| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||||||
| T h r e e m o n t h s e n d e d | |||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||
| 2017 | 2016 | 2016 | |||||||||||||||||
| REVENUES | $ | 330,080 | $ | 340,379 | $ | 278,043 | |||||||||||||
| COST OF REVENUES | 245,312 | 252,648 | 216,696 | ||||||||||||||||
| GROSS PROFIT | 84,768 | 87,731 | 61,347 | ||||||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||||||
| Research and development | 15,768 | 16,320 | 15,237 | ||||||||||||||||
| Marketing, general and administrative | 16,237 | 16,209 | 15,923 | ||||||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | -- | -- | (627 | ) | |||||||||||||||
| 32,005 | 32,529 | 30,533 | |||||||||||||||||
| OPERATING PROFIT | 52,763 | 55,202 | 30,814 | ||||||||||||||||
| INTEREST EXPENSE, NET | (2,211 | ) | (2,230 | ) | (3,358 | ) | |||||||||||||
| OTHER NON CASH FINANCING INCOME (EXPENSE), NET | (2,018 | ) | 1,215 | (3,969 | ) | ||||||||||||||
| GAIN FROM ACQUISITION, NET | -- | -- | 41,140 | ||||||||||||||||
| OTHER INCOME (EXPENSE), NET | 511 | (948 | ) | -- | |||||||||||||||
| PROFIT BEFORE INCOME TAX | 49,045 | 53,239 | 64,627 | ||||||||||||||||
| INCOME TAX EXPENSE | (1,999 | ) | (986 | ) | (79 | ) | |||||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 47,046 | 52,253 | 64,548 | ||||||||||||||||
| NON CONTROLLING INTEREST | (1,537 | ) | (3,972 | ) | 1,396 | ||||||||||||||
| NET PROFIT | $ | 45,509 | $ | 48,281 | $ | 65,944 | |||||||||||||
| BASIC EARNINGS PER SHARE | $ | 0.48 | $ | 0.53 | $ | 0.78 | |||||||||||||
| Weighted average number of shares | 93,900 | 91,235 | 84,521 | ||||||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.45 | $ | 0.49 | $ | 0.69 | |||||||||||||
| Net profit used for diluted earnings per share | $ | 47,666 | $ | 50,397 | $ | 68,002 | |||||||||||||
| Weighted average number of shares | 104,915 | 103,613 | 98,777 | ||||||||||||||||
TowerJazz Reports First Quarter 2017 Results: Record Free Cash Flow Resulting from Strong Year over Year Growth in Revenue and Margins
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