Exhibit 99.1
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Registrant’s unaudited condensed interim consolidated financial statements as of June 30, 2014 and for the six and three months periods then ended.
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Exhibit 99.2
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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TOWER SEMICONDUCTOR LTD.
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|||
Date: August 12, 2014
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By:
|
/s/ Nati Somekh | |
Name: Nati Somekh
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|||
Title: Corporate Secretary
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|||
Page
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1
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2
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3
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5-6
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7-10
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||||||||||||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||||||||||||
(dollars and shares in thousands)
|
As of
|
As of
|
|||||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(unaudited)
|
||||||||
A S S E T S
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||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 192,220 | $ | 112,871 | ||||
Short-term designated interest bearing deposits
|
-- | 10,000 | ||||||
Trade accounts receivable
|
106,569 | 80,316 | ||||||
Other receivables
|
8,450 | 10,943 | ||||||
Inventories
|
83,689 | 64,804 | ||||||
Other current assets
|
38,305 | 11,480 | ||||||
Total current assets
|
429,233 | 290,414 | ||||||
LONG-TERM INVESTMENTS
|
14,386 | 14,494 | ||||||
PROPERTY AND EQUIPMENT, NET
|
485,177 | 350,039 | ||||||
INTANGIBLE ASSETS, NET
|
49,603 | 32,393 | ||||||
GOODWILL
|
7,000 | 7,000 | ||||||
OTHER ASSETS, NET
|
10,847 | 11,547 | ||||||
TOTAL ASSETS
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$ | 996,246 | $ | 705,887 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Current maturities of loans and debentures
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$ | 97,128 | $ | 36,441 | ||||
Trade accounts payable
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100,456 | 66,358 | ||||||
Deferred revenue and short-term customers' advances
|
3,752 | 3,166 | ||||||
Employee related liabilities, inc. Nishiwaki retirement allowance
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80,423 | 25,957 | ||||||
Other current liabilities
|
26,548 | 7,994 | ||||||
Total current liabilities
|
308,307 | 139,916 | ||||||
LONG-TERM LOANS FROM BANKS
|
161,131 | 108,739 | ||||||
DEBENTURES
|
178,305 | 208,146 | ||||||
LONG-TERM CUSTOMERS' ADVANCES
|
6,572 | 7,187 | ||||||
EMPLOYEE RELATED LIABILITES
|
16,406 | 65,337 | ||||||
DEFERRED TAX LIABILITY
|
100,135 | 13,611 | ||||||
OTHER LONG-TERM LIABILITIES
|
33,925 | 21,703 | ||||||
Total liabilities
|
804,781 | 564,639 | ||||||
TOTAL EQUITY
|
191,465 | 141,248 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 996,246 | $ | 705,887 |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|||||||||||||||||||
(dollars in thousands, except per share data)
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Six months ended
|
Three months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
REVENUES
|
$ | 366,725 | $ | 237,883 | $ | 234,072 | $ | 125,236 | ||||||||
COST OF REVENUES
|
355,750 | 223,086 | 227,347 | 113,014 | ||||||||||||
GROSS PROFIT
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10,975 | 14,797 | 6,725 | 12,222 | ||||||||||||
OPERATING COSTS AND EXPENSES
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||||||||||||||||
Research and development
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21,605 | 16,891 | 14,162 | 7,396 | ||||||||||||
Marketing, general and administrative
|
27,343 | 20,987 | 16,527 | 10,942 | ||||||||||||
Nishiwaki Fab restructuring costs and impairment
|
75,728 | -- | 4,269 | -- | ||||||||||||
Amortization related to a lease agreement early termination
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-- | 3,732 | -- | 1,866 | ||||||||||||
Merger related costs
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1,229 | -- | -- | -- | ||||||||||||
125,905 | 41,610 | 34,958 | 20,204 | |||||||||||||
OPERATING LOSS
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(114,930 | ) | (26,813 | ) | (28,233 | ) | (7,982 | ) | ||||||||
INTEREST EXPENSES, NET
|
(16,931 | ) | (16,332 | ) | (8,818 | ) | (8,305 | ) | ||||||||
OTHER FINANCING EXPENSE, NET
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(32,393 | ) | (7,227 | ) | (12,276 | ) | (8,213 | ) | ||||||||
GAIN FROM ACQUISITION, NET
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166,404 | -- | 15,249 | -- | ||||||||||||
OTHER INCOME (EXPENSE), NET
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203 | (59 | ) | 64 | 201 | |||||||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
2,353 | (50,431 | ) | (34,014 | ) | (24,299 | ) | |||||||||
INCOME TAX BENEFIT
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14,020 | 4,393 | 11,566 | 1,412 | ||||||||||||
PROFIT (LOSS)
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16,373 | (46,038 | ) | (22,448 | ) | (22,887 | ) | |||||||||
Net loss attributable to the non controlling interest
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6,702 | -- | 6,702 | -- | ||||||||||||
NET PROFIT (LOSS) ATTRIBUTABLE TO THE COMPANY
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$ | 23,075 | $ | (46,038 | ) | $ | (15,746 | ) | $ | (22,887 | ) | |||||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
|
||||||||||||||||
Earnings (loss) per share attributable to the company
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$ | 0.47 | $ | (1.44 | ) | $ | (0.31 | ) | $ | (0.59 | ) | |||||
Weighted average number of ordinary
|
||||||||||||||||
shares outstanding - in thousands
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49,149 | 31,924 | 50,146 | 39,073 | ||||||||||||
DILUTED EARNINGS PER ORDINARY SHARE
|
||||||||||||||||
Earnings per share attributable to the company
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$ | 0.39 | ||||||||||||||
Net profit used for diluted earnings per share
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$ | 23,075 | ||||||||||||||
Weighted average number of ordinary shares outstanding
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||||||||||||||||
- in thousands, used for diluted earnings per share
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59,815 |
See notes to consolidated financial statements.
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||||||||||||||||
CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
|
|||||||||||||||||
(dollars in thousands)
|
Six months ended
|
Three months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Profit (loss)
|
$ | 16,373 | $ | (46,038 | ) | $ | (22,448 | ) | $ | (22,887 | ) | |||||
Foreign currency translation adjustment
|
4,117 | (10,432 | ) | 3,169 | (3,609 | ) | ||||||||||
Change in employees plan assets and benefit obligations, net of taxes
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(1,130 | ) | (1,531 | ) | (565 | ) | (1,064 | ) | ||||||||
Comprehensive income (loss)
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19,360 | (58,001 | ) | (19,844 | ) | (27,560 | ) | |||||||||
Net loss attributable to the non controlling interest
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6,702 | -- | 6,702 | -- | ||||||||||||
Comprehensive income (loss) attributable to the company
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$ | 26,062 | $ | (58,001 | ) | $ | (13,142 | ) | $ | (27,560 | ) |
SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary
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Ordinary
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Additional
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Accumulated
other |
Foreign currency |
Non
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|||||||||||||||||||||||||||||||||||||||||||
Shares
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Shares
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paid-in
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Capital
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unearned
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comprehensive
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translatoin |
Accumulated
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Treasury
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Comprehensive
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Controlling
|
||||||||||||||||||||||||||||||||||||||
issued
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Amount
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capital
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notes
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compensation
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loss
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adjustments |
deficit
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stock
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income
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interests
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Total
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|||||||||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2014
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47,956 | $ | 192,776 | $ | 1,084,011 | $ | 92,549 | $ | 45,380 | $ | 3,484 | $ | (19,610 | ) | $ | (1,248,270 | ) | $ | (9,072 | ) | $ | - | $ | 141,248 | ||||||||||||||||||||||||
Changes during the period:
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||||||||||||||||||||||||||||||||||||||||||||||||
Establishment of a subsidiary
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7,120 | 7,120 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares and warrant
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895 | 3,852 | 14,338 | 18,190 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock-based compensation
|
2,507 | 2,507 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of options
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699 | 3,017 | 23 | 3,040 | ||||||||||||||||||||||||||||||||||||||||||||
Capital notes
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1,454 | 6,276 | 5,502 | (11,778 | ) | - | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
23,075 | $ | 23,075 | (6,702 | ) | 16,373 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translatoin adjustments
|
4,117 | 4,117 | 4,117 | |||||||||||||||||||||||||||||||||||||||||||||
Change in employees plan assets and benefit obligations, net of taxes
|
(1,130 | ) | (1,130 | ) | (1,130 | ) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income
|
$ | 26,062 | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2014
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51,004 | $ | 205,921 | $ | 1,103,874 | $ | 80,771 | $ | 47,887 | $ | 2,354 | $ | (15,493 | ) | $ | (1,225,195 | ) | $ | (9,072 | ) | $ | 418 | $ | 191,465 | ||||||||||||||||||||||||
OUTSTANDING SHARES,
NET OF TREASURY
STOCK AS OF
JUNE 30, 2014
|
50,918 |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
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(dollars in thousands)
|
Six months ended
|
||||||||
June 30,
|
||||||||
2014
|
2013
|
|||||||
CASH FLOWS - OPERATING ACTIVITIES
|
||||||||
Profit (loss) for the period
|
$ | 16,373 | $ | (46,038 | ) | |||
Adjustments to reconcile net profit (loss) for the period
|
||||||||
to net cash provided by operating activities:
|
||||||||
Income and expense items not involving cash flows:
|
||||||||
Depreciation and amortization
|
109,595 | 77,258 | ||||||
Effect of indexation, translation and fair value measurement on debt
|
6,740 | (3,631 | ) | |||||
Loss from notes exchange
|
9,817 | -- | ||||||
Other expense (income), net
|
(203 | ) | 59 | |||||
Nishiwaki Fab restructuring costs and impairment
|
75,728 | -- | ||||||
Gain from acquisition, net
|
(166,404 | ) | -- | |||||
Changes in assets and liabilities:
|
||||||||
Trade accounts receivable
|
(25,406 | ) | (11,064 | ) | ||||
Other receivables and other current assets
|
9,441 | (6,560 | ) | |||||
Inventories
|
11,545 | (6,759 | ) | |||||
Trade accounts payable
|
15,755 | 7,311 | ||||||
Deferred revenue and customers' advances
|
(43 | ) | 1,270 | |||||
Other current liabilities
|
575 | (3,631 | ) | |||||
Deferred tax liability, net
|
(16,031 | ) | (2,242 | ) | ||||
Other long-term liabilities
|
2,148 | 3,179 | ||||||
Net cash provided by operating activities
|
49,630 | 9,152 | ||||||
CASH FLOWS - INVESTING ACTIVITIES
|
||||||||
Investments in property and equipment, net
|
(25,937 | ) | (40,755 | ) | ||||
Investments in other assets, intangible assets and others
|
-- | (327 | ) | |||||
Acquisition of subsidiary consolidated for the first time (a)
|
57,582 | -- | ||||||
Proceeds from interest bearing designated deposits
|
10,000 | -- | ||||||
Net cash provided by (used in) investing activities
|
41,645 | (41,082 | ) | |||||
CASH FLOWS - FINANCING ACTIVITIES
|
||||||||
Proceeds on account of equity and debt issuances
|
11,451 | 20,042 | ||||||
Proceeds from long-term loan
|
85,884 | -- | ||||||
Loan repayment to Panasonic
|
(85,884 | ) | -- | |||||
Debts repayment
|
(25,431 | ) | -- | |||||
Net cash provided by (used in) financing activities
|
(13,980 | ) | 20,042 | |||||
Effect of foreign exchange rate change
|
2,054 | (4,951 | ) | |||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
79,349 | (16,839 | ) | |||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
112,871 | 123,398 | ||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$ | 192,220 | $ | 106,559 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|||||||||||||
(dollars in thousands)
|
Six months ended
June 30, |
||||||||
2014
|
2013
|
|||||||
NON-CASH ACTIVITIES
|
||||||||
Investments in property and equipment
|
$ | 10,906 | $ | 8,057 | ||||
Proceeds receivables related rights offering
|
$ | -- | $ | 1,325 | ||||
Shareholders' equity increase resulting from Jazz notes exchange transaction
|
$ | 9,609 | $ | -- | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for interest
|
$ | 16,413 | $ | 15,586 | ||||
Cash paid during the period for income taxes
|
$ | 103 | $ | 190 | ||||
(a) ACQUISTION OF SUBSIDIARY CONSOLIDATED FOR THE FIRST TIME, SEE ALSO NOTE 2A:
|
||||||||
Assets and liabilities of the subsidiary as of March 31, 2014:
|
||||||||
Working capital (excluding cash and cash equivalents)
|
$ | 32,406 | ||||||
Fixed assets
|
245,278 | |||||||
Intangible assets
|
24,520 | |||||||
Long-term loan
|
(85,249 | ) | ||||||
Long-term liabilities
|
(93,602 | ) | ||||||
123,353 | ||||||||
Less:
|
||||||||
Share capital
|
14,531 | |||||||
Paid-in capital
|
166,404 | |||||||
180,935 | ||||||||
$ | 57,582 |
See notes to consolidated financial statements.
|
|
A.
|
Basis for Presentation
|
|
B.
|
Financing Debt Obligations and Other Liabilities
|
|
B.
|
Financing Debt Obligations and Other Liabilities (cont.)
|
|
A.
|
Acquisition of 51% of the shares of TowerJazz Panasonic Semiconductor Co., Ltd.
|
|
A.
|
Acquisition of 51% of the shares of TowerJazz Panasonic Semiconductor Co., Ltd. (cont.)
|
As of
March 31, 2014
|
||||
Current assets
|
$ | 91,414 | ||
Machinery and equipment
|
245,278 | |||
Intangible assets
|
24,520 | |||
Total assets as of acquisition date
|
$ | 361,212 | ||
Current liabilities
|
$ | 1,426 | ||
Long-term Loan
|
85,249 | |||
Deferred tax liability
|
93,602 | |||
Total liabilities as of acquisition date
|
$ | 180,277 | ||
Total net assets acquired
|
$ | 180,935 | ||
The fair value non-controlling interests in TPSCo
|
7,120 | |||
Tower’s consideration
|
7,411 | |||
Gain on acquisition
|
$ | 166,404 |
|
B.
|
Nishiwaki fab cessation of operations
|
|
C.
|
Long term loan agreement with Japanese Banking Institutions
|
|
D.
|
Jazz notes transaction
|
Six months ended
June 30,
|
||||||||
2014
|
2013
|
|||||||
Statement of Operations Data:
|
||||||||
Revenues
|
100 | % | 100 | % | ||||
Cost of revenues
|
97.0 | 93.8 | ||||||
Gross Profit
|
3.0 | 6.2 | ||||||
Research and development expenses
|
5.9 | 7.1 | ||||||
Marketing, general and administrative expenses
|
7.5 | 8.8 | ||||||
Nishiwaki fab restructuring costs and impairment
|
20.6 | -- | ||||||
Merger related costs
|
0.3 | -- | ||||||
Amortization related to a lease agreement early termination
|
-- | 1.6 | ||||||
Operating loss
|
(31.3 | ) | (11.3 | ) | ||||
Interest expenses, net
|
(4.6 | ) | (6.9 | ) | ||||
Other financing expense, net
|
(8.8 | ) | (3.0 | ) | ||||
Gain from acquisition, net
|
45.4 | -- | ||||||
Other income (expense), net
|
0.1 | (0.0 | ) | |||||
Income tax benefit
|
3.8 | 1.8 | ||||||
Profit (Loss) for the period
|
4.5 | (19.4 | ) | |||||
Net loss attributable to the non-controlling interest
|
1.8 | -- | ||||||
Net profit (loss) for the period attributable to the company
|
6.3 | % | (19.4 | )% |
Six months ended
June 30,
|
||||||||
2014
|
2013
|
|||||||
Statement of Operations Data:
|
||||||||
Revenues
|
$ | 366,725 | $ | 237,883 | ||||
Cost of revenues
|
355,750 | 223,086 | ||||||
Gross Profit
|
10,975 | 14,797 | ||||||
Research and development expenses
|
21,605 | 16,891 | ||||||
Marketing, general and administrative expenses
|
27,343 | 20,987 | ||||||
Nishiwaki Fab restructuring costs and impairment
|
75,728 | -- | ||||||
Merger related costs
|
1,229 | -- | ||||||
Amortization related to a lease agreement early termination
|
-- | 3,732 | ||||||
Operating Loss
|
(114,930 | ) | (26,813 | ) | ||||
Interest expenses, net
|
(16,931 | ) | (16,332 | ) | ||||
Other financing expense, net
|
(32,393 | ) | (7,227 | ) | ||||
Gain from acquisition, net
|
166,404 | -- | ||||||
Other income (expense), net
|
203 | (59 | ) | |||||
Income tax benefit
|
14,020 | 4,393 | ||||||
Profit (loss) for the period
|
16,373 | (46,038 | ) | |||||
Net loss attributable to the non-controlling interest
|
6,702 | -- | ||||||
Net profit (loss) for the period attributable to the company
|
$ | 23,075 | $ | (46,038 | ) |
Liquidity and Capital Resources
|
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RECENT DEVELOPMENTS (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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RECENT DEVELOPMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consideration and Provisional Valuation of Assets Acquired and Liabilities Assumed |
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