| 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, | |||||||||||||
| 2017 | 2016 | ||||||||||||
| REVENUES | $ | 675,139 | $ | 583,046 | |||||||||
| COST OF REVENUES | 499,310 | 448,971 | |||||||||||
| GROSS PROFIT | 175,829 | 134,075 | |||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||
| Research and development | 32,200 | 31,267 | |||||||||||
| Marketing, general and administrative | 33,475 | 32,443 | |||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | -- | (627 | ) | ||||||||||
| 65,675 | 63,083 | ||||||||||||
| OPERATING PROFIT | 110,154 | 70,992 | |||||||||||
| INTEREST EXPENSE, NET | (4,281 | ) | (6,355 | ) | |||||||||
| OTHER FINANCING EXPENSE, NET | (3,071 | ) | (11,497 | ) | (b) | ||||||||
| GAIN FROM ACQUISITION, NET | -- | 51,298 | (b) | ||||||||||
| OTHER INCOME, NET | 653 | 4,362 | |||||||||||
| PROFIT BEFORE INCOME TAX | 103,455 | 108,800 | (b) | ||||||||||
| INCOME TAX EXPENSE | (4,682 | ) | (3,905 | ) | |||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 98,773 | 104,895 | (b) | ||||||||||
| NON CONTROLLING INTEREST | (3,247 | ) | (465 | ) | |||||||||
| NET PROFIT | $ | 95,526 | $ | 104,430 | (b) | ||||||||
| BASIC EARNINGS PER SHARE | $ | 1.00 | $ | 1.22 | (b) | ||||||||
| Weighted average number of shares | 95,139 | 85,410 | |||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.95 | $ | 1.09 | (b) | ||||||||
| Net profit used for diluted earnings per share | $ | 99,883 | $ | 108,556 | (b) | ||||||||
| Weighted average number of shares | 105,288 | 99,546 | |||||||||||
| (b) | Six months ended June 30, 2016 included $51,298 net gain from acquisition of TJT and $6,653 financing cost resulted from banks loans early repayment. | ||||||||||||
TowerJazz Announces Records in Revenues, Margins, EBITDA and Free Cash Flow for the Second Quarter and First Half of 2017
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