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

UNAUDITED RECONCILIATION OF ADJUSTED FINANCIAL DATA AND ADJUSTED EBITDA CALCULATION

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

Three months ended

June 30,

March 31,

June 30,

2016

2015

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT

GAAP NET PROFIT

38,486

65,944

7,787

Stock based compensation

2,532

2,156

1,943

Amortization of acquired intangible assets

2,395

2,241

2,258

Non cash financing expense related to bank loan early repayment (1)

6,653

Gain from acquisition, net

(10,158

)

(41,140

)

Other non-recurring items, see (2) below

2,378

ADJUSTED NET PROFIT

39,908

31,579

11,988

ADJUSTED NET PROFIT PER SHARE

Basic

0.46

0.37

0.16

Diluted

0.42

0.34

0.14

Fully diluted, see (3) below

0.39

0.31

0.16

ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA:

Basic

39,908

31,579

11,988

Diluted

41,978

31,579

11,988

Fully diluted

41,978

33,637

16,531

Number of shares and other securities used for the above calculation:

Basic

86,300

84,521

76,696

Diluted

100,163

92,902

87,558

Fully diluted, see (3) below

107,056

106,865

103,577

EBITDA CALCULATION:

GAAP OPERATING PROFIT

40,178

30,814

21,506

Cost of revenues:

Depreciation of fixed assets

41,910

40,064

32,912

Stock based compensation

1,160

989

540

Amortization of acquired intangible assets

2,207

2,053

2,070

Acquisition related non-recurring costs

3,005

Research and development:

Stock based compensation

533

528

469

Marketing, general and administrative:

Stock based compensation

839

639

934

Amortization of acquired intangible assets

188

Nishiwaki Fab restructuring costs and impairment, net

(627

)

EBITDA

87,015

77,653

58,619

)

In accordance with US GAAP ASC 825-10.

)

Q1 2016 includes mainly acquisition related costs.

)

Fully diluted share count includes all issued and outstanding securities as of end of the applicable period.

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