TowerJazz Reports Increase in Net Profit
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine months ended | | | | | | | | | | | | |
September 30, | | | | | | | | | | | | |
2017 | | |
2016 | | | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
1,029,696 | |
$ |
909,255 | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
764,749 | | |
693,886 | | | | | | | | | | | | | |
| |
| | | | | | |
GROSS PROFIT | | |
264,947 | | |
215,369 | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
49,294 | | |
46,814 | | | | | | |
Marketing, general and administrative | |
50,297 | | |
49,230 | | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | |
--
| | |
(627 |
) | | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
99,591 | | |
95,417 | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
165,356 | | |
119,952 | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(6,057 |
) | |
(9,627 |
) | | | | | | | | | | | | | | | | | | | |
OTHER FINANCING EXPENSE, NET | |
(5,337 |
) | |
(13,707 |
) | | | | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| |
--
| | |
51,298 | |
(a) | | | | | | | | | | | | | | | | | | |
OTHER INCOME, NET | | |
400 | | |
9,443 | | | | | | | | | | | | | |
| |
| | | | | | |
PROFIT BEFORE INCOME TAX | |
154,362 | | |
157,359 | |
(a) | | | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE | |
(1,348 |
) | |
(446 |
) | | | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
153,014 | | |
156,913 | |
(a) | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(2,214 |
) | |
(1,270 |
) | | | | | | | | | | | | |
| |
| | | | | | |
NET PROFIT | |
$ |
150,800 | |
$ |
155,643 | |
(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
1.57 | |
$ |
1.81 | |
(a) | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
96,085 | | |
86,220 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
1.49 | |
$ |
1.61 | |
(a) | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
157,403 | |
$ |
161,875 | |
(a) | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
105,664 | | |
100,460 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) |
Nine months ended September 30, 2016 included $51,298 gain from San-Antonio fab acquisition from Maxim. | |
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