| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||
| Three months ended | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
|
2018
|
2017
|
2017
| |||||||||||||
|
REVENUES
| $ | 312,710 | $ | 357,614 | $ | 330,080 | |||||||||
|
COST OF REVENUES
| 246,545 | 268,256 | 245,312 | ||||||||||||
|
GROSS PROFIT
| 66,165 | 89,358 | 84,768 | ||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||
| Research and development | 18,266 | 18,370 | 15,768 | ||||||||||||
| Marketing, general and administrative | 15,994 | 16,502 | 16,237 | ||||||||||||
| 34,260 | 34,872 | 32,005 | |||||||||||||
| OPERATING PROFIT | 31,905 | 54,486 | 52,763 | ||||||||||||
| INTEREST EXPENSE, NET | (598 | ) | (1,783 | ) | (2,211 | ) | |||||||||
| OTHER FINANCING EXPENSE, NET | (3,193 | ) | (2,270 | ) | (2,018 | ) | |||||||||
| OTHER INCOME (EXPENSE), NET | 22 | (3,027 | ) | 511 | |||||||||||
| PROFIT BEFORE INCOME TAX | 28,136 | 47,406 | 49,045 | ||||||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (955 | ) | 101,236 | (a) | (1,999 | ) | |||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 27,181 | 148,642 | (a) | 47,046 | |||||||||||
| NON CONTROLLING INTEREST | (1,063 | ) | (1,431 | ) | (1,537 | ) | |||||||||
|
NET PROFIT
| $ | 26,118 | $ | 147,211 | (a) | $ | 45,509 | ||||||||
| BASIC EARNINGS PER SHARE | $ | 0.27 | $ | 1.50 | (a) | $ | 0.48 | ||||||||
| Weighted average number of shares | 98,495 | 98,312 | 93,900 | ||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.26 | $ | 1.40 | (a) | $ | 0.45 | ||||||||
| Net profit used for diluted earnings per share | $ | 26,118 | $ | 149,502 | (a) | $ | 47,666 | ||||||||
| Weighted average number of shares | 101,112 | 106,776 | 104,915 | ||||||||||||
| (a) | Three months ended December 31, 2017 included $82,370 Israeli deferred tax asset realization following valuation allowance release and $12,970 income tax benefit related to U.S. tax reform. | ||||||||||||||
TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth
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