| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||||||||||||||
| Three months ended | ||||||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||||
| 2016 | 2016 | 2015 | ||||||||||||||||||||
| GAAP | GAAP | GAAP | ||||||||||||||||||||
| REVENUES | $ | 305,003 | $ | 278,043 | $ | 235,561 | ||||||||||||||||
| COST OF REVENUES | 232,275 | 216,696 | 183,101 | |||||||||||||||||||
| GROSS PROFIT | 72,728 | 61,347 | 52,460 | |||||||||||||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||||||||||||||
| Research and development | 16,030 | 15,237 | 15,148 | |||||||||||||||||||
| Marketing, general and administrative | 16,520 | 15,923 | 15,806 | |||||||||||||||||||
| Nishiwaki Fab restructuring costs and impairment, net | -- | (627 | ) | -- | ||||||||||||||||||
| 32,550 | 30,533 | 30,954 | ||||||||||||||||||||
| OPERATING PROFIT | 40,178 | 30,814 | 21,506 | |||||||||||||||||||
| INTEREST EXPENSE, NET | (2,997 | ) | (3,358 | ) | (3,613 | ) | ||||||||||||||||
| OTHER NON CASH FINANCING EXPENSE, NET | (7,528 | ) | (3,969 | ) | (7,271 | ) | ||||||||||||||||
| GAIN FROM ACQUISITION, NET | 10,158 | 41,140 | -- | |||||||||||||||||||
| OTHER INCOME (EXPENSE), NET | 4,362 | -- | (4 | ) | ||||||||||||||||||
| PROFIT BEFORE INCOME TAX | 44,173 | 64,627 | 10,618 | |||||||||||||||||||
| INCOME TAX EXPENSE | (3,826 | ) | (79 | ) | (2,468 | ) | ||||||||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 40,347 | 64,548 | 8,150 | |||||||||||||||||||
| NON CONTROLLING INTEREST | (1,861 | ) | 1,396 | (363 | ) | |||||||||||||||||
| NET PROFIT | $ | 38,486 | $ | 65,944 | $ | 7,787 | ||||||||||||||||
| BASIC EARNINGS PER ORDINARY SHARE | $ | 0.45 | $ | 0.78 | $ | 0.10 | ||||||||||||||||
| Weighted average number of ordinary shares outstanding | 86,300 | 84,521 | 76,696 | |||||||||||||||||||
| DILUTED EARNINGS PER ORDINARY SHARE | $ | 0.40 | $ | 0.69 | $ | 0.09 | ||||||||||||||||
| Net profit used for diluted earnings per share | $ | 40,556 | $ | 68,002 | $ | 7,787 | ||||||||||||||||
| Weighted average number of ordinary shares outstanding - | ||||||||||||||||||||||
| used for diluted earnings per share | 100,163 | 98,777 | 87,558 | |||||||||||||||||||
TowerJazz Announces Second Quarter 2016 Results: Record Revenue of $305 million with Year over Year Growth of 29%, Increased Margins and Net Profit
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