TowerJazz Reports First Quarter 2017 Results: Record Free Cash Flow Resulting from Strong Year over Year Growth in Revenue and Margins
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
T h r e e
m o n t h s
e n d e d | | | | | | | | | | | |
March 31, | | |
December 31, | | |
March 31, | | | | | | | | | | | |
2017 | | |
2016 | | |
2016 | | | | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
330,080 | | |
$ |
340,379 | | |
$ |
278,043 | | | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
245,312 | | | |
252,648 | | | |
216,696 | | | | | | | | | | | | |
| | |
| | |
| | | | | |
GROSS PROFIT | | |
84,768 | | | |
87,731 | | | |
61,347 | | | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
15,768 | | | |
16,320 | | | |
15,237 | | | | | |
Marketing, general and administrative | |
16,237 | | | |
16,209 | | | |
15,923 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | |
--
| | | |
--
| | | |
(627 |
) | | | | | | | | | | | |
| | |
| | |
| | | | | | | | | | | |
32,005 | | | |
32,529 | | | |
30,533 | | | | | | | | | | | | |
| | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
52,763 | | | |
55,202 | | | |
30,814 | | | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(2,211 |
) | | |
(2,230 |
) | | |
(3,358 |
) | | | | | | | | | | | | | | | | | | | | | |
OTHER NON CASH FINANCING INCOME (EXPENSE), NET | |
(2,018 |
) | | |
1,215 | | | |
(3,969 |
) | | | | | | | | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET
| |
--
| | | |
--
| | | |
41,140 | | | | | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | |
511 | | | |
(948 |
) | | |
--
| | | | | | | | | | | | |
| | |
| | |
| | | | | |
PROFIT BEFORE INCOME TAX | |
49,045 | | | |
53,239 | | | |
64,627 | | | | | | | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE | |
(1,999 |
) | | |
(986 |
) | | |
(79 |
) | | | | | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
47,046 | | | |
52,253 | | | |
64,548 | | | | | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(1,537 |
) | | |
(3,972 |
) | | |
1,396 | | | | | | | | | | | | |
| | |
| | |
| | | | | |
NET PROFIT | |
$ |
45,509 | | |
$ |
48,281 | | |
$ |
65,944 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.48 | | |
$ |
0.53 | | |
$ |
0.78 | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
93,900 | | | |
91,235 | | | |
84,521 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.45 | | |
$ |
0.49 | | |
$ |
0.69 | | | | | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
47,666 | | |
$ |
50,397 | | |
$ |
68,002 | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
104,915 | | | |
103,613 | | | |
98,777 | | | | | | | | | | | | | | | | | | | | |
|
