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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