Tower Semiconductor Ltd. reported that it returned to profitability in the third quarter, due almost entirely to a bank restructuring deal. TSEM posted a quarterly profit of $39.5 million, or 30 cents per share, compared with a loss of $55.4 million, or 83 cents per share, during the same period last year. The results included a gain of $80 million related to a previously announced bank restructuring deal. Excluding the gain, the company said it lost $40.6 million, or 48 cents per share, in the quarter.
Revenue more than doubled to $51.5 million from $20.6 million during the same period a year ago.Looking ahead, the company said it expects fourth-quarter revenue of $53 million to $57 million. Shares of Tower Semiconductor slid 15 cents to $1.85 in morning trading on the Nasdaq. TASE, as always, buys the rumor and sells the news. Lama lama shabachtani?
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