TowerJazz Reports Best Results in the History of the Company
| | | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | | | | | |
December 31, | |
September 30, | |
December 31, | | | | | | | | | | | |
2016 | | |
2016 | | |
2015 | | | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
340,379 | |
$ |
326,209 | |
$ |
254,602 | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
252,648 | | |
244,915 | | |
190,072 | | | | | | | | | | | | |
| |
| |
| | | | | |
GROSS PROFIT | | |
87,731 | | |
81,294 | | |
64,530 | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
16,320 | | |
15,547 | | |
15,704 | | | | | |
Marketing, general and administrative | |
16,209 | | |
16,787 | | |
15,478 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | |
--
| | |
--
| | |
(991 |
) | | | | | | | | | | | |
| |
| |
| | | | | | | | | | | |
32,529 | | |
32,334 | | |
30,191 | | | | | | | | | | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
55,202 | | |
48,960 | | |
34,339 | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(2,230 |
) | |
(3,272 |
) | |
(2,366 |
) | | | | | | | | | | | | | | | | | | | |
OTHER NON CASH FINANCING INCOME (EXPENSE), NET | |
1,215 | | |
(2,210 |
) | |
(12,751 |
) |
(a) | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | |
(948 |
) | |
5,081 | | |
70 | | | | | | | | | | | | |
| |
| |
| | | | | |
PROFIT BEFORE INCOME TAX | |
53,239 | | |
48,559 | | |
19,292 | | | | | | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE) | |
(986 |
) | |
3,459 | |
(b) |
4,779 | |
(b) | | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
52,253 | | |
52,018 | | |
24,071 | | | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(3,972 |
) | |
(805 |
) | |
(1,992 |
) | | | | | | | | | | | |
| |
| |
| | | | | |
NET PROFIT | |
$ |
48,281 | |
$ |
51,213 | |
$ |
22,079 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.53 | |
$ |
0.58 | |
$ |
0.28 | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
91,235 | | |
87,821 | | |
79,607 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.49 | |
$ |
0.52 | |
$ |
0.25 | | | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
50,397 | |
$ |
53,318 | |
$ |
22,079 | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
103,613 | | |
101,805 | | |
88,970 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) |
Three months ended December 31, 2015 included $6,998 of non-cash financing expense due to bonds series F accelerated conversion. | |
(b)
|
Three months ended September 30, 2016 included $6,472 income tax benefit due to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; three months ended December 31, 2015 included $6,389 income tax benefit due to Japanese income tax rate reduction. | | | | | | | | | | | | | | | | |
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