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) | | | | | | | | | | | | | | | | | | | | | | | |
Year ended | | | | | | | | | | |
December 31, | | | | | | | | | | |
2016 | | |
2015 | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT | | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT (LOSS) | |
$ |
203,924 | |
$ |
(29,647 |
) | | | | |
Stock based compensation
| | |
9,406 | | |
7,540 | | | | | |
Amortization of acquired intangible assets
| | |
9,780 | | |
8,696 | | | | | |
Financing expense, net associated with Bonds Series F accelerated conversion
| | |
--
| | |
80,815 | | | | | |
Non cash financing expense related to bank loan early repayment | | |
6,653 | | |
--
| | | | | |
Gain from acquisition, net | | |
(50,471 |
) | |
--
| | | | | |
Other non-recurring items, see (1) below | | |
2,378 | | |
(991 |
) | | | | |
Income tax benefit,
see (2) b
elow | | |
(6,472 |
) | |
(17,542 |
) | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT | |
$ |
175,198 | |
$ |
48,871 | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT PER SHARE: | | | | | | | | | |
Basic | | |
$ |
2.00 | |
$ |
0.66 | | | | | |
Diluted | | |
$ |
1.81 | |
$ |
0.58 | | | | | |
Fully diluted | |
$ |
1.71 | |
$ |
0.63 | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | | | | | | | | | |
Basic | | |
$ |
175,198 | |
$ |
48,871 | | | | | |
Diluted | | |
$ |
183,434 | |
$ |
48,871 | | | | | |
Fully diluted | |
$ |
183,434 | |
$ |
65,136 | | | | | | | | | | | | | | | | | |
NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | | | | | | |
Basic | | | |
87,480 | | |
74,366 | | | | | |
Diluted | | | |
101,303 | | |
84,902 | | | | | |
Fully diluted | | |
107,121 | | |
103,477 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA CALCULATION: | | | | | | | | | | | | | | | | | | | | | |
GAAP OPERATING PROFIT
| |
$ |
175,154 | |
$ |
81,894 | | | | | |
Cost of revenue: | | | | | | | | | | |
Depreciation of fixed assets
| | |
169,958 | | |
151,221 | | | | | | |
Stock based compensation | | |
3,920 | | |
2,214 | | | | | | |
Amortization of acquired intangible assets | | |
9,029 | | |
7,944 | | | | | | |
Acquisition related non-recurring costs | | |
3,005 | | |
--
| | | | | |
Research and development: | | | | | | | | | | |
Stock based compensation | | |
2,119 | | |
1,905 | | | | | |
Marketing, general and administrative: | | | | | | | | | | |
Stock based compensation | | |
3,367 | | |
3,421 | | | | | | |
Amortization of acquired intangible assets | | |
751 | | |
752 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | | |
(627 |
) | |
(991 |
) | | | | | | | | | | | | | | | | |
EBITDA | | |
$ |
366,676 | |
$ |
248,360 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1 |
) |
Year ended December 31, 2016 included mainly acquisition related costs; year ended December 31, 2015 included mainly Nishiwaki Fab restructuring and impairment cost (income), net. | | |
(2 |
) |
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 due to Japanese income tax rate reduction. | | | | | | | | | | | | | | |
|
