TowerJazz Announces Records in Revenues, Margins, EBITDA and Free Cash Flow for the Second Quarter and First Half of 2017
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | | |
(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 | | | | | | | | | | |
June 30, | |
March 31, | |
June 30, | | | | | | | | | | |
2017
| |
2017
| |
2016
| | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
345,059 | |
$ |
330,080 | |
$ |
305,003 | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
253,998 | | |
245,312 | | |
232,275 | | | | | | | | | | | |
| |
| |
| | | | |
GROSS PROFIT | | |
91,061 | | |
84,768 | | |
72,728 | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
16,432 | | |
15,768 | | |
16,030 | | | | | |
Marketing, general and administrative | |
17,238 | | |
16,237 | | |
16,520 | | | | | | | | | | | |
| |
| |
| | | | | | | | | | |
33,670 | | |
32,005 | | |
32,550 | | | | | | | | | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
57,391 | | |
52,763 | | |
40,178 | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(2,070 |
) | |
(2,211 |
) | |
(2,997 |
) | | | | | | | | | | | | | | | | | | | |
OTHER FINANCING EXPENSE, NET | |
(1,053 |
) | |
(2,018 |
) | |
(7,528 |
) |
(a) | | | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| |
--
| | |
--
| | |
10,158 | |
(a) | | | | | | | | | | | | | | | | | | |
OTHER INCOME, NET | | |
142 | | |
511 | | |
4,362 | | | | | | | | | | | |
| |
| |
| | | | |
PROFIT BEFORE INCOME TAX | |
54,410 | | |
49,045 | | |
44,173 | |
(a) | | | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE | |
(2,683 |
) | |
(1,999 |
) | |
(3,826 |
) | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
51,727 | | |
47,046 | | |
40,347 | |
(a) | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(1,710 |
) | |
(1,537 |
) | |
(1,861 |
) | | | | | | | | | | |
| |
| |
| | | | |
NET PROFIT | |
$ |
50,017 | |
$ |
45,509 | |
$ |
38,486 | |
(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.52 | |
$ |
0.48 | |
$ |
0.45 | |
(a) | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
96,365 | | |
93,900 | | |
86,300 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.49 | |
$ |
0.45 | |
$ |
0.40 | |
(a) | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
52,217 | |
$ |
47,666 | |
$ |
40,556 | |
(a) | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
105,648 | | |
104,915 | | |
100,163 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) |
Three months ended June 30, 2016 included $10,158 net gain from acquisition of TJT and $6,653 financing cost resulted from banks loans early repayment. | | | | | | |
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