A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4, S-8 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| (dollars in thousands) | ||||||||||||||
| September 30, | June 30, | December 31, | ||||||||||||
| 2014 | 2014 | 2013 | ||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||
|
ASSETS |
||||||||||||||
| CURRENT ASSETS | ||||||||||||||
| Cash and short-term interest bearing deposits |
$ |
195,116 |
$ |
192,220 |
$ |
122,871 |
||||||||
| Trade accounts receivable | 86,303 | 106,569 | 80,316 | |||||||||||
| Other receivables | 7,069 | 8,450 | 10,943 | |||||||||||
| Inventories | 85,175 | 83,689 | 64,804 | |||||||||||
| Other current assets | 20,650 | 38,305 | 11,480 | |||||||||||
| Total current assets | 394,313 | 429,233 | 290,414 | |||||||||||
| LONG-TERM INVESTMENTS | 13,846 | 14,386 | 14,494 | |||||||||||
| PROPERTY AND EQUIPMENT, NET | 447,597 | 485,177 | 350,039 | |||||||||||
| INTANGIBLE ASSETS, NET | 45,599 | 49,603 | 32,393 | |||||||||||
| GOODWILL | 7,000 | 7,000 | 7,000 | |||||||||||
| OTHER ASSETS, NET | 10,433 | 10,847 | 11,547 | |||||||||||
| TOTAL ASSETS |
$ |
918,788 |
$ |
996,246 |
$ |
705,887 |
||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| CURRENT LIABILITIES | ||||||||||||||
| Short term debt |
$ |
64,708 |
$ |
97,128 |
$ |
36,441 |
||||||||
| Trade accounts payable | 99,932 | 100,456 | 66,358 | |||||||||||
| Deferred revenue | 4,098 | 3,752 | 3,166 | |||||||||||
|
Employee related liabilities, including Nishiwaki retirement allowance |
58,122 | 80,423 | 25,957 | |||||||||||
| Other current liabilities | 24,474 | 26,548 | 7,994 | |||||||||||
| Total current liabilities | 251,334 | 308,307 | 139,916 | |||||||||||
| LONG-TERM DEBT | 340,202 | 339,436 | 316,885 | |||||||||||
| LONG-TERM CUSTOMERS' ADVANCES | 6,389 | 6,572 | 7,187 | |||||||||||
|
EMPLOYEE RELATED LIABILITIES |
15,587 | 16,406 | 65,337 | |||||||||||
| DEFERRED TAX LIABILITY | 88,667 | 100,135 | 13,611 | |||||||||||
| OTHER LONG-TERM LIABILITIES | 36,988 | 33,925 | 21,703 | |||||||||||
| Total liabilities | 739,167 | 804,781 | 564,639 | |||||||||||
|
Non controlling interest |
(2,090 | ) | 418 | -- | ||||||||||
|
Shareholders’ equity attributes to the company |
181,711 | 191,047 | 141,248 | |||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
918,788 |
$ |
996,246 |
$ |
705,887 |
||||||||
| CONSOLIDATED CASH REPORTS (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Nine months | Three months | |||||||||||
| ended | ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2014 | 2014 | |||||||||||
| Cash at beginning of the period | $ | 122,871 | $ | 192,220 | ||||||||
| TowerJazz Panasonic Semiconductor Co. | 57,582 | -- | ||||||||||
| Proceeds from exercise of options and bonds issuance | 13,959 | 2,508 | ||||||||||
| Long-term loan received from JA Mitsui & Bank of Tokyo to TPSCo | 85,884 | -- | ||||||||||
| TPSCo loan repayment to Panasonic | (85,884 | ) | -- | |||||||||
| Investments in property, equipment and other cap-ex | (73,005 | ) | (37,188 | ) | ||||||||
| Debt repayment- principal | (35,431 | ) | (10,000 | ) | ||||||||
| Debt repayment- interest | (21,334 | ) | (4,921 | ) | ||||||||
| Proceeds from Nishiwaki's assets sale, net of employees retirement related payments | 12,147 | 213 | ||||||||||
| Cash from other operating activities | 118,327 | 52,284 | ||||||||||
| Cash at end of the period | $ | 195,116 | $ | 195,116 | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||||
| Nine months ended |
Three months ended |
|||||||||||||||||||||
| September 30, | September 30, | June 30, | September 30, | |||||||||||||||||||
| 2014 | 2013 | 2014 | 2014 | 2013 | ||||||||||||||||||
| GAAP | GAAP | GAAP | GAAP | GAAP | ||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
| REVENUES |
$ |
592,719 |
$ |
370,438 |
$ |
225,994 |
$ |
234,072 |
$ |
132,555 |
||||||||||||
| COST OF REVENUES | 567,023 | 351,270 | 211,273 | 227,347 | 128,184 | |||||||||||||||||
| GROSS PROFIT | 25,696 | 19,168 | 14,721 | 6,725 | 4,371 | |||||||||||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||||||||||||||
| Research and development | 37,463 | 25,075 | 15,858 | 14,162 | 8,184 | |||||||||||||||||
| Marketing, general and administrative | 43,258 | 31,992 | 15,915 | 16,527 | 11,005 | |||||||||||||||||
| Nishiwaki Fab restructuring costs and impairment | 75,728 | -- | -- | 4,269 | -- | |||||||||||||||||
| Amortization related to a lease agreement early termination | -- | 5,598 | -- | -- | 1,866 | |||||||||||||||||
| Merger related costs | 1,229 | -- | -- | -- | -- | |||||||||||||||||
| 157,678 | 62,665 | 31,773 | 34,958 | 21,055 | ||||||||||||||||||
| OPERATING PROFIT (LOSS) | (131,982 | ) | (43,497 | ) | (17,052 | ) | (28,233 | ) | (16,684 | ) | ||||||||||||
| INTEREST EXPENSES, NET | (25,592 | ) | (24,748 | ) | (8,661 | ) | (8,818 | ) | (8,416 | ) | ||||||||||||
| OTHER FINANCING EXPENSE, NET | (38,248 | ) | (16,729 | ) | (5,855 | ) | (12,276 | ) | (9,502 | ) | ||||||||||||
|
GAIN FROM ACQUISITION, NET |
166,404 | -- | -- | 15,249 | -- | |||||||||||||||||
| OTHER INCOME (EXPENSE), NET | (155 | ) | (524 | ) | (358 | ) | 64 | (465 | ) | |||||||||||||
| PROFIT (LOSS) BEFORE INCOME TAX | (29,573 | ) | (85,498 | ) | (31,926 | ) | (34,014 | ) | (35,067 | ) | ||||||||||||
| INCOME TAX BENEFIT | 24,002 | 7,684 | 9,982 | 11,566 | 3,291 | |||||||||||||||||
| PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | (5,571 | ) | (77,814 | ) | (21,944 | ) | (22,448 | ) | (31,776 | ) | ||||||||||||
| NON CONTROLLING INTEREST | 9,210 | -- | 2,508 | 6,702 | -- | |||||||||||||||||
| NET PROFIT (LOSS) |
$ |
3,639 |
$ |
(77,814 |
) |
$ |
(19,436 |
) |
$ |
(15,746 |
) |
$ |
(31,776 |
) |
||||||||
| BASIC EARNINGS (LOSS) PER ORDINARY SHARE |
$ |
0.07 |
$ |
(2.11 |
) |
$ |
(0.37 |
) |
$ |
(0.31 |
) |
$ |
(0.68 |
) |
||||||||
|
|
||||||||||||||||||||||
|
Weighted average number of ordinary shares outstanding - in thousands |
50,500 | 36,859 | 53,158 | 50,146 | 46,567 | |||||||||||||||||
| DILUTED EARNINGS PER ORDINARY SHARE |
$ |
0.06 |
||||||||||||||||||||
| Net profit used for diluted earnings per share |
$ |
3,639 |
||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Weighted average number of ordinary shares outstanding - in thousands, used for diluted earnings per share |
61,717 | |||||||||||||||||||||
| 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, | June 30, | September 30, | June 30, | September 30, | June 30, | ||||||||||||||||||||||
| 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||
| non-GAAP | Adjustments (see a, b, c, d, e below) | GAAP | |||||||||||||||||||||||||
| REVENUES | $ | 225,994 | $ | 234,072 | $ | -- | $ | -- | $ | 225,994 | $ | 234,072 | |||||||||||||||
| COST OF REVENUES | 158,178 | 171,672 | 53,095 | (a) | 55,675 | (a) | 211,273 | 227,347 | |||||||||||||||||||
| GROSS PROFIT | 67,816 | 62,400 | (53,095 | ) | (55,675 | ) | 14,721 | 6,725 | |||||||||||||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||||||||||||||||||
| Research and development | 15,411 | 13,734 | 447 | (b) | 428 | (b) | 15,858 | 14,162 | |||||||||||||||||||
| Marketing, general and administrative | 15,012 | 15,556 | 903 | (c) | 971 | (c) | 15,915 | 16,527 | |||||||||||||||||||
| Nishiwaki Fab restructuring costs and impairment | -- | -- | -- | 4,269 | -- | 4,269 | |||||||||||||||||||||
| 30,423 | 29,290 | 1,350 | 5,668 | 31,773 | 34,958 | ||||||||||||||||||||||
| OPERATING PROFIT (LOSS) | 37,393 | 33,110 | (54,445 | ) | (61,343 | ) | (17,052 | ) | (28,233 | ) | |||||||||||||||||
| INTEREST EXPENSES, NET | (8,661 | ) | (8,818 | ) | -- | (d) | -- | (d) | (8,661 | ) | (8,818 | ) | |||||||||||||||
| OTHER FINANCING EXPENSE, NET | -- | -- | (5,855 | ) | (d) | (12,276 | ) | (d) | (5,855 | ) | (12,276 | ) | |||||||||||||||
|
GAIN FROM ACQUISITION, NET |
-- | -- | -- | 15,249 | -- | 15,249 | |||||||||||||||||||||
| OTHER INCOME (EXPENSE), NET | (358 | ) | 64 | -- | -- | (358 | ) | 64 | |||||||||||||||||||
| PROFIT (LOSS) BEFORE INCOME TAX | 28,374 | 24,356 | (60,300 | ) | (58,370 | ) | (31,926 | ) | (34,014 | ) | |||||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | -- | -- | 9,982 | (e) | 11,566 | (e) | 9,982 | 11,566 | |||||||||||||||||||
| PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | 28,374 | 24,356 | (50,318 | ) | (46,804 | ) | (21,944 | ) | (22,448 | ) | |||||||||||||||||
| NON CONTROLLING INTEREST | 2,508 | 6,702 | -- | -- | 2,508 | 6,702 | |||||||||||||||||||||
| NET PROFIT (LOSS) | $ | 30,882 | $ | 31,058 | $ | (50,318 | ) | $ | (46,804 | ) | $ | (19,436 | ) | $ | (15,746 | ) | |||||||||||
| NON-GAAP GROSS MARGINS | 30 | % | 27 | % | |||||||||||||||||||||||
| NON-GAAP OPERATING MARGINS | 17 | % | 14 | % | |||||||||||||||||||||||
| NON-GAAP NET MARGINS | 14 | % | 13 | % | |||||||||||||||||||||||
| BASIC EARNINGS (LOSS) PER ORDINARY SHARE | $ | 0.58 | |||||||||||||||||||||||||
|
Weighted average number of ordinary shares outstanding - in thousands |
53,158 | ||||||||||||||||||||||||||
| (a) | Includes depreciation and amortization expenses in the amounts of $52,863 and $55,460 and stock based compensation expenses in the amounts of $232 and $215 for the three months ended September 30, 2014 and June 30, 2014, respectively. | ||||||||||||||||||||||||||
| (b) | Includes depreciation and amortization expenses in the amounts of $201 and $203 and stock based compensation expenses in the amounts of $246 and $225 for the three months ended September 30, 2014 and June 30, 2014, respectively. | ||||||||||||||||||||||||||
| (c) | Includes depreciation and amortization expenses in the amounts of $203 and $213 and stock based compensation expenses in the amounts of $700 and $758 for the three months ended September 30, 2014 and June 30, 2014, respectively. | ||||||||||||||||||||||||||
| (d) | Non-GAAP interest expenses and other financing expense, net include only interest on an accrual basis. | ||||||||||||||||||||||||||
| (e) | Non-GAAP income tax expense include taxes paid during the period. | ||||||||||||||||||||||||||
| (*) |
Fully diluted earnings per share calculation and presentation are not required under GAAP for the third quarter of 2014, since the company did not have net profits. Hence, fully diluted earnings per share is not different than basic earnings per share for the third quarter of 2014. Had fully diluted earnings per share calculation and presentation been required for the third quarter of 2014, the following may have been added: 6 million shares underlying its capital notes, 5 million shares underlying options and warrants, 11 million possible shares underlying notes series F due December 2015 (unless repayable with cash), 11 million possible shares underlying notes series F due December 2016 (unless repayable with cash) and 6 million possible shares underlying Jazz notes due December 2018 (unless repayable with cash). |
||||||||||||||||||||||||||
| RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||
| Three months ended | Three months ended | Three months ended | ||||||||||||||||||||||||
| September 30, | September 30, |
September 30, |
||||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
| non-GAAP | Adjustments (see a, b, c, d, e, f below) | GAAP | ||||||||||||||||||||||||
| REVENUES | $ | 225,994 | $ | 132,555 |
|
$ |
-- | $ | -- | $ | 225,994 | $ | 132,555 | |||||||||||||
| COST OF REVENUES | 158,178 | 93,069 | 53,095 | (a) | 35,115 | (a) | 211,273 | 128,184 | ||||||||||||||||||
| GROSS PROFIT | 67,816 | 39,486 | (53,095 | ) | (35,115 | ) | 14,721 | 4,371 | ||||||||||||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||||||||||||||||||
| Research and development | 15,411 | 8,139 | 447 | (b) | 45 | (b) | 15,858 | 8,184 | ||||||||||||||||||
| Marketing, general and administrative | 15,012 | 10,241 | 903 | (c) | 764 | (c) | 15,915 | 11,005 | ||||||||||||||||||
| Amortization related to a lease agreement early termination | -- | -- | -- | 1,866 | (d) | -- | 1,866 | |||||||||||||||||||
| 30,423 | 18,380 | 1,350 | 2,675 | 31,773 | 21,055 | |||||||||||||||||||||
| OPERATING PROFIT (LOSS) | 37,393 | 21,106 | (54,445 | ) | (37,790 | ) | (17,052 | ) | (16,684 | ) | ||||||||||||||||
| INTEREST EXPENSES, NET | (8,661 | ) | (8,416 | ) | -- | (e) | -- | (e) | (8,661 | ) | (8,416 | ) | ||||||||||||||
| OTHER FINANCING EXPENSE, NET | -- | -- | (5,855 | ) | (e) | (9,502 | ) | (e) | (5,855 | ) | (9,502 | ) | ||||||||||||||
| OTHER EXPENSE, NET | (358 | ) | (465 | ) | -- | -- | (358 | ) | (465 | ) | ||||||||||||||||
| PROFIT (LOSS) BEFORE INCOME TAX | 28,374 | 12,225 | (60,300 | ) | (47,292 | ) | (31,926 | ) | (35,067 | ) | ||||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | -- | -- | 9,982 | (f) | 3,291 | (f) | 9,982 | 3,291 | ||||||||||||||||||
| PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | 28,374 | 12,225 | (50,318 | ) | (44,001 | ) | (21,944 | ) | (31,776 | ) | ||||||||||||||||
| NON CONTROLLING INTEREST | 2,508 | -- | -- | -- | 2,508 | -- | ||||||||||||||||||||
| NET PROFIT (LOSS) | $ | 30,882 | $ | 12,225 |
|
$ |
(50,318 | ) | $ | (44,001 | ) | $ | (19,436 | ) | $ | (31,776 | ) | |||||||||
| (a) | Includes depreciation and amortization expenses in the amounts of $52,863 and $35,000 and stock based compensation expenses in the amounts of $232 and $115 for the three months ended September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||
| (b) | Includes depreciation and amortization expenses in the amounts of $201 and $0 and stock based compensation expenses in the amounts of $246 and $45 for the three months ended September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||
| (c) | Includes depreciation and amortization expenses in the amounts of $203 and $206 and stock based compensation expenses in the amounts of $700 and $558 for the three months ended September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||
| (d) | Non cash amortization recorded in 2013 as a result of an early termination of an office building lease contract. | |||||||||||||||||||||||||
| (e) | Non-GAAP interest expenses and other financing expense, net include only interest on an accrual basis. | |||||||||||||||||||||||||
| (f) | Non-GAAP income tax expense include taxes paid during the period. | |||||||||||||||||||||||||
| RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||
| Nine months ended | Nine months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, |
September 30, |
September 30, |
|||||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
| non-GAAP | Adjustments (see a, b, c, d, e, f below) | GAAP | |||||||||||||||||||||||||
| REVENUES | $ | 592,719 | $ | 370,438 | $ | -- | $ | -- | $ | 592,719 | $ | 370,438 | |||||||||||||||
| COST OF REVENUES | 418,012 | 253,220 | 149,011 | (a) | 98,050 | (a) | 567,023 | 351,270 | |||||||||||||||||||
| GROSS PROFIT | 174,707 | 117,218 | (149,011 | ) | (98,050 | ) | 25,696 | 19,168 | |||||||||||||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||||||||||||||||||
| Research and development | 36,300 | 24,742 | 1,163 | (b) | 333 | (b) | 37,463 | 25,075 | |||||||||||||||||||
| Marketing, general and administrative | 40,434 | 30,115 | 2,824 | (c) | 1,877 | (c) | 43,258 | 31,992 | |||||||||||||||||||
| Nishiwaki Fab restructuring costs and impairment | -- | -- | 75,728 | -- | 75,728 | -- | |||||||||||||||||||||
| Amortization related to a lease agreement early termination | -- | -- | -- | 5,598 | (d) | -- | 5,598 | ||||||||||||||||||||
| Merger related costs | -- | -- | 1,229 | -- | 1,229 | -- | |||||||||||||||||||||
| 76,734 | 54,857 | 80,944 | 7,808 | 157,678 | 62,665 | ||||||||||||||||||||||
| OPERATING PROFIT (LOSS) | 97,973 | 62,361 | (229,955 | ) | (105,858 | ) | (131,982 | ) | (43,497 | ) | |||||||||||||||||
| INTEREST EXPENSES, NET | (25,592 | ) | (24,748 | ) | -- | (e) | -- | (e) | (25,592 | ) | (24,748 | ) | |||||||||||||||
| OTHER FINANCING EXPENSE, NET | -- | -- | (38,248 | ) | (e) | (16,729 | ) | (e) | (38,248 | ) | (16,729 | ) | |||||||||||||||
|
GAIN FROM ACQUISITION, NET |
-- | -- | 166,404 | -- | 166,404 | -- | |||||||||||||||||||||
| OTHER EXPENSE, NET | (155 | ) | (524 | ) | -- | -- | (155 | ) | (524 | ) | |||||||||||||||||
| PROFIT (LOSS) BEFORE INCOME TAX | 72,226 | 37,089 | (101,799 | ) | (122,587 | ) | (29,573 | ) | (85,498 | ) | |||||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | -- | -- | 24,002 | (f) | 7,684 | (f) | 24,002 | 7,684 | |||||||||||||||||||
| PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | 72,226 | 37,089 | (77,797 | ) | (114,903 | ) | (5,571 | ) | (77,814 | ) | |||||||||||||||||
| NON CONTROLLING INTEREST | 9,210 | -- | -- | -- | 9,210 | -- | |||||||||||||||||||||
| NET PROFIT (LOSS) | $ | 81,436 | $ | 37,089 | $ | (77,797 | ) | $ | (114,903 | ) | $ | 3,639 | $ | (77,814 | ) | ||||||||||||
| BASIC EARNINGS (LOSS) PER ORDINARY SHARE | $ | 1.61 | |||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Weighted average number of ordinary shares outstanding - in thousands |
50,500 | ||||||||||||||||||||||||||
| (a) | Includes depreciation and amortization expenses in the amounts of $148,267 and $97,701 and stock based compensation expenses in the amounts of $744 and $349 for the nine months ended September 30, 2014 and September 30, 2013, respectively. | ||||||||||||||||||||||||||
| (b) | Includes depreciation and amortization expenses in the amounts of $433 and $43 and stock based compensation expenses in the amounts of $730 and $290 for the nine months ended September 30, 2014 and September 30, 2013, respectively. | ||||||||||||||||||||||||||
| (c) | Includes depreciation and amortization expenses in the amounts of $616 and $570 and stock based compensation expenses in the amounts of $2,208 and $1,307 for the nine months ended September 30, 2014 and September 30, 2013, respectively. | ||||||||||||||||||||||||||
| (d) | Non cash amortization recorded in 2013 as a result of an early termination of an office building lease contract. | ||||||||||||||||||||||||||
| (e) | Non-GAAP interest expenses and other financing expense, net include only interest on an accrual basis; GAAP financing expense, net, includes (i) in 2014 - one-time non-cash charges of $10 million resulted from the Jazz Notes exchange deal dated March 2014 and $10 million acceleration of financing expenses relating to debentures series F conversion, offset by $11 million financing income from the banks' loan contract announced October 2014; and (ii) in 2013 - financing income of $6.5 million from the banks' extension contract signed in March 2013. | ||||||||||||||||||||||||||
| (f) | Non-GAAP income tax expenses include taxes paid during the period | ||||||||||||||||||||||||||
