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) | | | | | | | | | | | | | | | | | | | | | | | | | |
T h r e e
m o n t h s
e n d e d | | | | | | | | | | |
December 31, | |
September 30, | |
December 31, | | | | | | | | | | |
2016 | |
2016 | | |
2015 | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
48,281 |
$ |
51,213 | |
$ |
22,079 | | | | | |
Stock based compensation
| | |
2,381 | |
2,337 | | |
1,975 | | | | | |
Amortization of acquired intangible assets
| | |
2,777 | |
2,367 | | |
2,374 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | | |
--
| |
--
| | |
(991 |
) | | | | |
Financing expense, net associated with Bonds Series F accelerated conversion
| | |
--
| |
--
| | |
6,998 | | | | | |
Income tax benefit, see (1) below | | |
--
| |
(6,472 |
) | |
(6,389 |
) | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT | |
$ |
53,439 |
$ |
49,445 | |
$ |
26,046 | | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT PER SHARE: | | | | | | | | | | | |
Basic | | |
$ |
0.59 |
$ |
0.56 | |
$ |
0.33 | | | | | |
Diluted | | |
$ |
0.54 |
$ |
0.51 | |
$ |
0.29 | | | | | |
Fully diluted, see (2) below | |
$ |
0.52 |
$ |
0.48 | |
$ |
0.27 | | | | | | | | | | | | | | | | | | | |
ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | | | | | | | | | | | |
Basic | | |
$ |
53,439 |
$ |
49,445 | |
$ |
26,046 | | | | | |
Diluted | | |
$ |
55,555 |
$ |
51,550 | |
$ |
26,472 | | | | | |
Fully diluted | |
$ |
55,555 |
$ |
51,550 | |
$ |
28,440 | | | | | | | | | | | | | | | | | | | |
NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | | | | | | | | |
Basic | | | |
91,235 | |
87,821 | | |
79,607 | | | | | |
Diluted | | | |
103,613 | |
101,805 | | |
91,086 | | | | | |
Fully diluted, see (2) below | | |
107,121 | |
107,147 | | |
103,477 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA CALCULATION: | | | | | | | | | | | | | | | | | | | | | | | | | |
GAAP OPERATING PROFIT
| |
$ |
55,202 |
$ |
48,960 | |
$ |
34,339 | | | | | |
Cost of revenue: | | | | | | | | | | | | |
Depreciation of fixed assets
| | |
44,874 | |
43,110 | | |
37,841 | | | | | | |
Stock based compensation | | |
835 | |
936 | | |
686 | | | | | | |
Amortization of acquired intangible assets | | |
2,589 | |
2,180 | | |
2,186 | | | | | |
Research and development: | | | | | | | | | | | | |
Stock based compensation | | |
557 | |
501 | | |
519 | | | | | |
Marketing, general and administrative: | | | | | | | | | | | | |
Stock based compensation | | |
989 | |
900 | | |
770 | | | | | | |
Amortization of acquired intangible assets | | |
188 | |
187 | | |
188 | | | | | |
Nishiwaki Fab restructuring and impairment cost (income), net | | |
--
| |
--
| | |
(991 |
) | | | | | | | | | | | | | | | | | | |
EBITDA | | |
$ |
105,234 |
$ |
96,774 | |
$ |
75,538 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1 |
) |
Three months ended September 30, 2016 included income tax benefit in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; three months ended December 31, 2015 included income tax benefit due to Japanese income tax rate reduction. | | |
(2 |
) |
Fully diluted share count includes all issued and outstanding securities; outstanding ordinary share count as of December 31, 2016 is 92,985. | | | | | | |
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