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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

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

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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