| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||
| Year ended | |||||||||||||||
| December 31, | |||||||||||||||
| 2016 | 2015 | ||||||||||||||
| REVENUES | $ | 1,249,634 | $ | 960,561 | |||||||||||
| COST OF REVENUES | 946,534 | 755,196 | |||||||||||||
| GROSS PROFIT | 303,100 | 205,365 | |||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||
| Research and development | 63,134 | 61,669 | |||||||||||||
| Marketing, general and administrative | 65,439 | 62,793 | |||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | (627 | ) | (991 | ) | |||||||||||
| 127,946 | 123,471 | ||||||||||||||
| OPERATING PROFIT | 175,154 | 81,894 | |||||||||||||
| INTEREST EXPENSE, NET | (11,857 | ) | (13,179 | ) | |||||||||||
| OTHER NON CASH FINANCING EXPENSE, NET | (12,492 | ) | (109,930 | ) | (a) | ||||||||||
| GAIN FROM ACQUISITION, NET | 50,471 | -- | |||||||||||||
| OTHER INCOME (EXPENSE), NET | 9,322 | (190 | ) | ||||||||||||
| PROFIT (LOSS) BEFORE INCOME TAX | 210,598 | (41,405 | ) | ||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | (1,432 | ) | (b) | 12,278 | (b) | ||||||||||
| PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | 209,166 | (29,127 | ) | ||||||||||||
| NON CONTROLLING INTEREST | (5,242 | ) | (520 | ) | |||||||||||
| NET PROFIT (LOSS) | $ | 203,924 | $ | (29,647 | ) | ||||||||||
| BASIC EARNINGS (LOSS) PER SHARE | $ | 2.33 | $ | (0.40 | ) | ||||||||||
| Weighted average number of shares | 87,480 | 74,366 | |||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 2.09 | |||||||||||||
| Net profit used for diluted earnings per share | $ | 212,160 | |||||||||||||
| Weighted average number of shares | 101,303 | ||||||||||||||
| (a) | Year ended December 31, 2015 included $80,815 of non-cash financing expense due to bonds series F accelerated conversion. | ||||||||||||||
| (b) | Year ended December 31, 2016 included $6,472 of income tax benefit in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; year ended December 31, 2015 included $11,153 income tax benefit resulting from expiration of statute of limitations and $6,389 income tax benefit of Japanese income tax rate reduction. | ||||||||||||||
TowerJazz Reports Best Results in the History of the Company
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