FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
For the month of October 2007 No.5
TOWER SEMICONDUCTOR LTD.
(Translation of registrant's name into English)
P.O. BOX 619, MIGDAL HAEMEK, ISRAEL 23105
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
On October 30, 2007, Tower Semiconductor announced that it Ranks in
Deloitte Israel Technology Fast 50 for 2007 Based on Five-Year Revenue Growth.
Attached hereto is a copy of the press release.
This Form 6-K is being incorporated by reference into all effective
registration statements filed by us under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TOWER SEMICONDUCTOR LTD.
Date: October 30, 2007 By: /s/ Nati Somekh Gilboa
--------------------------
Nati Somekh Gilboa
Corporate Secretary
TOWER SEMICONDUCTOR RANKS IN
DELOITTE ISRAEL TECHNOLOGY FAST 50 FOR 2007
BASED ON FIVE-YEAR REVENUE GROWTH
TOWER RECOGNIZED FOR IMPRESSIVE BUSINESS TURNAROUND AND FINANCIAL
ACCOMPLISHMENTS
MIGDAL HAEMEK, Israel, October 30, 2007 - Tower Semiconductor Ltd. (NASDAQ:
TSEM; TASE: TSEM), an independent specialty foundry, today announced that it was
selected as one of the 2007 Deloitte Israel Technology Fast 50, a ranking of the
50 fastest growing technology companies in Israel. The program ranks Israeli
technology companies based on their five-year revenue growth between 2002 and
2006.
"Recognition as one of the 50 fastest growing technology companies in Israel is
an impressive accomplishment. We commend Tower Semiconductor for making the
Deloitte Technology Fast 50 with a phenomenal 262 percent growth rate over the
last five years," said Asher Mechlovich, partner in charge of the Deloitte
Brightman Almagor Technology Fast 50 Program.
Over the past two years, Tower has demonstrated continuous sales and margins
improvements. From an annual sales run-rate of $80M in mid-2005, sales rose to
an annual run-rate of more than $200 million by the end of 2006. Furthermore,
improvements in operational efficiency have resulted in revenue growth
translating to significant EBITDA and cash flow improvement with the Company
recently reporting seven consecutive quarters of positive EBITDA and three
consecutive quarters of positive cash flow from operations.
The `Fast 50' award recognizes Tower's accomplishments and serves as a token of
recognition to the turnaround. As such, it is an honor to the employees of Tower
who put their energy and dedication into accomplishing the results.
"We are honored to have been recognized as one of Israel's fastest growing high
tech companies" said Russell Ellwanger, CEO of Tower. "We anticipate continued
top and bottom line growth as we continue to focus on our customers' needs via
product platform roadmap alignment as well as through continuous improvement in
operation performance and business processes."
ABOUT TOWER SEMICONDUCTOR LTD.:
Tower Semiconductor Ltd. (Nasdaq: TSEM, TASE: TSEM) is an independent specialty
foundry that delivers customized solutions in a variety of advanced CMOS
technologies, including digital CMOS, mixed-signal and RF (radio frequency)
CMOS, CMOS image sensors, power management devices, and embedded non-volatile
memory solutions. Tower's customer orientation is complemented by its
uncompromising attention to quality and service. Its specialized processes and
engineering expertise provides highly flexible, customized manufacturing
solutions to fulfill the increasing variety of customer needs worldwide.
Offering two world-class manufacturing facilities with standard and specialized
process technologies ranging from 1.0- to 0.13-micron, Tower Semiconductor
provides exceptional design support and technical services to help customers
sustain long-term, reliable product performance, while delivering on-time and
on-budget results. More information can be found at http://www.towersemi.com.
CONTACTS:
Tower Semiconductor USA
Michael Axelrod, +1 408 330 6871
pr@towersemi.com
or
Shelton Group
Melissa Conger, (972) 239 5119 ext. 137
mconger@sheltongroup.com