TowerJazz Reports Best Results in the History of the Company


  
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(dollars and share count in thousands, except per share data) 
               
               
          Three months ended 
          December 31,  September 30,  December 31, 
          2016   2016   2015  
               
  REVENUES   $ 340,379   $ 326,209   $ 254,602   
               
  COST OF REVENUES   252,648    244,915    190,072   
                  
    GROSS PROFIT   87,731    81,294    64,530   
               
  OPERATING COSTS AND EXPENSES:       
               
   Research and development  16,320     15,547     15,704    
    Marketing, general and administrative   16,209     16,787     15,478    
    Nishiwaki Fab restructuring and impairment cost (income), net     --         --       (991 )  
                             
                  32,529     32,334     30,191    
                             
                             
      OPERATING PROFIT   55,202     48,960     34,339    
                             
  INTEREST EXPENSE, NET   (2,230 )   (3,272 )   (2,366 )  
                             
  OTHER NON CASH FINANCING INCOME (EXPENSE), NET   1,215     (2,210 )   (12,751 ) (a)
                             
  OTHER INCOME (EXPENSE), NET   (948 )   5,081     70    
                             
      PROFIT BEFORE INCOME TAX   53,239     48,559     19,292    
                             
  INCOME TAX BENEFIT (EXPENSE)   (986 )   3,459   (b) 4,779   (b)
                             
      PROFIT BEFORE NON CONTROLLING INTEREST     52,253     52,018     24,071    
                             
  NON CONTROLLING INTEREST   (3,972 )   (805 )   (1,992 )  
                             
      NET PROFIT   $ 48,281   $ 51,213   $ 22,079    
                             
                             
  BASIC EARNINGS PER SHARE $ 0.53   $ 0.58   $ 0.28    
                             
  Weighted average number of shares     91,235       87,821       79,607    
                             
                             
  DILUTED EARNINGS PER SHARE $ 0.49   $ 0.52   $ 0.25    
                             
  Net profit used for diluted earnings per share $ 50,397   $ 53,318   $ 22,079    
                             
  Weighted average number of shares   103,613     101,805     88,970    
                             
                             
(a) Three months ended December 31, 2015 included $6,998 of non-cash financing expense due to bonds series F accelerated conversion.
(b)   Three months ended September 30, 2016 included $6,472 income tax benefit due to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; three months ended December 31, 2015 included $6,389 income tax benefit due to Japanese income tax rate reduction.
                             

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