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


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 
(dollars in thousands, except per share data) 
  
  
    Three months ended  Three months ended  Three months ended 
    September 30,  September 30,  September 30, 
     2015  2014  2015  2014  2015  2014 
    non-GAAP  Adjustments (see notes below)  GAAP 
               
REVENUES  $  244,181   $  225,994   $    --    $    --    $  244,181   $  225,994   
               
COST OF REVENUES    150,575     158,178     38,223   (a)  53,095   (a)  188,798     211,273   
               
GROSS PROFIT    93,606     67,816     (38,223 )   (53,095 )   55,383     14,721   
                  
OPERATING COSTS AND EXPENSES                            
                             
Research and development       15,777       15,411       203   (a)   447   (a)   15,980       15,858    
Marketing, general and administrative       14,776       15,012       572   (a)   903   (a)   15,348       15,915    
                             
        30,553       30,423       775       1,350       31,328       31,773    
                             
OPERATING PROFIT (LOSS)       63,053       37,393       (38,998 )     (54,445 )     24,055       (17,052 )  
                             
INTEREST EXPENSE, NET       (3,567 )     (8,661 )       --     (b)     --     (b)   (3,567 )     (8,661 )  
                             
OTHER NON CASH FINANCING EXPENSE, NET         --           --         (5,312 )     (5,855 )     (5,312 )     (5,855 )  
                             
OTHER EXPENSE, NET       (247 )     (358 )       --           --         (247 )     (358 )  
                             
PROFIT (LOSS) BEFORE INCOME TAX       59,239       28,374       (44,310 )     (60,300 )     14,929       (31,926 )  
                             
INCOME TAX BENEFIT (EXPENSE)       (1,195 )       --         268   (c)   9,982   (c)   (927 )     9,982    
                             
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST       58,044       28,374       (44,042 )     (50,318 )     14,002       (21,944 )  
                             
NON CONTROLLING INTEREST       (451 )     2,508         --     (d)     --     (d)   (451 )     2,508    
                             
NET PROFIT (LOSS)   $   57,593   $   30,882   $   (44,042 ) $   (50,318 ) $   13,551   $   (19,436 )  
                             
                             
NON-GAAP GROSS MARGINS       38.3 %     30.0 %                  
                             
NON-GAAP OPERATING MARGINS       25.8 %     16.5 %                  
                             
NON-GAAP NET MARGINS       23.6 %     13.7 %                  
                             
                             
BASIC EARNINGS (LOSS) PER ORDINARY SHARE (*)   $   0.74   $   0.58                    
                             
                             
DILUTED   EARNINGS PER ORDINARY SHARE (*)   $   0.62   $   0.39                    
   
   
(a) Includes depreciation and amortization of fixed and other assets, as well as stock based compensation costs in respect to employees and directors equity grants.  
(b) Non-GAAP interest expense, net includes only interest on an accrual basis.  
(c) Non-GAAP income tax benefit (expense) includes taxes paid during the period on a cash basis.  
(d) Non-GAAP non-controlling interest does not include any adjustments relating to the company's 51% stake in TPSCo.  
(*) The weighted average number of ordinary shares outstanding used for basic earnings per share calculation for the three months ended September 30, 2015 and 2014 is 77.4 million and 53.2 million, respectively. Net profit used for diluted earnings per share for the three months ended September 30, 2015 is $59,399 and the weighted average number of ordinary shares outstanding used for diluted earnings per share is 95.9 million. Net profit used for diluted earnings per share for the three months ended September 30, 2014 is $36,152 and the weighted average number of ordinary shares outstanding used for diluted earnings per share is 92.4 million.  
 

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