TowerJazz Announces Second Quarter 2016 Results: Record Revenue of $305 million with Year over Year Growth of 29%, Increased Margins and Net Profit
| | | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | | | | | |
June 30, | | |
March 31, | | |
June 30, | | | | | | | | | | | | |
2016 | | | | |
2016 | | | | |
2015 | | | | | | | | | | | | |
GAAP | | |
GAAP | | |
GAAP | | | | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ | |
305,003 | |
|
$ | |
278,043 | |
|
$ | |
235,561 | | | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | | |
232,275 | | | | |
216,696 | | | | |
183,101 | | | | | | | | | | | | |
| | |
| | |
| | | | | |
GROSS PROFIT | | | |
72,728 | | | | |
61,347 | | | | |
52,460 | | | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | |
16,030 | | | | |
15,237 | | | | |
15,148 | | | | | |
Marketing, general and administrative | | |
16,520 | | | | |
15,923 | | | | |
15,806 | | | | | |
Nishiwaki Fab restructuring costs and impairment, net | | |
-- | | | | |
(627 |
) | | | |
-- | | | | | | | | | | | | |
| | |
| | |
| | | | | | | | | | | | |
32,550 | | | | |
30,533 | | | | |
30,954 | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT
| | |
40,178 | | | | |
30,814 | | | | |
21,506 | | | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | | |
(2,997 |
) | | | |
(3,358 |
) | | | |
(3,613 |
) | | | | | | | | | | | | | | | | | | | | | |
OTHER NON CASH FINANCING EXPENSE, NET | | |
(7,528 |
) | | | |
(3,969 |
) | | | |
(7,271 |
) | | | | | | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| | |
10,158 | | | | |
41,140 | | | | |
-- | | | | | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | | |
4,362 | | | | |
-- | | | | |
(4 |
) | | | | | | | | | | | |
| | |
| | |
| | | | | |
PROFIT BEFORE INCOME TAX | | |
44,173 | | | | |
64,627 | | | | |
10,618 | | | | | | | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE | | |
(3,826 |
) | | | |
(79 |
) | | | |
(2,468 |
) | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| | |
40,347 | | | | |
64,548 | | | | |
8,150 | | | | | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | | |
(1,861 |
) | | | |
1,396 | | | | |
(363 |
) | | | | | |
NET PROFIT
| |
$ | |
38,486 | | |
$ | |
65,944 | | |
$ | |
7,787 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER ORDINARY SHARE |
$ | |
0.45 | | |
$ | |
0.78 | | |
$ | |
0.10 | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding | | |
86,300 | | | | |
84,521 | | | | |
76,696 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER ORDINARY SHARE |
$ | |
0.40 | | |
$ | |
0.69 | | |
$ | |
0.09 | | | | | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ | |
40,556 | | |
$ | |
68,002 | | |
$ | |
7,787 | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding - | | | | | | | | | | | | |
used for diluted earnings per share | | |
100,163 | | | | |
98,777 | | | | |
87,558 | | | | | | | | | | | | | | | | | | | | |
|
