On Wednesday, Tower Semiconductor Ltd. (USA) (NASDAQ:TSEM)’s shares declined -6.89% to $15.27.
Tower Semiconductor Ltd. (USA) (TSEM) reports results for the first quarter of 2015 ended March 31, 2015.
Highlights
Revenue of $226 million, up 71% year over year, with 33% organic growth and 31% for top 10 customers;
Strong margins with year-over-year improvement of:
Non-GAAP gross profit of 36%, from $45 million to $81 million;
Non-GAAP net profit of $50 million, an increase of 2.5X, with annualized EBITDA run rate exceeding $200 million;
Strengthened balance sheet
Net debt of $162 million at March 31, 2015, as compared to $406 million as of March 31, 2014:
Net debt to EBITDA ratio of 0.8X;
Successful accelerated bond conversion of $162 million resulted in a one-time non cash GAAP financing cost of $73 million, enabling sustainable GAAP net profit going forward;
Shareholders’ equity increased by 49% quarter over quarter to a record of $292 million, as compared to $196 million in the previous quarter;
Substantial industry leading customer partnered technologies, such as commercial IR camera with FLIR and gesture control with Intel;
Guiding for second quarter growth with continued increase of new products entering the factories.
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures analog intensive mixed-signal semiconductor devices in the United States, Asia, and Europe. It produces integrated circuits (IC) primarily based on third party designs and proprietary designs with geometries ranging from 1.0 to 0.11 micron, in addition to provides design and technical services.
MagneGas Corporation (NASDAQ:MNGA)’s shares dropped -6.73% to $0.922.
MagneGas Corporation (MNGA) declared financial results for the first quarter ending March 31, 2015.
Financial Highlights - March 31, 2015
- Revenues for the three months ended March 31, 2015 raised 185% over the same period 2014 and were $545,648 and $191,601, respectively;
- Gross margins remained flat at 45% despite the introduction of the new MagneGas2® product line;
- The Company had an ending cash balance of $4,139,699 on March 31, 2015.
First Quarter 2015 Financial Results
Revenues for the three months ended March 31, 2015 were $545,648 as contrast to $191,601 for the same period last year. Revenue from metal cutting revenue was $522,315 for the first quarter of 2015 as contrast to $128,927 for the same period last year. This was primarily due to an enhance in MagneGas® fuel sales and revenue received from the acquisition of ESSI, Inc.
Operating expenses (not taking into account stock payments and our one time loss on property sale), raised to $1,476,254 for the period ending March 31, 2015 as compared to $971,295 for the same period 2014. The additional expenses were primarily due to the operating expenses associated with the ESSI, Inc. acquisition. The direct costs of revenue raised to $299,305 for the period ending March 31, 2015 as compared to $105,600 for the same period in 2014, however gross margins overall remained flat at 45%.
MagneGas Corporation, an alternative energy company, creates and produces hydrogen based alternative fuel through the gasification of carbon-rich liquids in the United States and internationally.
At the end of Wednesday’s trade, Xenon Pharmaceuticals Inc (NASDAQ:XENE)‘s shares dipped -6.62% to $13.69.
Xenon Pharmaceuticals Inc (XENE) stated its financial results for the quarter ended March 31, 2015 and offered a corporate update.
Dr. Simon Pimstone, Xenon’s President and Chief Executive Officer stated that , They continue to make good progress towards their aim of advancing a diversified pipeline of partnered and proprietary programs. In their Teva collaboration, Teva recently initiated patient enrollment in a Phase 2b clinical trial of TV-45070 in postherpetic neuralgia, or PHN, with results predictable in the second half of 2016. Teva’s Phase 2b trial of TV-45070 in osteoarthritis remains on track and they expect results from the trial in the third quarter of this year. Their collaborations with Genentech are also proceeding well; the Phase 1 clinical trial of GDC-0276 is predictable to complete enrollment later this year and they are progressing toward identifying new pain targets. In addition, they continue to make progress in their proprietary pipeline with a focus on advancing their acne product, XEN801, into clinical development later this year, filing an IND in our Dravet Syndrome program in 2016 and identifying novel target using our Extreme Genetics platform.
Xenon Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, engages in discovering and developing differentiated therapeutics for orphan indications in Canada. Its discovery platform, Extreme Genetics, is used for the discovery of validated drug targets by studying rare human diseases with extreme traits, counting diseases caused by mutations in ion channels, known as channelopathies.
Ideal Power Inc (NASDAQ:IPWR), ended its Wednesday’s trading session with -6.11% loss, and closed at $8.45.
Ideal Power Inc (IPWR) has selected Ideal Power’s power conversion systems (PCS) for use in its line of energy storage solutions to be launched in Canada and select U.S. states startning in mid-2015. Ideal Power’s products will be comprised of in certain Sunwave new energy storage solutions that address multiple commercial and industrial applications counting demand charge administration, peak shaving, off-peak energy storage, renewables integration, power quality and emergency backup systems.
The deployment of these storage systems will assist to fulfill the growing demand for behind-the-meter energy storage and administration systems, and enhance the availability of energy storage for grid-support and microgrid applications. Ideal Power anticipates this agreement to promote further adoption of its power conversion systems in the energy storage sector.
Ideal Power Inc. develops power conversion solutions with a focus on commercial and industrial grid storage, combined solar and storage, and microgrid applications. The companys principal products comprise power conversion systems, such as dual-port and multi-port battery converters.
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