TowerJazz Reports Best Results in the History of the Company


   
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(dollars and share count in thousands, except per share data)  
              
              
          Year ended  
          December 31,  
          2016   2015   
              
  REVENUES   $ 1,249,634   $ 960,561    
              
  COST OF REVENUES   946,534    755,196    
                
    GROSS PROFIT   303,100    205,365    
              
  OPERATING COSTS AND EXPENSES:      
              
   Research and development  63,134    61,669    
   Marketing, general and administrative  65,439    62,793    
    Nishiwaki Fab restructuring and impairment cost (income), net   (627 )   (991 )    
                           
                  127,946     123,471      
                           
                           
      OPERATING PROFIT   175,154     81,894      
                           
  INTEREST EXPENSE, NET   (11,857 )   (13,179 )    
                           
  OTHER NON CASH FINANCING EXPENSE, NET   (12,492 )   (109,930 ) (a)  
                           
  GAIN FROM ACQUISITION, NET     50,471       --        
                           
  OTHER INCOME (EXPENSE), NET   9,322     (190 )    
                           
      PROFIT (LOSS) BEFORE INCOME TAX   210,598     (41,405 )    
                           
  INCOME TAX BENEFIT (EXPENSE)   (1,432 ) (b) 12,278   (b)  
                           
      PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST     209,166     (29,127 )    
                           
  NON CONTROLLING INTEREST   (5,242 )   (520 )    
                           
      NET PROFIT (LOSS) $ 203,924   $ (29,647 )    
                           
                           
  BASIC EARNINGS (LOSS) PER SHARE $ 2.33   $ (0.40 )    
                           
  Weighted average number of shares     87,480       74,366      
                           
                           
  DILUTED EARNINGS PER SHARE $ 2.09          
                           
  Net profit used for diluted earnings per share $ 212,160          
                           
  Weighted average number of shares   101,303          
                           
                           
(a) Year ended December 31, 2015 included $80,815 of non-cash financing expense due to bonds series F accelerated conversion.  
(b)  Year ended December 31, 2016 included $6,472 of income tax benefit   in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; year ended December 31, 2015 included $11,153 income tax benefit resulting from expiration of statute of limitations and $6,389 income tax benefit of Japanese income tax rate reduction.  
 
                           

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