| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||
| Nine months ended | |||||||||||||||
| September 30, | |||||||||||||||
| 2017 | 2016 | ||||||||||||||
| REVENUES | $ | 1,029,696 | $ | 909,255 | |||||||||||
| COST OF REVENUES | 764,749 | 693,886 | |||||||||||||
| GROSS PROFIT | 264,947 | 215,369 | |||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||
| Research and development | 49,294 | 46,814 | |||||||||||||
| Marketing, general and administrative | 50,297 | 49,230 | |||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | -- | (627 | ) | ||||||||||||
| 99,591 | 95,417 | ||||||||||||||
| OPERATING PROFIT | 165,356 | 119,952 | |||||||||||||
| INTEREST EXPENSE, NET | (6,057 | ) | (9,627 | ) | |||||||||||
| OTHER FINANCING EXPENSE, NET | (5,337 | ) | (13,707 | ) | |||||||||||
| GAIN FROM ACQUISITION, NET | -- | 51,298 | (a) | ||||||||||||
| OTHER INCOME, NET | 400 | 9,443 | |||||||||||||
| PROFIT BEFORE INCOME TAX | 154,362 | 157,359 | (a) | ||||||||||||
| INCOME TAX EXPENSE | (1,348 | ) | (446 | ) | |||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 153,014 | 156,913 | (a) | ||||||||||||
| NON CONTROLLING INTEREST | (2,214 | ) | (1,270 | ) | |||||||||||
| NET PROFIT | $ | 150,800 | $ | 155,643 | (a) | ||||||||||
| BASIC EARNINGS PER SHARE | $ | 1.57 | $ | 1.81 | (a) | ||||||||||
| Weighted average number of shares | 96,085 | 86,220 | |||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 1.49 | $ | 1.61 | (a) | ||||||||||
| Net profit used for diluted earnings per share | $ | 157,403 | $ | 161,875 | (a) | ||||||||||
| Weighted average number of shares | 105,664 | 100,460 | |||||||||||||
| (a) | Nine months ended September 30, 2016 included $51,298 gain from San-Antonio fab acquisition from Maxim. | ||||||||||||||
TowerJazz Reports Increase in Net Profit
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