| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||||
| Six months ended | |||||||||||||||||
| June 30, | |||||||||||||||||
| 2016 | 2015 | ||||||||||||||||
| GAAP | GAAP | ||||||||||||||||
| REVENUES | $ | 583,046 | $ | 461,778 | |||||||||||||
| COST OF REVENUES | 448,971 | 376,326 | |||||||||||||||
| GROSS PROFIT | 134,075 | 85,452 | |||||||||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||||||||
| Research and development | 31,267 | 29,985 | |||||||||||||||
| Marketing, general and administrative | 32,443 | 31,967 | |||||||||||||||
| Nishiwaki Fab restructuring costs and impairment, net | (627 | ) | -- | ||||||||||||||
| 63,083 | 61,952 | ||||||||||||||||
| OPERATING PROFIT | 70,992 | 23,500 | |||||||||||||||
| INTEREST EXPENSE, NET | (6,355 | ) | (7,246 | ) | |||||||||||||
| OTHER NON CASH FINANCING EXPENSE, NET | (11,497 | ) | (91,867 | ) | (a) | ||||||||||||
| GAIN FROM ACQUISITION, NET | 51,298 | -- | |||||||||||||||
| OTHER INCOME (EXPENSE), NET | 4,362 | (13 | ) | ||||||||||||||
| PROFIT (LOSS) BEFORE INCOME TAX | 108,800 | (75,626 | ) | ||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | (3,905 | ) | 8,426 | ||||||||||||||
| PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | 104,895 | (67,200 | ) | ||||||||||||||
| NON CONTROLLING INTEREST | (465 | ) | 1,923 | ||||||||||||||
| NET PROFIT (LOSS) | $ | 104,430 | $ | (65,277 | ) | ||||||||||||
| BASIC EARNINGS (LOSS) PER ORDINARY SHARE | $ | 1.22 | $ | (0.93 | ) | ||||||||||||
| Weighted average number of ordinary shares outstanding | 85,410 | 70,175 | |||||||||||||||
| DILUTED EARNINGS PER ORDINARY SHARE | $ | 1.09 | |||||||||||||||
| Net profit used for diluted earnings per share | $ | 108,556 | |||||||||||||||
| Weighted average number of ordinary shares outstanding - | |||||||||||||||||
| used for diluted earnings per share | 99,546 | ||||||||||||||||
| (a) |
Included $73,121 associated with Bonds Series F accelerated conversion in the six months ended June 30, 2015 in accordance with US GAAP ASC 470-20.
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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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