TowerJazz Announces Second Quarter 2016 Results: Record Revenue

TowerJazz Announces Second Quarter 2016 Results: Record Revenue of $305 million with Year over Year Growth of 29%, Increased Margins and Net Profit

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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars and share count in thousands, except per share data)

Three months ended

June 30,

March 31,

June 30,

2016

2015

GAAP

REVENUES

305,003

278,043

235,561

COST OF REVENUES

232,275

216,696

183,101

GROSS PROFIT

72,728

61,347

52,460

OPERATING COSTS AND EXPENSES

Research and development

16,030

15,237

15,148

Marketing, general and administrative

16,520

15,923

15,806

Nishiwaki Fab restructuring costs and impairment, net

(627

)

32,550

30,533

30,954

OPERATING PROFIT

40,178

30,814

21,506

INTEREST EXPENSE, NET

(2,997

)

(3,358

)

(3,613

)

OTHER NON CASH FINANCING EXPENSE, NET

(7,528

)

(3,969

)

(7,271

)

GAIN FROM ACQUISITION, NET

10,158

41,140

OTHER INCOME (EXPENSE), NET

4,362

)

PROFIT BEFORE INCOME TAX

44,173

64,627

10,618

INCOME TAX EXPENSE

(3,826

)

(79

)

(2,468

)

PROFIT BEFORE NON CONTROLLING INTEREST

40,347

64,548

8,150

NON CONTROLLING INTEREST

(1,861

)

1,396

(363

)

NET PROFIT

38,486

65,944

7,787

BASIC EARNINGS PER ORDINARY SHARE

0.45

0.78

0.10

Weighted average number of ordinary shares outstanding

86,300

84,521

76,696

DILUTED EARNINGS PER ORDINARY SHARE

0.40

0.69

0.09

Net profit used for diluted earnings per share

40,556

68,002

7,787

Weighted average number of ordinary shares outstanding -

used for diluted earnings per share

100,163

98,777

87,558

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