TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | |
Three
months
ended | | |
March 31, | |
December 31, | |
March 31, | | |
2018
| |
2017
| |
2017
| | | | | | | | |
REVENUES
|
$ |
312,710 | |
$ |
357,614 | |
$ |
330,080 | | | | | | | | | |
COST OF REVENUES
| |
246,545 | | |
268,256 | | |
245,312 | | | | |
| |
| |
| | | |
GROSS PROFIT
| |
66,165 | | |
89,358 | | |
84,768 | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | |
Research and development | |
18,266 | | |
18,370 | | |
15,768 | | | |
Marketing, general and administrative | |
15,994 | | |
16,502 | | |
16,237 | | | | |
| |
| |
| | | |
34,260 | | |
34,872 | | |
32,005 | | | | |
| |
| |
| | | | | | | | | | | |
OPERATING PROFIT | |
31,905 | | |
54,486 | | |
52,763 | | | | | | | | | | |
INTEREST EXPENSE, NET | |
(598 |
) | |
(1,783 |
) | |
(2,211 |
) | | | | | | | | | |
OTHER FINANCING EXPENSE, NET | |
(3,193 |
) | |
(2,270 |
) | |
(2,018 |
) | | | | | | | | | |
OTHER INCOME (EXPENSE), NET | |
22 | | |
(3,027 |
) | |
511 | | | | |
| |
| |
| | | |
PROFIT BEFORE INCOME TAX | |
28,136 | | |
47,406 | | |
49,045 | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(955 |
) | |
101,236 |
(a) | |
(1,999 |
) | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
27,181 | | |
148,642 |
(a) | |
47,046 | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(1,063 |
) | |
(1,431 |
) | |
(1,537 |
) | | | |
| |
| |
| | | |
NET PROFIT
|
$ |
26,118 | |
$ |
147,211 |
(a) |
$ |
45,509 | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.27 | |
$ |
1.50 |
(a) |
$ |
0.48 | | | | | | | | | | |
Weighted average number of shares | |
98,495 | | |
98,312 | | |
93,900 | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.26 | |
$ |
1.40 |
(a) |
$ |
0.45 | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
26,118 | |
$ |
149,502 |
(a) |
$ |
47,666 | | | | | | | | | | |
Weighted average number of shares | |
101,112 | | |
106,776 | | |
104,915 | | | | | | | | | | | | |
(a) |
Three months ended December 31, 2017 included $82,370 Israeli deferred tax asset realization following valuation allowance release and $12,970 income tax benefit related to U.S. tax reform. | | | |
|
