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