MIGDAL HAEMEK, Israel (AP) _ Tower Semiconductor Ltd. (TSEM) on Wednesday reported first-quarter net income of $17 million.

The Migdal Haemek, Israel-based company said it had net income of 16 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 20 cents per share.

The chipmaker posted revenue of $300.2 million in the period.

Tower Semiconductor shares have decreased 17% since the beginning of the year. The stock has climbed 19% in the last 12 months.

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Automated Insights, source Associated Press News