TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | | |
March 31, | |
December 31, | |
March 31, | | | | | | | | | |
2016 | | | |
2015 | | | |
2015 | | | | | | | | | | | | | | | |
REVENUES | |
$ | |
278,043 | |
$ | |
254,602 | |
$ | |
226,217 | | | | | | | | | | | | | | | |
COST OF REVENUES | | | |
216,696 | | | |
190,072 | | | |
193,225 | | | | | | | | | |
| |
| |
| | | |
GROSS PROFIT | | | |
61,347 | | | |
64,530 | | | |
32,992 | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES | | | | | | | | | | | | | | | | | | | | | |
Research and development | | |
15,237 | | | |
15,704 | | | |
14,837 | | | |
Marketing, general and administrative | | |
15,923 | | | |
15,478 | | | |
16,161 | | | |
Nishiwaki Fab restructuring costs and impairment, net | | |
(627 |
) | | |
(991 |
) | |
|
-- | | | | | | | | | |
| |
| |
| | | | | | | | | |
30,533 | | | |
30,191 | | | |
30,998 | | | | | | | | | |
| |
| |
| | | | | | | | | | | | | | | | |
OPERATING PROFIT | | |
30,814 | | | |
34,339 | | | |
1,994 | | | | | | | | | | | | | | | |
INTEREST EXPENSE, NET | | |
(3,358 |
) | | |
(2,366 |
) | | |
(3,633 |
) | | | | | | | | | | | | | | |
OTHER NON CASH FINANCING EXPENSE, NET (*) | | |
(3,969 |
) | | |
(12,751 |
) | | |
(84,596 |
) | | | | | | | | | | | | | | |
GAIN FROM ACQUISITION, NET | | |
41,140 | | |
|
-- | | | |
-- | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | |
|
-- | | | |
70 | | | |
(9 |
) | | | | | | | | |
| |
| |
| | | |
PROFIT (LOSS) BEFORE INCOME TAX
| | |
64,627 | | | |
19,292 | | | |
(86,244 |
) | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE) | | |
(79 |
) | | |
4,779 | | | |
10,894 | | | | | | | | | | | | | | | | | |
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | | |
64,548 | | | |
24,071 | | | |
(75,350 |
) | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | | |
1,396 | | | |
(1,992 |
) | | |
2,286 | | | | | | | | | |
| |
| |
| | | |
NET PROFIT (LOSS) |
$ | |
65,944 | |
$ | |
22,079 | |
$ | |
(73,064 |
) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS (LOSS) PER ORDINARY SHARE |
$ | |
0.78 | |
$ | |
0.28 | |
$ | |
(1.15 |
) | | | | | | | | | | | | | | |
Weighted average number of ordinary | | | | | | | | |
shares outstanding | | | |
84,521 | | | |
79,607 | | | |
63,581 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER ORDINARY SHARE |
$ | |
0.69 | |
$ | |
0.25 | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ | |
68,002 | |
$ | |
22,079 | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding | | | | | | | | |
used for diluted earnings per share | | |
98,777 | | | |
88,970 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(*) |
Includes $6,998 and $73,121 non cash financing expenses associated with Bonds Series F accelerated conversion in the three months ended
December 31, 2015 and March 31, 2015, respectively | | | | | | | | | | | | | | | |
|
