disclaims any obligation to update, the information contained in this release.

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

                                           December 31,     December 31,
                                             2012                 2011
                                                                      
ASSETS
                                                                      
CURRENT ASSETS
Cash, short-term deposits and designated     $   133,398          $   101,149
deposits
Trade accounts receivable                        79,354               75,350
Other receivables                                5,379                5,000
Inventories                                      65,570               69,024
Other current assets                            14,804              15,567
Total current assets                            298,505             266,090
                                                                      
LONG-TERM INVESTMENTS                           12,963              12,644
                                                                      
PROPERTY AND EQUIPMENT, NET                     434,468             498,683
                                                                      
INTANGIBLE ASSETS, NET                          47,936              58,737
                                                                      
GOODWILL                                        7,000               7,000
                                                                      
OTHER ASSETS, NET                               13,768              14,067
                                                                      
TOTAL ASSETS                                 $   814,640          $   857,221
                                                                      
                                                                      
LIABILITIES AND SHAREHOLDERS' EQUITY
                                                                      
CURRENT LIABILITIES
Short term debt                              $   49,923           $   48,255
Trade accounts payable                           81,372               111,620
Deferred revenue                                 1,784                5,731
Other current liabilities                       36,240              64,654
Total current liabilities                        169,319              230,260
                                                                      
LONG-TERM DEBT                                   288,954              301,610
                                                                      
LONG-TERM CUSTOMERS' ADVANCES                    7,407                7,941
                                                                      
EMPLOYEE RELATED LIABILITIES                     77,963               97,927
                                                                      
DEFERRED TAX LIABILITY                           26,804               20,428
                                                                      
OTHER LONG-TERM LIABILITIES                     24,168              24,352
                                                                      
Total liabilities                               594,615             682,518
                                                                      
SHAREHOLDERS' EQUITY (*)                        220,025             174,703
                                                                      
TOTAL LIABILITIES AND SHAREHOLDERS'          $   814,640          $   857,221
EQUITY


      In accordance with ASC 470-20 (formerly EITF 98-5 and EITF 00-27), a
      Beneficial Conversion Feature (BCF) exists for bonds series F, which has
      been measured in accordance with such standards and classified during
(*)  2012 as a net increase of $109 thousands in shareholders’ equity with a
      correspondence decrease in the carrying value of the debentures
      presented as long term liabilities; said amount will be accreted through
      the remaining life of the debentures to the non-cash financing expenses.



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)

                                         Three months ended
                                             December 31,     December 31,
                                             2012                 2011
                                             GAAP                 GAAP
                                             (Unaudited)
                                                                  
REVENUES                                     $  147,587           $  174,584
                                                                  
COST OF REVENUES                               139,017            157,010 
                                                                  
GROSS PROFIT                                   8,570              17,574  
                                                                  
OPERATING COSTS AND EXPENSES
                                                                  
Research and development                        7,332                7,279
Marketing, general and                         10,755             13,297  
administrative
                                                                  
                                               18,087             20,576  
                                                                  
OPERATING LOSS                                  (9,517  )            (3,002  )
                                                                  
INTEREST EXPENSES, NET                          (8,647  )            (6,110  )
                                                                  
OTHER FINANCING EXPENSE, NET                    (7,614  )            (5,852  )
                                                                  
OTHER INCOME (EXPENSE), NET                    78                 (157    )
                                                                  
LOSS BEFORE INCOME TAX                          (25,700 )            (15,121 )
                                                                  
INCOME TAX BENEFIT (EXPENSE)                    2,311                (1,580  )
                                                                 
LOSS FOR THE PERIOD                          $  (23,389 )         $  (16,701 )
                                                                             

Basic loss per ordinary share is $1.05 and $0.79 for the three months ended
December 31, 2012 and December 31, 2011, respectively and the weighted average
number of ordinary shares outstanding is 22,235 thousands and 21,217 thousands
for these periods.

Loss per ordinary share includes the effect of the reverse stock split of
one-for-fifteen effected on August 5, 2012.



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)
               
                  Year ended                    Year ended                                  Year ended
                   December 31,                    December 31,                                  December 31,
                   2012          2011            2012                2011                  2012          2011
                   non-GAAP                        Adjustments (see a, b, c, d, e, f,            GAAP
                                                   g below)
                                                                                                                 
REVENUES          $ 638,831      $ 611,023      $ --                  $ --                  $ 638,831      $ 611,023
                                                                                                                 
COST OF             405,398       392,132       154,648     (a)      134,066     (a)      560,046       526,198 
REVENUES
                                                                                                                 
GROSS PROFIT        233,433       218,891       (154,648 )            (134,066 )            78,785        84,825  
                                                                                                                 
OPERATING
COSTS AND
EXPENSES
                                                                                                                 
Research and         29,075          22,862          2,018        (b)       2,024        (b)       31,093          24,886
development
Marketing,
general and          39,171          40,698          5,242        (c)       7,541        (c)       44,413          48,239
administrative
Acquisition
related and         --            --            5,789       (d)      1,493       (d)      5,789         1,493   
reorganization
costs
                                                                                                                 
                    68,246        63,560        13,049               11,058               81,295        74,618  
                                                                                                                 
OPERATING            165,187         155,331         (167,697 )             (145,124 )             (2,510  )       10,207
PROFIT (LOSS)
                                                                                                                 
INTEREST             (31,808 )       (27,797 )       --           (e)       --           (e)       (31,808 )       (27,797 )
EXPENSES, NET
                                                                                                                 
OTHER
FINANCING            --              --              (27,583  )   (e)       (12,505  )   (e)       (27,583 )       (12,505 )
EXPENSE, NET
                                                                                                                 
GAIN FROM            --              --              --                     19,467       (d)       --              19,467
ACQUISITION
                                                                                                                 
OTHER INCOME        (1,042  )      (598    )      --                   14,058      (f)      (1,042  )      13,460  
(EXPENSE), NET
                                                                                                                 
PROFIT (LOSS)
BEFORE INCOME        132,337         126,936         (195,280 )             (124,104 )             (62,943 )       2,832
TAX
                                                                                                                 
INCOME TAX           (852    )       (2,907  )       (6,474   )   (g)       (18,455  )   (g)       (7,326  )       (21,362 )
EXPENSE
                                                                                                            
NET PROFIT
(LOSS) FOR THE    $ 131,485     $ 124,029     $ (201,754 )          $ (142,559 )          $ (70,269 )    $ (18,530 )
PERIOD
                                                                                                                 
                                                                                                                 
                                                                                                                 
NON-GAAP GROSS      37      %      36      %
MARGINS
                                                                                                                 
NON-GAAP
OPERATING           26      %      25      %
MARGINS
                                                                                                                 
NON-GAAP NET        21      %      20      %
MARGINS
                                                                                                                 

      Includes depreciation and amortization expenses in the amounts of
(a)  $153,746 and $132,946 and stock based compensation expenses in the
      amounts of $902 and $1,120 for the years ended December 31, 2012 and
      2011, respectively.
      Includes depreciation and amortization expenses in the amounts of $1,304
(b)   and $1,174 and stock based compensation expenses in the amounts of $714
      and $850 for the years ended December 31, 2012 and 2011, respectively.
      Includes depreciation and amortization expenses in the amounts of $1,121
(c)   and $1,404 and stock based compensation expenses in the amounts of
      $4,121 and $6,137 for the years ended December 31, 2012 and 2011,
      respectively.
(d)   Includes acquisition costs, reorganization costs and gain from
      acquisition.
(e)   Non-GAAP interest expense, net and other financing expense, net include
      only interest on an accrual basis
(f)   Includes gain from the sale of HHNEC shares.
(g)   Non-GAAP income tax expenses include taxes paid during the period
      Basic earnings per ordinary share according to non-GAAP results is $6.08
(*)   and $6.16 for the years ended December 31, 2012 and December 31, 2011,
      respectively and the weighted average number of ordinary shares
      outstanding is 21,623 thousands and 20,138 thousands for these periods.
      Fully diluted earnings per share according to non-GAAP results would be
      $2.68 and $2.60 for the years ended December 31, 2012 and December 31,
      2011, respectively, and the weighted average number of shares
      outstanding would be 49.0 million and 47.6 million for these periods.
      Fully diluted earnings results and quantities of number of shares
      outstanding exclude 7.4 million and 4.0 million for the years ended
      December 31, 2012 and 2011, respectively, of equity and debt vehicles
      that carry exercise price and conversion ratios, which are above the
      average price of the company’s stock in 2012 and 2011, respectively.
(*)   Share amounts reflect the one-to-fifteen reverse stock split effected on
      August 5, 2012.
      
      

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)

                 Three months ended            Three months ended                       Three months ended
                   December 31,                    December 31,                                December 31,
                   2012          2011            2012               2011                  2012          2011
                   non-GAAP                        Adjustments (see a, b, c, d, e              GAAP
                                                   below)
                                                                                                               
REVENUES          $ 147,587      $ 174,584      $ --                 $ --                 $ 147,587      $ 174,584
                                                                                                               
COST OF             98,279        116,842       40,738     (a)      40,168     (a)      139,017       157,010 
REVENUES
                                                                                                               
GROSS PROFIT        49,308        57,742        (40,738 )            (40,168 )            8,570         17,574  
                                                                                                               
OPERATING
COSTS AND
EXPENSES
                                                                                                               
Research and         7,138           6,551           194         (b)       728         (b)       7,332           7,279
development
Marketing,
general and         9,737         11,526        1,018      (c)      1,771      (c)      10,755        13,297  
administrative
                                                                                                               
                    16,875        18,077        1,212               2,499               18,087        20,576  
                                                                                                               
OPERATING            32,433          39,665          (41,950 )             (42,667 )             (9,517  )       (3,002  )
PROFIT (LOSS)
                                                                                                               
INTEREST             (8,647  )       (6,110  )       --          (d)       --          (d)       (8,647  )       (6,110  )
EXPENSES, NET
                                                                                                               
OTHER
FINANCING            --              --              (7,614  )   (d)       (5,852  )   (d)       (7,614  )       (5,852  )
EXPENSE, NET
                                                                                                               
OTHER INCOME        78            (157    )      --                  --                  78            (157    )
(EXPENSE), NET
                                                                                                               
PROFIT (LOSS)
BEFORE INCOME        23,864          33,398          (49,564 )             (48,519 )             (25,700 )       (15,121 )
TAX
                                                                                                               
INCOME TAX
BENEFIT              (1,937  )       509             4,248       (e)       (2,089  )   (e)       2,311           (1,580  )
(EXPENSE)
                                                                                                          
NET PROFIT
(LOSS) FOR THE    $ 21,927      $ 33,907      $ (45,316 )          $ (50,608 )          $ (23,389 )    $ (16,701 )
PERIOD
                                                                                                               
                                                                                                               
                                                                                                               
NON-GAAP GROSS      33      %      33      %
MARGINS
                                                                                                               
NON-GAAP
OPERATING           22      %      23      %
MARGINS
                                                                                                               
NON-GAAP NET        15      %      19      %
MARGINS


      Includes depreciation and amortization expenses in the amounts of
(a)  $40,539 and $39,917 and stock based compensation expenses in the amounts
      of $199 and $251 for the three months ended December 31, 2012 and 2011,
      respectively.
      Includes depreciation and amortization expenses in the amounts of $33
(b)   and $526 and stock based compensation expenses in the amounts of $161
      and $202 for the three months ended December 31, 2012 and 2011,
      respectively.
      Includes depreciation and amortization expenses in the amounts of $208
(c)   and $332 and stock based compensation expenses in the amounts of $810
      and $1,439 for the three months ended December 31, 2012 and 2011,
      respectively.
(d)   Non-GAAP interest expense, net and other financing expense, net include
      only interest on an accrual basis.
(e)   Non-GAAP income tax expenses include taxes paid during the period.
      Basic earnings per ordinary share according to non-GAAP results is $0.99
(*)   and $1.60 for the three months ended December 31, 2012 and December 31,
      2011, respectively and the weighted average number of ordinary shares
      outstanding is 22,235 thousands and 21,217 thousands for these periods.
      Fully diluted earnings per shares according to non-GAAP results would be
      $0.45 and $0.70 for the three months ended December 31, 2012 and
      December 31, 2011, respectively, and the weighted average number of
      shares outstanding would be 48.9 million and 48.6 million for these
      periods. Fully diluted earnings results and quantities of number of
      shares outstanding exclude 22.7 million and 4.0 million for the three
      months ended December 31, 2012 and 2011, respectively, of equity and
      debt vehicles that carry exercise price and conversion ratios, which are
      above the average price of the company’s stock in 2012 and 2011,
      respectively.
(*)   Share amounts reflect the one-to-fifteen reverse stock split effected on
      August 5, 2012.

Contact:

TowerJazz Investor Relations
Noit Levi, +972 4 604 7066
noitle@towersemi.com
or
CCG Investor Relations
Ehud Helft / Kenny Green, 646-201 9246
towersemi@ccgisrael.com
 
Press spacebar to pause and continue. Press esc to stop.