| 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 | |||||||||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||||||||
| 2016 | 2016 | 2015 | |||||||||||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT | |||||||||||||||||||||
| GAAP NET PROFIT | $ | 38,486 | $ | 65,944 | $ | 7,787 | |||||||||||||||
| Stock based compensation | 2,532 | 2,156 | 1,943 | ||||||||||||||||||
| Amortization of acquired intangible assets | 2,395 | 2,241 | 2,258 | ||||||||||||||||||
| Non cash financing expense related to bank loan early repayment (1) | 6,653 | -- | -- | ||||||||||||||||||
| Gain from acquisition, net | (10,158 | ) | (41,140 | ) | -- | ||||||||||||||||
| Other non-recurring items, see (2) below | -- | 2,378 | -- | ||||||||||||||||||
| ADJUSTED NET PROFIT | $ | 39,908 | $ | 31,579 | $ | 11,988 | |||||||||||||||
| ADJUSTED NET PROFIT PER SHARE | |||||||||||||||||||||
| Basic | $ | 0.46 | $ | 0.37 | $ | 0.16 | |||||||||||||||
| Diluted | $ | 0.42 | $ | 0.34 | $ | 0.14 | |||||||||||||||
| Fully diluted, see (3) below | $ | 0.39 | $ | 0.31 | $ | 0.16 | |||||||||||||||
| ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | |||||||||||||||||||||
| Basic | $ | 39,908 | $ | 31,579 | $ | 11,988 | |||||||||||||||
| Diluted | $ | 41,978 | $ | 31,579 | $ | 11,988 | |||||||||||||||
| Fully diluted | $ | 41,978 | $ | 33,637 | $ | 16,531 | |||||||||||||||
| Number of shares and other securities used for the above calculation: | |||||||||||||||||||||
| Basic | 86,300 | 84,521 | 76,696 | ||||||||||||||||||
| Diluted | 100,163 | 92,902 | 87,558 | ||||||||||||||||||
| Fully diluted, see (3) below | 107,056 | 106,865 | 103,577 | ||||||||||||||||||
| EBITDA CALCULATION: | |||||||||||||||||||||
| GAAP OPERATING PROFIT | $ | 40,178 | $ | 30,814 | $ | 21,506 | |||||||||||||||
| Cost of revenues: | |||||||||||||||||||||
| Depreciation of fixed assets | 41,910 | 40,064 | 32,912 | ||||||||||||||||||
| Stock based compensation | 1,160 | 989 | 540 | ||||||||||||||||||
| Amortization of acquired intangible assets | 2,207 | 2,053 | 2,070 | ||||||||||||||||||
| Acquisition related non-recurring costs | -- | 3,005 | -- | ||||||||||||||||||
| Research and development: | |||||||||||||||||||||
| Stock based compensation | 533 | 528 | 469 | ||||||||||||||||||
|
Marketing, general and administrative:
| |||||||||||||||||||||
| Stock based compensation | 839 | 639 | 934 | ||||||||||||||||||
| Amortization of acquired intangible assets | 188 | 188 | 188 | ||||||||||||||||||
| Nishiwaki Fab restructuring costs and impairment, net | -- | (627 | ) | -- | |||||||||||||||||
| EBITDA | $ | 87,015 | $ | 77,653 | $ | 58,619 | |||||||||||||||
| (1 | ) | In accordance with US GAAP ASC 825-10. | |||||||||||||||||||
| (2 | ) | Q1 2016 includes mainly acquisition related costs. | |||||||||||||||||||
| (3 | ) | Fully diluted share count includes all issued and outstanding securities as of end of the applicable period. | |||||||||||||||||||
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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