Acquicor Technology Inc. (AMEX:AQR) and privately held Jazz
Semiconductor, Inc., an independent semiconductor foundry focused
on specialty process technologies for the manufacture of analog and
mixed-signal semiconductor devices, today jointly announced the
financial results of Jazz Semiconductor, Inc. for the third quarter
of fiscal 2006, which ended September 29, 2006. Acquicor Technology
Inc. and privately held Jazz Semiconductor, Inc. previously
announced that, on September 26, 2006, they entered into a merger
agreement under which Jazz Semiconductor will merge with a wholly
owned subsidiary of Acquicor in an all-cash transaction valued at
$260 million, subject to adjustment based on Jazz Semiconductor�s
working capital and for possible future contingent payments.
Revenues and Profitability For the first nine months of 2006, Jazz
Semiconductor�s unaudited adjusted non-GAAP revenue and adjusted
non-GAAP EBITDA (as defined below) were $173.9 million and $22.5
million, respectively. Jazz Semiconductor�s adjusted non-GAAP
revenue and adjusted non-GAAP EBITDA exclude a non-recurring,
non-cash charge associated with the termination of a related party
agreement that resulted in a decrease in revenue of $17.5 million
and a decrease in cost of revenues of $1.2 million in the first
nine months of 2006. This resulted in a non-recurring, net non-cash
charge to operating loss and net loss of $16.3 million. Jazz
Semiconductor reported revenue in accordance with generally
accepted accounting principles (GAAP) for the first nine months of
2006 of $156.4 million (including the net non-recurring, non-cash
charge of $17.5 million associated with the termination of a
related party agreement discussed above). Jazz Semiconductor also
reported an unaudited operating loss and unaudited net loss for the
first nine months of 2006 in accordance with GAAP�of $15.9 million
(also including the net non-cash charge of $16.3 million associated
with the termination of a related party agreement discussed above).
Unaudited depreciation and amortization expense for the first nine
months of 2006 was $17.3 million. The unaudited operating loss of
$15.9 million includes stock compensation expense, management fees
to The Carlyle Group and Conexant that will be discontinued upon
closing of the merger, non-cash income associated with a legacy
stock appreciation rights plan (SARS) that will be fully concluded
at the end of December 2006, research and development expenses
resulting from Jazz Semiconductor�s purchase of technology from
Polar Fab in December 2005 that are also expected to be incurred
through December 2006 and expenses related to Jazz�s abandoned
initial public offering and pending merger with Acquicor. These
charges totaled approximately $4.9 million in the aggregate.
Adjusted EBITDA is defined as operating loss, plus depreciation and
amortization, plus the net one-time charge of $16.3 million and the
$4.9 million in other charges described above. The following table
reflects a reconciliation of operating loss to EBITDA and adjusted
EBITDA: ($ in Thousands) Nine months ended September 29, 2006
(unaudited) � Operating Loss ($15,901) Depreciation and
Amortization $17,256� One-Time Related Party Charge, net $16,300�
Other charges (a) $4,855� Adjusted EBITDA $22,510� (a) Other
charges include: R&D expense related to the purchase of
technology from Polar Fab, management fees, stock compensation
expense, and income associated with legacy Stock Appreciation
Rights and related warrants, and IPO and merger expense write-off
and other non-operating income. Jazz Semiconductor�s unaudited
financial information included in this press release was prepared
as a private company, and the adjusted revenue and adjusted EBITDA
amounts and related calculations included in this press release may
not be in accordance with U.S. GAAP and may not be in compliance
with Regulation S-X and/or Regulation G. About Jazz Semiconductor
Jazz Semiconductor is an independent wafer foundry primarily
focused on specialty CMOS process technologies, including High
Voltage CMOS, SiGe BiCMOS and RFCMOS for the manufacture of highly
integrated analog and mixed-signal semiconductor devices. The
company's specialty process technologies are designed for customers
who seek to produce analog and mixed-signal semiconductor devices
that are smaller and more highly integrated, power-efficient,
feature-rich and cost-effective than those produced using standard
process technologies. Jazz Semiconductor�s customers target the
wireless and high-speed wireline communications, consumer
electronics, automotive and industrial end markets. Jazz
Semiconductor's executive offices and its U.S. wafer fabrication
facilities are located in Newport Beach, CA. For more information,
please visit http://www.jazzsemi.com About Acquicor Acquicor
(AMEX:AQR) is a company formed by Gilbert F. Amelio, Ph.D., Ellen
M. Hancock and Steve Wozniak for the purpose of acquiring, through
a merger, capital stock exchange, stock purchase, asset acquisition
or other similar business combination, one or more domestic and/or
foreign operating businesses in the technology, multimedia and
networking sectors. Acquicor raised gross proceeds of $172.5
million through its March 2006 initial public offering, and $164.3
million was placed in the trust account pending the completion of a
business combination. Since the offering Acquicor has dedicated its
resources to seeking and evaluating business combination
opportunities. For more information, please visit
http://www.acquicor.com. Forward-looking Statements This press
release, and other statements Acquicor or Jazz Semiconductor may
make, including statements about the benefits of the proposed
merger, contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, with respect
to Acquicor�s and Jazz Semiconductor�s future financial or business
performance, strategies and expectations. Forward-looking
statements are typically identified by words or phrases such as
�trend,� �potential,� �opportunity,� �pipeline,� �believe,�
�expect,� �anticipate,� �intention,� �estimate,� �position,�
�assume,� �outlook,� �continue,� �remain,� �maintain,� �sustain,�
�seek,� �achieve,� and similar expressions, or future or
conditional verbs such as �will,� �would,� �should,� �could,� �may�
and similar expressions. Forward-looking statements are based
largely on expectations and projections about future events and
future trends and are subject to numerous assumptions, risks and
uncertainties, which change over time. Acquicor�s or Jazz
Semiconductor�s actual results could differ materially from those
anticipated in forward-looking statements and you should not place
any undue reliance on such forward looking statements. Factors that
could cause actual performance to differ from these forward-looking
statements include the risks and uncertainties disclosed in
Acquicor�s and Jazz Semiconductor�s filings with the SEC.
Acquicor�s and Jazz Semiconductor�s filings with the SEC are
accessible on the SEC�s website at http://www.sec.gov.
Forward-looking statements speak only as of the date they are made.
In particular, the anticipated timing and benefits of the
consummation of the merger is uncertain and could be affected by
many factors, including, without limitation, the following: (1) the
scope and timing of SEC and other regulatory agency review, (2)
Jazz Semiconductor�s future financial performance and (3) general
economic and financial market conditions. Additional Information
and Where to Find It In connection with the proposed merger and
required stockholder approval, Acquicor has filed with the SEC a
preliminary proxy statement on schedule 14A. Acquicor intends to
file with the SEC a definitive proxy statement which will be mailed
to the stockholders of Acquicor. INVESTORS AND SECURITY HOLDERS OF
ACQUICOR ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The
definitive proxy statement will be mailed to the stockholders as of
a record date to be established for voting on the proposed merger.
Investors and security holders will be able to obtain free copies
of the proxy statement, as well as other filed materials containing
information about Acquicor, at www.sec.gov, the SEC�s website.
Investors may also access the proxy statement and the other
materials at www.acquicor.com, or obtain copies of such material by
request to Acquicor�s Corporate Secretary at: Acquicor Technology
Inc., 4910 Birch Street, #102, Newport Beach, CA 92660. Acquicor
and its officers and directors may be deemed to be participants in
the solicitation of proxies from Acquicor's stockholders in favor
of the adoption of the merger agreement and the approval of the
merger. Information concerning Acquicor's directors and executive
officers is set forth in the publicly filed documents of Acquicor.
Acquicor stockholders may obtain more detailed information
regarding the direct and indirect interests of Acquicor and its
directors and executive officers in the merger by reading the
preliminary proxy statement and the definitive proxy statement,
once it is filed with the SEC. ThinkEquity Partners LLC, CRT
Capital Group LLC, Wedbush Morgan Securities, GunnAllen Financial,
Inc., the underwriters in Acquicor�s initial public offering, and
Paul A. Pittman, a consultant to Acquicor and formerly a partner of
ThinkEquity Partners LLC, may be deemed to be participants in the
solicitation of proxies from Acquicor�s stockholders in favor of
the adoption of the merger agreement and the approval of the
merger. Acquicor stockholders may obtain information concerning the
direct and indirect interests of such parties in the merger by
reading the preliminary proxy statement and the definitive proxy
statement, once it is filed with the SEC. Acquicor Technology Inc.
(AMEX:AQR) and privately held Jazz Semiconductor, Inc., an
independent semiconductor foundry focused on specialty process
technologies for the manufacture of analog and mixed-signal
semiconductor devices, today jointly announced the financial
results of Jazz Semiconductor, Inc. for the third quarter of fiscal
2006, which ended September 29, 2006. Acquicor Technology Inc. and
privately held Jazz Semiconductor, Inc. previously announced that,
on September 26, 2006, they entered into a merger agreement under
which Jazz Semiconductor will merge with a wholly owned subsidiary
of Acquicor in an all-cash transaction valued at $260 million,
subject to adjustment based on Jazz Semiconductor's working capital
and for possible future contingent payments. Revenues and
Profitability For the first nine months of 2006, Jazz
Semiconductor's unaudited adjusted non-GAAP revenue and adjusted
non-GAAP EBITDA (as defined below) were $173.9 million and $22.5
million, respectively. Jazz Semiconductor's adjusted non-GAAP
revenue and adjusted non-GAAP EBITDA exclude a non-recurring,
non-cash charge associated with the termination of a related party
agreement that resulted in a decrease in revenue of $17.5 million
and a decrease in cost of revenues of $1.2 million in the first
nine months of 2006. This resulted in a non-recurring, net non-cash
charge to operating loss and net loss of $16.3 million. Jazz
Semiconductor reported revenue in accordance with generally
accepted accounting principles (GAAP) for the first nine months of
2006 of $156.4 million (including the net non-recurring, non-cash
charge of $17.5 million associated with the termination of a
related party agreement discussed above). Jazz Semiconductor also
reported an unaudited operating loss and unaudited net loss for the
first nine months of 2006 in accordance with GAAP of $15.9 million
(also including the net non-cash charge of $16.3 million associated
with the termination of a related party agreement discussed above).
Unaudited depreciation and amortization expense for the first nine
months of 2006 was $17.3 million. The unaudited operating loss of
$15.9 million includes stock compensation expense, management fees
to The Carlyle Group and Conexant that will be discontinued upon
closing of the merger, non-cash income associated with a legacy
stock appreciation rights plan (SARS) that will be fully concluded
at the end of December 2006, research and development expenses
resulting from Jazz Semiconductor's purchase of technology from
Polar Fab in December 2005 that are also expected to be incurred
through December 2006 and expenses related to Jazz's abandoned
initial public offering and pending merger with Acquicor. These
charges totaled approximately $4.9 million in the aggregate.
Adjusted EBITDA is defined as operating loss, plus depreciation and
amortization, plus the net one-time charge of $16.3 million and the
$4.9 million in other charges described above. The following table
reflects a reconciliation of operating loss to EBITDA and adjusted
EBITDA: -0- *T ($ in Thousands) Nine months ended September 29,
2006 (unaudited) --------------------- Operating Loss ($15,901)
Depreciation and Amortization $17,256 One-Time Related Party
Charge, net $16,300 Other charges (a) $4,855 --------------------
Adjusted EBITDA $22,510 *T (a) Other charges include: R&D
expense related to the purchase of technology from Polar Fab,
management fees, stock compensation expense, and income associated
with legacy Stock Appreciation Rights and related warrants, and IPO
and merger expense write-off and other non-operating income. Jazz
Semiconductor's unaudited financial information included in this
press release was prepared as a private company, and the adjusted
revenue and adjusted EBITDA amounts and related calculations
included in this press release may not be in accordance with U.S.
GAAP and may not be in compliance with Regulation S-X and/or
Regulation G. About Jazz Semiconductor Jazz Semiconductor is an
independent wafer foundry primarily focused on specialty CMOS
process technologies, including High Voltage CMOS, SiGe BiCMOS and
RFCMOS for the manufacture of highly integrated analog and
mixed-signal semiconductor devices. The company's specialty process
technologies are designed for customers who seek to produce analog
and mixed-signal semiconductor devices that are smaller and more
highly integrated, power-efficient, feature-rich and cost-effective
than those produced using standard process technologies. Jazz
Semiconductor's customers target the wireless and high-speed
wireline communications, consumer electronics, automotive and
industrial end markets. Jazz Semiconductor's executive offices and
its U.S. wafer fabrication facilities are located in Newport Beach,
CA. For more information, please visit http://www.jazzsemi.com
About Acquicor Acquicor (AMEX:AQR) is a company formed by Gilbert
F. Amelio, Ph.D., Ellen M. Hancock and Steve Wozniak for the
purpose of acquiring, through a merger, capital stock exchange,
stock purchase, asset acquisition or other similar business
combination, one or more domestic and/or foreign operating
businesses in the technology, multimedia and networking sectors.
Acquicor raised gross proceeds of $172.5 million through its March
2006 initial public offering, and $164.3 million was placed in the
trust account pending the completion of a business combination.
Since the offering Acquicor has dedicated its resources to seeking
and evaluating business combination opportunities. For more
information, please visit http://www.acquicor.com. Forward-looking
Statements This press release, and other statements Acquicor or
Jazz Semiconductor may make, including statements about the
benefits of the proposed merger, contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, with respect to Acquicor's and Jazz Semiconductor's future
financial or business performance, strategies and expectations.
Forward-looking statements are typically identified by words or
phrases such as "trend," "potential," "opportunity," "pipeline,"
"believe," "expect," "anticipate," "intention," "estimate,"
"position," "assume," "outlook," "continue," "remain," "maintain,"
"sustain," "seek," "achieve," and similar expressions, or future or
conditional verbs such as "will," "would," "should," "could," "may"
and similar expressions. Forward-looking statements are based
largely on expectations and projections about future events and
future trends and are subject to numerous assumptions, risks and
uncertainties, which change over time. Acquicor's or Jazz
Semiconductor's actual results could differ materially from those
anticipated in forward-looking statements and you should not place
any undue reliance on such forward looking statements. Factors that
could cause actual performance to differ from these forward-looking
statements include the risks and uncertainties disclosed in
Acquicor's and Jazz Semiconductor's filings with the SEC.
Acquicor's and Jazz Semiconductor's filings with the SEC are
accessible on the SEC's website at http://www.sec.gov.
Forward-looking statements speak only as of the date they are made.
In particular, the anticipated timing and benefits of the
consummation of the merger is uncertain and could be affected by
many factors, including, without limitation, the following: (1) the
scope and timing of SEC and other regulatory agency review, (2)
Jazz Semiconductor's future financial performance and (3) general
economic and financial market conditions. Additional Information
and Where to Find It In connection with the proposed merger and
required stockholder approval, Acquicor has filed with the SEC a
preliminary proxy statement on schedule 14A. Acquicor intends to
file with the SEC a definitive proxy statement which will be mailed
to the stockholders of Acquicor. INVESTORS AND SECURITY HOLDERS OF
ACQUICOR ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The
definitive proxy statement will be mailed to the stockholders as of
a record date to be established for voting on the proposed merger.
Investors and security holders will be able to obtain free copies
of the proxy statement, as well as other filed materials containing
information about Acquicor, at www.sec.gov, the SEC's website.
Investors may also access the proxy statement and the other
materials at www.acquicor.com, or obtain copies of such material by
request to Acquicor's Corporate Secretary at: Acquicor Technology
Inc., 4910 Birch Street, #102, Newport Beach, CA 92660. Acquicor
and its officers and directors may be deemed to be participants in
the solicitation of proxies from Acquicor's stockholders in favor
of the adoption of the merger agreement and the approval of the
merger. Information concerning Acquicor's directors and executive
officers is set forth in the publicly filed documents of Acquicor.
Acquicor stockholders may obtain more detailed information
regarding the direct and indirect interests of Acquicor and its
directors and executive officers in the merger by reading the
preliminary proxy statement and the definitive proxy statement,
once it is filed with the SEC. ThinkEquity Partners LLC, CRT
Capital Group LLC, Wedbush Morgan Securities, GunnAllen Financial,
Inc., the underwriters in Acquicor's initial public offering, and
Paul A. Pittman, a consultant to Acquicor and formerly a partner of
ThinkEquity Partners LLC, may be deemed to be participants in the
solicitation of proxies from Acquicor's stockholders in favor of
the adoption of the merger agreement and the approval of the
merger. Acquicor stockholders may obtain information concerning the
direct and indirect interests of such parties in the merger by
reading the preliminary proxy statement and the definitive proxy
statement, once it is filed with the SEC.
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