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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended | | | | | | | | | | | | |
December 31, | | | | | | | | | | | | |
2016 | | |
2015 | | | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
1,249,634 | |
$ |
960,561 | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
946,534 | | |
755,196 | | | | | | | | | | | | | |
| |
| | | | | | |
GROSS PROFIT | | |
303,100 | | |
205,365 | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
63,134 | | |
61,669 | | | | | | |
Marketing, general and administrative | |
65,439 | | |
62,793 | | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | |
(627 |
) | |
(991 |
) | | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
127,946 | | |
123,471 | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
175,154 | | |
81,894 | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(11,857 |
) | |
(13,179 |
) | | | | | | | | | | | | | | | | | | | |
OTHER NON CASH FINANCING EXPENSE, NET | |
(12,492 |
) | |
(109,930 |
) |
(a) | | | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| |
50,471 | | |
--
| | | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | |
9,322 | | |
(190 |
) | | | | | | | | | | | | |
| |
| | | | | | |
PROFIT (LOSS) BEFORE INCOME TAX | |
210,598 | | |
(41,405 |
) | | | | | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE) | |
(1,432 |
) |
(b) |
12,278 | |
(b) | | | | | | | | | | | | | | | | | | | | |
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
| |
209,166 | | |
(29,127 |
) | | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(5,242 |
) | |
(520 |
) | | | | | | | | | | | | |
| |
| | | | | | |
NET PROFIT (LOSS) |
$ |
203,924 | |
$ |
(29,647 |
) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS (LOSS) PER SHARE |
$ |
2.33 | |
$ |
(0.40 |
) | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
87,480 | | |
74,366 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
2.09 | | | | | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
212,160 | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
101,303 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) |
Year ended December 31, 2015 included $80,815 of non-cash financing expense due to bonds series F accelerated conversion. | | |
(b) |
Year ended December 31, 2016 included $6,472 of income tax benefit
in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; year ended December 31, 2015 included $11,153
income tax benefit resulting from expiration of statute of limitations and $6,389 income tax benefit of Japanese income tax rate reduction. | | | | | | | | | | | | | | | | | | |
|
