TowerJazz Reports Record Revenues for the Third Quarter of 2015 With Continued Increase in Net Profit and Margins


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)
 
 
    Three months ended
    September 30,   June 30,   September 30,
     2015    2015    2014 
    GAAP  GAAP  GAAP
        
REVENUES  $  244,181   $  235,561   $  225,994  
        
COST OF REVENUES    188,798     183,101     211,273  
           
GROSS PROFIT    55,383     52,460     14,721  
        
OPERATING COSTS AND EXPENSES       
        
Research and development    15,980     15,148     15,858  
Marketing, general and administrative    15,348     15,806     15,915  
           
     31,328     30,954     31,773  
        
OPERATING PROFIT (LOSS)    24,055      21,506       (17,052 )
               
INTEREST EXPENSE, NET       (3,567 )     (3,613 )     (8,661 )
               
OTHER NON CASH FINANCING EXPENSE, NET       (5,312 )     (7,271 )     (5,855 )
               
OTHER EXPENSE, NET       (247 )     (4 )     (358 )
               
PROFIT (LOSS) BEFORE INCOME TAX       14,929       10,618       (31,926 )
               
INCOME TAX BENEFIT (EXPENSE)       (927 )     (2,468 )     9,982  
               
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST       14,002       8,150       (21,944 )
               
NON CONTROLLING INTEREST       (451 )     (363 )     2,508  
               
NET PROFIT (LOSS)   $   13,551   $   7,787   $   (19,436 )
               
               
BASIC EARNINGS (LOSS) PER ORDINARY SHARE   $   0.18     $     0.10     $     (0.37 )
               
Weighted average number of ordinary shares outstanding - in thousands         77,370         76,696         53,158  
               
               
DILUTED EARNINGS PER ORDINARY SHARE (a,b)   $   0.16   $   0.09      
               
Net profit used for diluted earnings per share   $   13,551   $   7,787      
               
Weighted average number of ordinary shares outstanding - in thousands, used for diluted earnings per share       86,837       87,558      
 
 
(a) Net profit used for diluted earnings per share for the three months ended September 30, 2015 is $13,551 and the weighted average number of ordinary shares outstanding used for diluted earnings per share is 86.8 million. Net profit used for diluted earnings per share for the three months ended June 30, 2015   is $7,787 and the weighted average number of ordinary shares outstanding used for diluted earnings per share is 87.6 million. In order to calculate fully diluted share count, the following securities shall be considered: 79 million outstanding shares as of the date of this release, 13 million possible shares underlying options and warrants, 3 million underlying debentures series F, 3 million underlying capital notes and 6 million underlying Jazz notes due December 2018 (unless repayable with cash).
 
(b) Fully diluted earnings per share calculation and presentation are not applicable under GAAP for periods with GAAP loss.

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