TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for

TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016

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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

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

)

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

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