TOWER SEMICONDUCTOR LTD. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
March 31, December 31,
_________ ____________
2008 2007
_________ ____________
unaudited
_________
A S S E T S
CURRENT ASSETS
Cash and cash equivalents $ 32,374 $ 44,536
Trade accounts receivable 42,185 44,977
Other receivables 3,805 4,748
Inventories 34,398 27,806
Other current assets 1,347 1,580
_______ ______
Total current assets 114,109 123,647
------- -------
LONG-TERM INVESTMENTS 14,984 15,093
------- -------
PROPERTY AND EQUIPMENT, NET 520,518 502,287
------- -------
INTANGIBLE ASSETS, NET 31,855 34,711
------- -------
OTHER ASSETS, NET 10,652 11,044
------- -------
TOTAL ASSETS $ 692,118 $ 686,782
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of
convertible debenture $ 8,426 $ 7,887
Trade accounts payable 55,988 49,025
Deferred revenue 9,935 --
Other current liabilities 17,926 20,024
______ ______
Total current
liabilities 92,275 76,936
LONG-TERM DEBT FROM BANKS 390,210 379,314
DEBENTURES 116,618 117,460
LONG-TERM CUSTOMERS' ADVANCES 16,059 27,983
OTHER LONG-TERM LIABILITIES 59,793 40,380
_______ _______
Total liabilities 674,955 642,073
------- -------
SHAREHOLDERS' EQUITY 17,163 44,709
_______ _______
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 692,118 $ 686,782
======== =======
-- --
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(dollars in thousands, except share data and
per share data)
Three months
ended
March 31,
______________________________
2008 2007 2006
______________________________
GAAP GAAP GAAP
______________________________
REVENUES $ 57,607 $ 55,604 $ 35,875
COST OF SALES 68,255 71,519 61,331
________ ________ ________
GROSS LOSS (10,648) (15,915) (25,456)
-------- -------- --------
OPERATING COSTS AND EXPENSES
Research and
development 2,976 3,609 3,379
Marketing, general and
administrative 7,768 8,077 5,849
________ ________ ________
10,744 11,686 9,228
-------- -------- --------
________ ________ ________
OPERATING LOSS (21,392) (27,601) (34,684)
FINANCING
EXPENSE, NET (7,800) (12,710) (6,062)
OTHER INCOME
(EXPENSE), NET (428) 69 551
________ ________ ________
LOSS FOR THE PERIOD $ (29,620) $ (40,242) $ (40,195)
============ =========== ===========
BASIC LOSS PER
ORDINARY SHARE
Loss per share $ (0.24) $ (0.38) $ (0.56)
============ =========== ===========
Weighted average
number of ordinary
shares outstanding - in
thousands 124,228 105,060 71,872
============ =========== ===========
TOWER SEMICONDUCTOR LTD. AND
SUBSIDIARY
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands)
Three months ended
March 31, 2008
_____________________________________
Depreciation,
Amortization
and
stock based
compensation
expenses
non-GAAP (see a, b, c below) GAAP
_____________________________________
REVENUES $ 57,607 $ -- $ 57,607
COST OF SALES 36,650 31,605 (a) 68,255
_________ _______ _________
GROSS PROFIT (LOSS) 20,957 (31,605) (10,648)
--------- ------- ---------
OPERATING COSTS AND EXPENSES
Research and development 2,744 232 (b) 2,976
Marketing,
general & administrative 6,169 1,599 (c) 7,768
_________ _______ _________
8,913 1,831 10,744
--------- ------- ---------
_________ _______ _________
OPERATING PROFIT (LOSS) $ 12,044 $ (33,436) $ (21,392)
========= ========== ==========
(a) Includes depreciation and amortization expenses in the
amount of $31,328 and stock based compensation expenses
in the amount of $277.
(b) Includes depreciation and amortization expenses in the amount
of $58 and stock based compensation expenses in the amount of
$174.
(c) Includes depreciation and amortization expenses in the amount
of $14 and stock based compensation expenses in the amount of
$1,585.
Three months ended
March 31, 2007
_____________________________________
Depreciation,
Amortization
and
stock based
compensation
expenses
non-GAAP (see d, e, f below) GAAP
_____________________________________
REVENUES $ 55,604 $ -- $ 55,604
COST OF SALES 34,711 36,808 (d) 71,519
_________ _______ _________
GROSS PROFIT (LOSS) 20,893 (36,808) (15,915)
--------- ------- ---------
OPERATING COSTS AND EXPENSES
Research and development 2,752 857 (e) 3,609
Marketing,
general & administrative 6,310 1,767 (f) 8,077
_________ _______ _________
9,062 2,624 11,686
--------- ------- ---------
_________ _______ _________
OPERATING PROFIT (LOSS) $ 11,831 $ (39,432) $ (27,601)
========= ========== ==========
(d) Includes depreciation and amortization expenses in the amount
of $36,647 and stock based compensation expenses in the amount
of $161.
(e) Includes depreciation and amortization expenses in the amount
of $705 and stock based compensation expenses in the amount of
$152.
(f) Includes stock based
compensation expenses.
Three months ended
March 31, 2006
_____________________________________
Depreciation,
Amortization
and
stock based
compensation
expenses
non-GAAP (see g, h, i below) GAAP
_____________________________________
REVENUES $ 35,875 $ -- $ 35,875
COST OF SALES 23,297 38,034 (g) 61,331
_________ _______ ________
GROSS PROFIT (LOSS) 12,578 -38,034 -25,456
--------- ------- --------
OPERATING COSTS AND EXPENSES
Research and development 2,227 1,152 (h) 3,379
Marketing,
general & administrative 5,155 694 (i) 5,849
_________ _______ ________
7,382 1,846 9,228
--------- ------- --------
_________ _______ _________
OPERATING PROFIT (LOSS) $ 5,196 $ (39,880) $ (34,684)
========= ========== ==========
(g) Includes depreciation and amortization expenses in the amount
of $37,835 and stock based compensation expenses in the amount
$199.
(h) Includes depreciation and amortization expenses in the amount
of $1,055 and stock based compensation expenses in the amount
of $97.
(i) Includes depreciation and amortization expenses in the amount
of $11 and stock based compensation expenses in the amount of
$683.
Contact:
Tower Semiconductor
Limor Asif, +972-4-650-6936
Limoras@towersemi.com
or:
Shelton Group
Ryan Bright, +972-239-5119 ext. 159
rbright@sheltongroup.com
« Previous Page 1 | 2
