| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||||||||||
| UNAUDITED RECONCILIATION OF ADJUSTED FINANCIAL DATA AND ADJUSTED EBITDA CALCULATION | ||||||||||||||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||||||||||||||
| Three months ended | ||||||||||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||||||||||
| 2016 | 2015 | 2015 | ||||||||||||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT | ||||||||||||||||||||||
| GAAP NET PROFIT (LOSS) | $ | 65,944 | $ | 22,079 | $ | (73,064 | ) | |||||||||||||||
| Stock based compensation | 2,156 | 1,975 | 1,310 | |||||||||||||||||||
| Amortization of acquired intangible assets | 2,241 | 2,374 | 2,082 | |||||||||||||||||||
| Other non-cash financing expense, net associated with Bonds Series F accelerated conversion | -- | 6,998 | 73,121 | |||||||||||||||||||
| Gain from acquisition, net | (41,140 | ) | -- | -- | ||||||||||||||||||
| Other non-recurring items, see (1) below | 2,378 | (7,380 | ) | (11,000 | ) | |||||||||||||||||
| ADJUSTED NET PROFIT (LOSS) | $ | 31,579 | $ | 26,046 | $ | (7,551 | ) | |||||||||||||||
| ADJUSTED NET PROFIT (LOSS) PER SHARE | ||||||||||||||||||||||
| Basic | $ | 0.37 | $ | 0.33 | $ | (0.12 | ) | |||||||||||||||
| Diluted | $ | 0.34 | $ | 0.29 | $ | (0.03 | ) | |||||||||||||||
| Fully diluted, see (2) below | $ | 0.31 | $ | 0.27 | $ | (0.03 | ) | |||||||||||||||
| Number of shares and other securities used for the above calculation: | ||||||||||||||||||||||
| Basic | 84,521 | 79,607 | 63,581 | |||||||||||||||||||
| Diluted | 92,902 | 91,086 | 96,173 | |||||||||||||||||||
| Fully diluted, see (2) below | 106,865 | 103,477 | 104,511 | |||||||||||||||||||
| EBITDA CALCULATION: | ||||||||||||||||||||||
| GAAP OPERATING PROFIT | $ | 30,814 | $ | 34,339 | $ | 1,994 | ||||||||||||||||
| Depreciation of fixed assets | 40,064 | 37,841 | 45,950 | |||||||||||||||||||
| Stock based compensation | 2,156 | 1,975 | 1,310 | |||||||||||||||||||
| Amortization of acquired intangible assets | 2,241 | 2,374 | 2,082 | |||||||||||||||||||
| Other non-recurring items, see (3) below | 2,378 | (991 | ) | -- | ||||||||||||||||||
| EBITDA | $ | 77,653 | $ | 75,538 | $ | 51,336 | ||||||||||||||||
| (1 | ) | Q1 2016 includes mainly acquisition related costs; Q4 2015 includes mainly impact of Japanese income tax rate reduction; Q1 2015 includes Jazz income tax benefit resulting from expiration of statute of limitations. | ||||||||||||||||||||
| (2 | ) | Fully diluted share count includes all issued and outstanding securities as of end of the applicable period. | ||||||||||||||||||||
| (3 | ) | Q1 2016 includes mainly acquisition related costs; Q4 2015 includes mainly Nishiwaki Fab cessation impact, net. | ||||||||||||||||||||
TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016
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