TowerJazz Announces Second Quarter 2016 Results: Record Revenue of $305 million with Year over Year Growth of 29%, Increased Margins and Net Profit

 

  
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 
         June 30,   March 31,     June 30, 
          2016     2016    2015 
                
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT          
                
  GAAP NET PROFIT  $  38,486    $  65,944    $ 7,787  
       Stock based compensation      2,532      2,156     1,943  
   Amortization of acquired intangible assets      2,395      2,241     2,258  
   Non cash financing expense related to bank loan early repayment (1)      6,653      --      -- 
   Gain from acquisition, net    (10,158 )    (41,140 )     -- 
    Other non-recurring items, see (2) below       --         2,378         --  
  ADJUSTED NET PROFIT   $   39,908     $   31,579     $ 11,988  
                               
  ADJUSTED NET PROFIT PER SHARE                    
    Basic       $   0.46     $   0.37     $ 0.16  
    Diluted     $   0.42     $   0.34     $ 0.14  
    Fully diluted, see (3) below   $   0.39     $   0.31     $ 0.16  
                               
  ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA:                    
    Basic       $     39,908     $     31,579     $   11,988  
    Diluted     $     41,978     $     31,579     $   11,988  
    Fully diluted   $     41,978     $     33,637     $   16,531  
                               
  Number of shares and other securities used for the above calculation:                    
    Basic             86,300           84,521         76,696  
    Diluted           100,163           92,902         87,558  
    Fully diluted, see (3) below         107,056           106,865         103,577  
                               
                               
EBITDA CALCULATION:                    
                               
  GAAP OPERATING PROFIT     $   40,178     $   30,814     $ 21,506  
    Cost of revenues:                    
      Depreciation of fixed assets         41,910         40,064       32,912  
      Stock based compensation       1,160         989       540  
      Amortization of acquired intangible assets       2,207         2,053       2,070  
      Acquisition related non-recurring costs       --         3,005         --  
    Research and development:                      
      Stock based compensation       533         528       469  
    Marketing, general and administrative:
                     
      Stock based compensation       839         639       934  
      Amortization of acquired intangible assets       188         188       188  
    Nishiwaki Fab restructuring costs and impairment, net       --         (627 )       --  
  EBITDA       $   87,015     $   77,653     $ 58,619  
                               
  (1 ) In accordance with US GAAP ASC 825-10.  
  (2 ) Q1 2016 includes mainly acquisition related costs.  
  (3 ) Fully diluted share count includes all issued and outstanding securities as of end of the applicable period.  
         

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