TowerJazz Reports Best Results in the History of the Company


  
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
UNAUDITED RECONCILIATION OF CERTAIN FINANCIAL DATA   
(dollars and share count in thousands, except per share data) 
              
         T h r e e   m o n t h s   e n d e d 
         December 31,  September 30,  December 31, 
         2016  2016   2015  
              
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:        
              
  GAAP NET PROFIT  $ 48,281 $ 51,213   $ 22,079   
   Stock based compensation     2,381   2,337    1,975   
   Amortization of acquired intangible assets     2,777   2,367    2,374   
   Nishiwaki Fab restructuring and impairment cost (income), net     --       --      (991 ) 
   Financing expense, net associated with Bonds Series F accelerated conversion       --       --      6,998   
   Income tax benefit, see (1) below     --     (6,472 )  (6,389 ) 
               
  ADJUSTED NET PROFIT   $ 53,439 $ 49,445   $ 26,046    
                           
  ADJUSTED NET PROFIT PER SHARE:                
    Basic     $ 0.59 $ 0.56   $ 0.33    
    Diluted     $ 0.54 $ 0.51   $ 0.29    
    Fully diluted, see (2) below   $ 0.52 $ 0.48   $ 0.27    
                           
  ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA:                
    Basic     $   53,439 $   49,445   $   26,046    
    Diluted     $   55,555 $   51,550   $   26,472    
    Fully diluted   $   55,555 $   51,550   $   28,440    
                           
  NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA:          
    Basic         91,235     87,821       79,607    
    Diluted         103,613     101,805       91,086    
    Fully diluted, see (2) below       107,121     107,147       103,477    
                           
                           
EBITDA CALCULATION:                
                           
  GAAP OPERATING PROFIT     $ 55,202 $ 48,960   $ 34,339    
    Cost of revenue:                
      Depreciation of fixed assets       44,874   43,110     37,841    
      Stock based compensation     835   936     686    
      Amortization of acquired intangible assets     2,589   2,180     2,186    
    Research and development:                
      Stock based compensation     557   501     519    
    Marketing, general and administrative:                
      Stock based compensation     989   900     770    
      Amortization of acquired intangible assets     188   187     188    
    Nishiwaki Fab restructuring and impairment cost (income), net       --       --       (991 )  
                           
  EBITDA     $ 105,234 $ 96,774   $ 75,538    
                           
                           
(1 ) Three months ended September 30, 2016 included income tax benefit in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; three months ended December 31, 2015 included income tax benefit due to Japanese income tax rate reduction.  
(2 ) Fully diluted share count includes all issued and outstanding securities; outstanding ordinary share count as of December 31, 2016 is 92,985.  
       

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