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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended | | | | | | | | | | |
June 30, | | | | | | | | | | |
2017 | |
2016 | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
675,139 | |
$ |
583,046 | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
499,310 | | |
448,971 | | | | | | | | | | | |
| |
| | | | |
GROSS PROFIT | | |
175,829 | | |
134,075 | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
32,200 | | |
31,267 | | | | | |
Marketing, general and administrative | |
33,475 | | |
32,443 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | |
--
| | |
(627 |
) | | | | | | | | | | |
| |
| | | | | | | | | | |
65,675 | | |
63,083 | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
110,154 | | |
70,992 | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(4,281 |
) | |
(6,355 |
) | | | | | | | | | | | | | | | | | |
OTHER FINANCING EXPENSE, NET
| |
(3,071 |
) | |
(11,497 |
) |
(b) | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| |
--
| | |
51,298 | |
(b) | | | | | | | | | | | | | | | | |
OTHER INCOME, NET | | |
653 | | |
4,362 | | | | | | | | | | | |
| |
| | | | |
PROFIT BEFORE INCOME TAX
| |
103,455 | | |
108,800 | |
(b) | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE | |
(4,682 |
) | |
(3,905 |
) | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
98,773 | | |
104,895 | |
(b) | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(3,247 |
) | |
(465 |
) | | | | | | | | | | |
| |
| | | | |
NET PROFIT
| |
$ |
95,526 | |
$ |
104,430 | |
(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE
|
$ |
1.00 | |
$ |
1.22 | |
(b) | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
95,139 | | |
85,410 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE
|
$ |
0.95 | |
$ |
1.09 | |
(b) | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
99,883 | |
$ |
108,556 | |
(b) | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
105,288 | | |
99,546 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(b) |
Six months ended June 30, 2016 included $51,298 net gain from acquisition of TJT and $6,653 financing cost resulted from banks loans early repayment. | | | | | | |
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