TowerJazz Reports Best Results in the History of the Company

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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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