| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||
| RECONCILIATION OF CERTAIN FINANCIAL DATA (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, | ||||||||||
| 2019 | 2018 | 2018 | ||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||||
| GAAP NET PROFIT | $ | 26,216 | $ | 38,073 | $ | 26,118 | ||||||
| Stock based compensation | 3,823 | 3,906 | 3,367 | |||||||||
| Amortization of acquired intangible assets | 1,641 | 1,614 | 1,661 | |||||||||
| ADJUSTED NET PROFIT | $ | 31,680 | $ | 43,593 | $ | 31,146 | ||||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||||
| Basic | $ | 0.30 | $ | 0.42 | $ | 0.32 | ||||||
| Diluted | $ | 0.30 | $ | 0.41 | $ | 0.31 | ||||||
| Fully diluted | $ | 0.29 | $ | 0.41 | $ | 0.31 | ||||||
| ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | ||||||||||||
| Basic | $ | 31,680 | $ | 43,593 | $ | 31,146 | ||||||
| Diluted | $ | 31,680 | $ | 43,593 | $ | 31,146 | ||||||
| Fully diluted | $ | 31,680 | $ | 44,663 | $ | 33,486 | ||||||
| NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | ||||||||||||
| Basic | 105,331 | 103,997 | 98,495 | |||||||||
| Diluted | 106,972 | 105,776 | 101,112 | |||||||||
| Fully diluted | 108,173 | 108,268 | 107,717 | |||||||||
| EBITDA CALCULATION: | ||||||||||||
| GAAP OPERATING PROFIT | $ | 27,342 | $ | 40,239 | $ | 31,905 | ||||||
| Depreciation of fixed assets | 46,041 | 46,950 | 47,357 | |||||||||
| Stock based compensation | 3,823 | 3,906 | 3,367 | |||||||||
| Amortization of acquired intangible assets | 1,641 | 1,614 | 1,661 | |||||||||
| EBITDA | $ | 78,847 | $ | 92,709 | $ | 84,290 | ||||||
TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million
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