TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016

 

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF ADJUSTED FINANCIAL DATA AND ADJUSTED EBITDA CALCULATION
(dollars and share count in thousands, except per share data)
               
         Three months ended
         March 31,     December 31,   March 31,  
          2016     2015     2015 
               
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT      
               
  GAAP NET PROFIT (LOSS)  $  65,944    $  22,079    $  (73,064 )
   Stock based compensation    2,156      1,975      1,310  
   Amortization of acquired intangible assets      2,241      2,374      2,082  
   Other non-cash financing expense, net associated with Bonds Series F accelerated conversion       --     6,998      73,121  
   Gain from acquisition, net    (41,140 )     --     -- 
   Other non-recurring items, see (1) below      2,378         (7,380 )       (11,000 )
  ADJUSTED NET PROFIT (LOSS)   $   31,579     $   26,046     $   (7,551 )
                             
  ADJUSTED NET PROFIT (LOSS) PER SHARE                  
    Basic       $   0.37     $   0.33     $   (0.12 )
    Diluted     $   0.34     $   0.29     $   (0.03 )
    Fully diluted, see (2) below   $   0.31     $   0.27     $   (0.03 )
                             
  Number of shares and other securities used for the above calculation:                
    Basic             84,521           79,607           63,581  
    Diluted           92,902           91,086           96,173  
    Fully diluted, see (2) below       106,865         103,477         104,511  
                             
       
EBITDA CALCULATION:                  
                             
  GAAP OPERATING PROFIT     $   30,814     $   34,339     $   1,994  
    Depreciation of fixed assets         40,064         37,841         45,950  
    Stock based compensation         2,156         1,975         1,310  
    Amortization of acquired intangible assets         2,241         2,374         2,082  
    Other non-recurring items, see (3) below       2,378         (991 )       --  
  EBITDA       $   77,653     $   75,538     $   51,336  
                             
  (1 ) Q1 2016 includes mainly acquisition related costs; Q4 2015 includes mainly impact of Japanese income tax rate reduction; Q1 2015 includes Jazz income tax benefit resulting from expiration of statute of limitations.
  (2 ) Fully diluted share count includes all issued and outstanding securities as of end of the applicable period.
  (3 ) Q1 2016 includes mainly acquisition related costs; Q4 2015 includes mainly Nishiwaki Fab cessation impact, net.

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