TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
RECONCILIATION OF CERTAIN FINANCIAL DATA (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 | | | | | | | | | |
March 31,
| |
December 31, | |
March 31,
| | | | | | | | | |
2019 | |
2018 | |
2018 | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
26,216 |
$ |
38,073 |
$ |
26,118 | | | |
Stock based compensation
| |
3,823 | |
3,906 | |
3,367 | | | |
Amortization of acquired intangible assets
| |
1,641 | |
1,614 | |
1,661 | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT |
$ |
31,680 |
$ |
43,593 |
$ |
31,146 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | |
Basic | | |
$ |
0.30 |
$ |
0.42 |
$ |
0.32 | | | |
Diluted | | |
$ |
0.30 |
$ |
0.41 |
$ |
0.31 | | | |
Fully diluted | |
$ |
0.29 |
$ |
0.41 |
$ |
0.31 | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | | | | | |
Basic | | |
$ |
31,680 |
$ |
43,593 |
$ |
31,146 | | | |
Diluted | | |
$ |
31,680 |
$ |
43,593 |
$ |
31,146 | | | |
Fully diluted | |
$ |
31,680 |
$ |
44,663 |
$ |
33,486 | | | | | | | | | | | | | | | | |
NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | | | |
Basic | | | |
105,331 | |
103,997 | |
98,495 | | | |
Diluted | | | |
106,972 | |
105,776 | |
101,112 | | | |
Fully diluted | | |
108,173 | |
108,268 | |
107,717 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA CALCULATION: | | | | | | | | | | | | | | | | | | | | | | |
GAAP OPERATING PROFIT
|
$ |
27,342 |
$ |
40,239 |
$ |
31,905 | | | |
Depreciation of fixed assets
| |
46,041 | |
46,950 | |
47,357 | | | |
Stock based compensation | |
3,823 | |
3,906 | |
3,367 | | | |
Amortization of acquired intangible assets | |
1,641 | |
1,614 | |
1,661 | | | | | | | | | | | | | | | | |
EBITDA | | |
$ |
78,847 |
$ |
92,709 |
$ |
84,290 | | | | | | | | | | | | | | |
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