TowerJazz Announces Second Quarter 2016 Results: Record Revenue of $305 million with Year over Year Growth of 29%, Increased Margins and Net Profit
| | | |
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, | | | | | | | | | | | | |
2016 | | | | |
2015 | | | | | | | | | | | | |
GAAP | | |
GAAP | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ | |
583,046 | | |
$ | |
461,778 | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | | |
448,971 | | | | |
376,326 | | | | | | | | | | | | |
| | |
| | | | | |
GROSS PROFIT | | | |
134,075 | | | | |
85,452 | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | |
31,267 | | | | |
29,985 | | | | | |
Marketing, general and administrative | | |
32,443 | | | | |
31,967 | | | | | |
Nishiwaki Fab restructuring costs and impairment, net | | |
(627 |
) | | | |
-- | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | |
63,083 | | | | |
61,952 | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT
| | |
70,992 | | | | |
23,500 | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | | |
(6,355 |
) | | | |
(7,246 |
) | | | | | | | | | | | | | | | | | | |
OTHER NON CASH FINANCING EXPENSE, NET | | |
(11,497 |
) | | | |
(91,867 |
) |
(a) | | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| | |
51,298 | | | | |
-- | | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | | |
4,362 | | | | |
(13 |
) | | | | | | | | | | | |
| | |
| | | | | |
PROFIT (LOSS) BEFORE INCOME TAX | | |
108,800 | | | | |
(75,626 |
) | | | | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE) | | |
(3,905 |
) | | | |
8,426 | | | | | | |
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
| | |
104,895 | | | | |
(67,200 |
) | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | | |
(465 |
) | | | |
1,923 | | | | | | |
NET PROFIT (LOSS) |
$ | |
104,430 | | |
$ | |
(65,277 |
) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS (LOSS) PER ORDINARY SHARE |
$ | |
1.22 | | |
$ | |
(0.93 |
) | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding | | |
85,410 | | | | |
70,175 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER ORDINARY SHARE |
$ | |
1.09 | | | | | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ | |
108,556 | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding - | | | | | | | | | |
used for diluted earnings per share | | |
99,546 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) |
Included $73,121 associated with Bonds Series F accelerated conversion in the six months ended June 30, 2015 in accordance with US GAAP ASC 470-20.
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