| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||||
| Three months ended | |||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||
| 2016 | 2016 | 2015 | |||||||||||||||
| REVENUES | $ | 340,379 | $ | 326,209 | $ | 254,602 | |||||||||||
| COST OF REVENUES | 252,648 | 244,915 | 190,072 | ||||||||||||||
| GROSS PROFIT | 87,731 | 81,294 | 64,530 | ||||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||||
| Research and development | 16,320 | 15,547 | 15,704 | ||||||||||||||
| Marketing, general and administrative | 16,209 | 16,787 | 15,478 | ||||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | -- | -- | (991 | ) | |||||||||||||
| 32,529 | 32,334 | 30,191 | |||||||||||||||
| OPERATING PROFIT | 55,202 | 48,960 | 34,339 | ||||||||||||||
| INTEREST EXPENSE, NET | (2,230 | ) | (3,272 | ) | (2,366 | ) | |||||||||||
| OTHER NON CASH FINANCING INCOME (EXPENSE), NET | 1,215 | (2,210 | ) | (12,751 | ) | (a) | |||||||||||
| OTHER INCOME (EXPENSE), NET | (948 | ) | 5,081 | 70 | |||||||||||||
| PROFIT BEFORE INCOME TAX | 53,239 | 48,559 | 19,292 | ||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | (986 | ) | 3,459 | (b) | 4,779 | (b) | |||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 52,253 | 52,018 | 24,071 | ||||||||||||||
| NON CONTROLLING INTEREST | (3,972 | ) | (805 | ) | (1,992 | ) | |||||||||||
| NET PROFIT | $ | 48,281 | $ | 51,213 | $ | 22,079 | |||||||||||
| BASIC EARNINGS PER SHARE | $ | 0.53 | $ | 0.58 | $ | 0.28 | |||||||||||
| Weighted average number of shares | 91,235 | 87,821 | 79,607 | ||||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.49 | $ | 0.52 | $ | 0.25 | |||||||||||
| Net profit used for diluted earnings per share | $ | 50,397 | $ | 53,318 | $ | 22,079 | |||||||||||
| Weighted average number of shares | 103,613 | 101,805 | 88,970 | ||||||||||||||
| (a) | Three months ended December 31, 2015 included $6,998 of non-cash financing expense due to bonds series F accelerated conversion. | ||||||||||||||||
| (b) | Three months ended September 30, 2016 included $6,472 income tax benefit due to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; three months ended December 31, 2015 included $6,389 income tax benefit due to Japanese income tax rate reduction. | ||||||||||||||||
TowerJazz Reports Best Results in the History of the Company
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