TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth

 

 
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
  RECONCILIATION OF CERTAIN FINANCIAL DATA (UNAUDITED)
(dollars and share count in thousands, except per share data)
 
   Three   months   ended
   March 31,    December 31,  March 31,  
   2018  2017
  2017
       
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:      
       
  GAAP NET PROFIT
$ 26,118 $ 147,211   $ 45,509
   Stock based compensation    3,367   3,481    2,098
   Amortization of acquired intangible assets    1,661   1,564    2,336
   Non-recurring items related to long term investments      --     3,009      --  
   Income tax benefit resulted from Israeli deferred tax asset realization following valuation allowance release, see (a) above    --     (82,370 )    --  
   Income tax benefit related to U.S. tax reform, see (a) above    --     (12,970 )    --  
       
  ADJUSTED NET PROFIT $ 31,146 $ 59,925   $ 49,943
       
       
  ADJUSTED NET PROFIT PER SHARE :      
   Basic
$ 0.32 $ 0.61   $ 0.53
   Diluted
$ 0.31 $ 0.58   $ 0.50
   Fully diluted
$ 0.31 $ 0.58   $ 0.49
             
  ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA:            
    Basic
$   31,146 $   59,925   $   49,943
    Diluted
$   31,146 $   62,216   $   52,100
    Fully diluted
$   33,486 $   62,216   $   52,100
             
  NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA:        
    Basic
    98,495     98,312       93,900
    Diluted
    101,112     106,776       104,915
    Fully diluted
    107,717     107,721       107,245
             
             
EBITDA CALCULATION:            
             
  GAAP OPERATING PROFIT   $ 31,905 $ 54,486   $ 52,763
    Depreciation of fixed assets     47,357   47,741     43,819
    Stock based compensation   3,367   3,481     2,098
    Amortization of acquired intangible assets   1,661   1,564     2,336
             
  EBITDA
$ 84,290 $ 107,272   $ 101,016
             

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