TowerJazz Reports Best Results in the History of the Company


  
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
UNAUDITED RECONCILIATION OF CERTAIN FINANCIAL DATA   
(dollars and share count in thousands, except per share data) 
            
         Year ended 
         December 31, 
         2016   2015  
            
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT      
            
  GAAP NET PROFIT (LOSS)  $ 203,924   $ (29,647 ) 
   Stock based compensation     9,406    7,540   
   Amortization of acquired intangible assets     9,780    8,696   
   Financing expense, net associated with Bonds Series F accelerated conversion       --      80,815   
   Non cash financing expense related to bank loan early repayment   6,653      --     
   Gain from acquisition, net   (50,471 )    --     
   Other non-recurring items, see (1) below   2,378    (991 ) 
   Income tax benefit, see (2) b elow   (6,472 )  (17,542 ) 
            
  ADJUSTED NET PROFIT  $ 175,198   $ 48,871    
                       
  ADJUSTED NET PROFIT PER SHARE:            
    Basic     $ 2.00   $ 0.66    
    Diluted     $ 1.81   $ 0.58    
    Fully diluted   $ 1.71   $ 0.63    
                       
  ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA:            
    Basic     $   175,198   $   48,871    
    Diluted     $   183,434   $   48,871    
    Fully diluted   $   183,434   $   65,136    
                       
  NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA:      
    Basic         87,480       74,366    
    Diluted         101,303       84,902    
    Fully diluted       107,121       103,477    
                       
                       
EBITDA CALCULATION:            
                       
  GAAP OPERATING PROFIT     $ 175,154   $ 81,894    
    Cost of revenue:            
      Depreciation of fixed assets       169,958     151,221    
      Stock based compensation     3,920     2,214    
      Amortization of acquired intangible assets     9,029     7,944    
      Acquisition related non-recurring costs     3,005       --      
    Research and development:            
      Stock based compensation     2,119     1,905    
    Marketing, general and administrative:            
      Stock based compensation     3,367     3,421    
      Amortization of acquired intangible assets     751     752    
    Nishiwaki Fab restructuring and impairment cost (income), net     (627 )   (991 )  
                       
  EBITDA     $ 366,676   $ 248,360    
                       
                       
(1 ) Year ended December 31, 2016 included mainly acquisition related costs; year ended December 31, 2015 included mainly Nishiwaki Fab restructuring and impairment cost (income), net.  
(2 ) Year ended December 31, 2016 included $6,472 of income tax benefit in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; year ended December 31, 2015 included $11,153 income tax benefit resulting from expiration of statute of limitations and $6,389 income tax benefit due to Japanese income tax rate reduction.  
                       

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