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) 
              
              
          Six months ended 
          June 30, 
           2016     2015  
          GAAP   GAAP 
              
  REVENUES   $  583,046    $  461,778   
              
  COST OF REVENUES    448,971      376,326   
                
    GROSS PROFIT    134,075      85,452   
              
  OPERATING COSTS AND EXPENSES      
              
   Research and development    31,267         29,985    
    Marketing, general and administrative     32,443         31,967    
    Nishiwaki Fab restructuring costs and impairment, net     (627 )       --    
                           
                    63,083         61,952    
                           
        OPERATING PROFIT       70,992         23,500    
                           
  INTEREST EXPENSE, NET     (6,355 )       (7,246 )  
                           
  OTHER NON CASH FINANCING EXPENSE, NET     (11,497 )       (91,867 )  (a)
                           
  GAIN FROM ACQUISITION, NET       51,298         --    
                           
  OTHER INCOME (EXPENSE), NET     4,362         (13 )  
                           
      PROFIT (LOSS) BEFORE INCOME TAX     108,800         (75,626 )  
                           
  INCOME TAX BENEFIT (EXPENSE)     (3,905 )       8,426    
      PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST       104,895         (67,200 )  
                           
  NON CONTROLLING INTEREST     (465 )       1,923    
      NET PROFIT (LOSS) $   104,430     $   (65,277 )  
                           
                           
  BASIC EARNINGS (LOSS) PER ORDINARY SHARE $   1.22     $   (0.93 )  
                           
  Weighted average number of ordinary shares outstanding       85,410           70,175    
                           
                           
  DILUTED EARNINGS PER ORDINARY SHARE $   1.09          
                           
  Net profit used for diluted earnings per share $   108,556          
                           
  Weighted average number of ordinary shares outstanding -            
    used for diluted earnings per share     99,546          
                           
                           
(a) Included $73,121 associated with Bonds Series F accelerated conversion in the six months ended June 30, 2015 in accordance with US GAAP ASC 470-20.
               

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