Exhibit 99.1
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Press release dated February 23, 2015
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TOWER SEMICONDUCTOR LTD.
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Date: February 23, 2015
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By:
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/s/ Nati Somekh | |
Name: Nati Somekh
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Title: Corporate Secretary
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·
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Fourth quarter revenues at a record $235 million, up 75% year over year, including 23% organic growth (non-Micron and non-Panasonic); number one in pure play foundry year over year growth;
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·
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6 point, or 20%, sequential non-GAAP gross profit margin improvement on top of 3 point, or 11%, of third quarter improvement yielding 36% or $84 million fourth quarter vs. $46 million in the fourth quarter of 2013;
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·
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Improvement in quarterly non-GAAP operating profit and EBITDA from $28 million to $56 million year over year;
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·
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2014 record revenues of $828 million, up 64% year over year resulting in GAAP net profit, including the net gain from TPSCo acquisition;
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·
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“Organic” (excluding Micron and Panasonic) top 10 customers’ 2014 revenue growth of approximately 34% over 2013, consistent with 32% growth in the fourth quarter 2014 vs. fourth quarter of 2013;
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·
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End of year cash balance of $187 million as compared to $123 million as of December 31, 2013;
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December 31,
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September 30,
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June 30,
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March 31,
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December 31,
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||||||||||||||||
2014
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2014
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2014
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2014
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2013
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||||||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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||||||||||||||||||
A S S E T S
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||||||||||||||||||||
CURRENT ASSETS
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||||||||||||||||||||
Cash and designated short-term interest bearing deposits
|
$ | 187,167 | $ | 195,116 | $ | 192,220 | $ | 182,831 | $ | 122,871 | ||||||||||
Trade accounts receivable
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99,166 | 86,303 | 106,569 | 82,679 | 80,316 | |||||||||||||||
Other receivables
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5,759 | 7,069 | 8,450 | 12,928 | 10,943 | |||||||||||||||
Inventories
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87,873 | 85,175 | 83,689 | 94,453 | 64,804 | |||||||||||||||
Other current assets
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14,119 | 20,650 | 38,305 | 60,279 | 11,480 | |||||||||||||||
Total current assets
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394,084 | 394,313 | 429,233 | 433,170 | 290,414 | |||||||||||||||
LONG-TERM INVESTMENTS
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11,896 | 13,846 | 14,386 | 14,132 | 14,494 | |||||||||||||||
PROPERTY AND EQUIPMENT, NET
|
419,111 | 447,597 | 485,177 | 483,525 | 350,039 | |||||||||||||||
INTANGIBLE ASSETS, NET
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42,037 | 45,599 | 49,603 | 26,868 | 32,393 | |||||||||||||||
GOODWILL
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7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |||||||||||||||
OTHER ASSETS, NET
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10,018 | 10,433 | 10,847 | 10,909 | 11,547 | |||||||||||||||
TOTAL ASSETS
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$ | 884,146 | $ | 918,788 | $ | 996,246 | $ | 975,604 | $ | 705,887 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||||||||||||||
CURRENT LIABILITIES
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||||||||||||||||||||
Short term debt
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$ | 119,999 | $ | 64,708 | $ | 97,128 | $ | 46,364 | $ | 36,441 | ||||||||||
Trade accounts payable
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98,632 | 99,932 | 100,456 | 73,604 | 66,358 | |||||||||||||||
Deferred revenue
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5,478 | 4,098 | 3,752 | 1,372 | 3,166 | |||||||||||||||
Employee related liabilities, including
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||||||||||||||||||||
Nishiwaki retirement allowance
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59,597 | 58,122 | 80,423 | 80,356 | 25,957 | |||||||||||||||
Deferred tax
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-- | -- | -- | 17,006 | -- | |||||||||||||||
Other current liabilities
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16,619 | 24,474 | 26,548 | 27,895 | 7,994 | |||||||||||||||
Total current liabilities
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300,325 | 251,334 | 308,307 | 246,597 | 139,916 | |||||||||||||||
LONG-TERM DEBT
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267,087 | 340,202 | 339,436 | 386,761 | 316,885 | |||||||||||||||
LONG-TERM CUSTOMERS' ADVANCES
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6,272 | 6,389 | 6,572 | 6,924 | 7,187 | |||||||||||||||
EMPLOYEE RELATED LIABILITES
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16,699 | 15,587 | 16,406 | 15,706 | 65,337 | |||||||||||||||
DEFERRED TAX LIABILITY
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75,278 | 88,667 | 100,135 | 73,262 | 13,611 | |||||||||||||||
OTHER LONG-TERM LIABILITIES
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22,924 | 36,988 | 33,925 | 39,244 | 21,703 | |||||||||||||||
Total liabilities
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688,585 | 739,167 | 804,781 | 768,494 | 564,639 | |||||||||||||||
Non controlling interest
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(9,418 | ) | (2,090 | ) | 418 | 7,120 | -- | |||||||||||||
Shareholders’ equity attributes to the company
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204,979 | 181,711 | 191,047 | 199,990 | 141,248 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 884,146 | $ | 918,788 | $ | 996,246 | $ | 975,604 | $ | 705,887 |
CONSOLIDATED CASH REPORT (UNAUDITED)
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Year
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Three months
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|||||||
ended
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ended
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|||||||
December 31,
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December 31,
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|||||||
2014
|
2014
|
|||||||
Cash at beginning of the period
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$ | 122,871 | $ | 195,116 | ||||
TowerJazz Panasonic Semiconductor Co.
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57,582 | -- | ||||||
Funds received from exercise of options and Jazz bonds issuance
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19,613 | 5,654 | ||||||
Long-term loan received from JA Mitsui & Bank of Tokyo to TPSCo
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85,884 | -- | ||||||
TPSCo loan repayment to Panasonic
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(85,884 | ) | -- | |||||
Investments in property, equipment and other cap-ex
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(99,408 | ) | (26,569 | ) | ||||
Debt repayment- principal
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(51,411 | ) | (15,980 | ) | ||||
Debt repayment- interest
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(34,042 | ) | (12,708 | ) | ||||
Proceeds from Nishiwaki's assets sale, net of employees retirement related payments
|
12,583 | 436 | ||||||
Cash from other operating activities
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159,379 | 41,218 | ||||||
Cash at end of the period
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$ | 187,167 | $ | 187,167 |
CONSOLIDATED STATEMENTS OF OPERATIONS
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Year ended
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||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
GAAP
|
GAAP
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|||||||
REVENUES
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$ | 828,008 | $ | 505,009 | ||||
COST OF REVENUES
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764,220 | 476,900 | ||||||
GROSS PROFIT
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63,788 | 28,109 | ||||||
OPERATING COSTS AND EXPENSES
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||||||||
Research and development
|
51,841 | 33,064 | ||||||
Marketing, general and administrative
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58,783 | 42,916 | ||||||
Nishiwaki Fab restructuring costs and impairment
|
55,500 | -- | ||||||
Amortization related to a lease agreement early termination
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-- | 7,464 | ||||||
Merger related costs
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1,229 | -- | ||||||
167,353 | 83,444 | |||||||
OPERATING PROFIT (LOSS)
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(103,565 | ) | (55,335 | ) | ||||
INTEREST EXPENSES, NET
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(33,409 | ) | (32,971 | ) | ||||
OTHER NON CASH FINANCING EXPENSE, NET (a)
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(55,404 | ) | (27,838 | ) | ||||
GAIN FROM ACQUISITION, NET
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166,404 | -- | ||||||
OTHER INCOME (EXPENSE), NET
|
(140 | ) | (904 | ) | ||||
PROFIT (LOSS) BEFORE INCOME TAX
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(26,114 | ) | (117,048 | ) | ||||
INCOME TAX BENEFIT (EXPENSE)
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24,742 | 9,388 | ||||||
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
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(1,372 | ) | (107,660 | ) | ||||
NON CONTROLLING INTEREST
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5,635 | -- | ||||||
NET PROFIT (LOSS)
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$ | 4,263 | $ | (107,660 | ) | |||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
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$ | 0.08 | $ | (2.72 | ) | |||
Weighted average number of ordinary
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||||||||
shares outstanding - in thousands
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51,798 | 39,633 | ||||||
DILUTED EARNINGS PER ORDINARY SHARE
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$ | 0.07 | ||||||
Net profit used for diluted earnings per share
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$ | 4,263 | ||||||
Weighted average number of ordinary
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||||||||
shares outstanding - in thousands, used for diluted earnings per share
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63,182 |
(a)
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Other non cash financing expense, net for the year ended December 31, 2014 comprised primarily of bonds series F non-cash accretion calculated in 2012 in accordance with GAAP.
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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three months ended
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||||||||||||
December 31,
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September 30,
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December 31,
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||||||||||
2014
|
2014
|
2013
|
||||||||||
GAAP
|
GAAP
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GAAP
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||||||||||
REVENUES
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$ | 235,289 | $ | 225,994 | $ | 134,571 | ||||||
COST OF REVENUES
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197,197 | 211,273 | 125,630 | |||||||||
GROSS PROFIT
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38,092 | 14,721 | 8,941 | |||||||||
OPERATING COSTS AND EXPENSES
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||||||||||||
Research and development
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14,378 | 15,858 | 7,989 | |||||||||
Marketing, general and administrative
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15,525 | 15,915 | 10,924 | |||||||||
Nishiwaki Fab restructuring costs and impairment
|
(20,228 | ) | -- | -- | ||||||||
Amortization related to a lease agreement early termination
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-- | -- | 1,866 | |||||||||
9,675 | 31,773 | 20,779 | ||||||||||
OPERATING PROFIT (LOSS)
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28,417 | (17,052 | ) | (11,838 | ) | |||||||
INTEREST EXPENSES, NET
|
(7,817 | ) | (8,661 | ) | (8,223 | ) | ||||||
OTHER NON CASH FINANCING EXPENSE, NET (a)
|
(17,156 | ) | (5,855 | ) | (11,109 | ) | ||||||
OTHER INCOME (EXPENSE), NET
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15 | (358 | ) | (380 | ) | |||||||
PROFIT (LOSS) BEFORE INCOME TAX
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3,459 | (31,926 | ) | (31,550 | ) | |||||||
INCOME TAX BENEFIT
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740 | 9,982 | 1,704 | |||||||||
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
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4,199 | (21,944 | ) | (29,846 | ) | |||||||
NON CONTROLLING INTEREST
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(3,575 | ) | 2,508 | -- | ||||||||
NET PROFIT (LOSS)
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$ | 624 | $ | (19,436 | ) | $ | (29,846 | ) | ||||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
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$ | 0.01 | $ | (0.37 | ) | $ | (0.62 | ) | ||||
Weighted average number of ordinary
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||||||||||||
shares outstanding - in thousands
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55,647 | 53,158 | 47,866 | |||||||||
DILUTED EARNINGS PER ORDINARY SHARE
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$ | 0.01 | ||||||||||
Net profit used for diluted earnings per share
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$ | 624 | ||||||||||
Weighted average number of ordinary
|
||||||||||||
shares outstanding - in thousands, used for diluted earnings per share
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66,471 |
(a)
|
Other non cash financing expense, net for the three months ended December 31, 2014 and September 30, 2014 comprised primarily of bonds series F non-cash accretion calculated in 2012 in accordance with GAAP. Other non cash financing expense, net for the three months ended September 30, 2014 includes also the $11 million one time effect of the agreement with the Israeli banks to extend the loans maturities.
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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
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Three months ended
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||||||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||||||||||||||
2014
|
2014
|
2014
|
2014
|
2014
|
2014
|
|||||||||||||||||||
non-GAAP
|
Adjustments (see a, b, c, d, e below)
|
GAAP
|
||||||||||||||||||||||
REVENUES
|
$ | 235,289 | $ | 225,994 | $ | -- | $ | -- | $ | 235,289 | $ | 225,994 | ||||||||||||
COST OF REVENUES
|
151,105 | 158,178 | 46,092 | (a) | 53,095 | (a) | 197,197 | 211,273 | ||||||||||||||||
GROSS PROFIT
|
84,184 | 67,816 | (46,092 | ) | (53,095 | ) | 38,092 | 14,721 | ||||||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||||||||||
Research and development
|
13,676 | 15,411 | 702 | (b) | 447 | (b) | 14,378 | 15,858 | ||||||||||||||||
Marketing, general and administrative
|
14,623 | 15,012 | 902 | (c) | 903 | (c) | 15,525 | 15,915 | ||||||||||||||||
Nishiwaki Fab restructuring costs and impairment
|
-- | -- | (20,228 | ) | -- | (20,228 | ) | -- | ||||||||||||||||
28,299 | 30,423 | (18,624 | ) | 1,350 | 9,675 | 31,773 | ||||||||||||||||||
OPERATING PROFIT (LOSS)
|
55,885 | 37,393 | (27,468 | ) | (54,445 | ) | 28,417 | (17,052 | ) | |||||||||||||||
INTEREST EXPENSES, NET
|
(7,817 | ) | (8,661 | ) | -- | (d) | -- | (d) | (7,817 | ) | (8,661 | ) | ||||||||||||
OTHER NON CASH FINANCING EXPENSE, NET (*)
|
-- | -- | (17,156 | ) | (5,855 | ) | (17,156 | ) | (5,855 | ) | ||||||||||||||
OTHER INCOME (EXPENSE), NET
|
15 | (358 | ) | -- | -- | 15 | (358 | ) | ||||||||||||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
48,083 | 28,374 | (44,624 | ) | (60,300 | ) | 3,459 | (31,926 | ) | |||||||||||||||
INCOME TAX BENEFIT (EXPENSE)
|
1,410 | (30 | ) | (670 | )(e) | 10,012 | (e) | 740 | 9,982 | |||||||||||||||
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
|
49,493 | 28,344 | (45,294 | ) | (50,288 | ) | 4,199 | (21,944 | ) | |||||||||||||||
NON CONTROLLING INTEREST
|
(3,575 | ) | 2,508 | -- | -- | (3,575 | ) | 2,508 | ||||||||||||||||
NET PROFIT (LOSS)
|
$ | 45,918 | $ | 30,852 | $ | (45,294 | ) | $ | (50,288 | ) | $ | 624 | $ | (19,436 | ) | |||||||||
NON-GAAP GROSS MARGINS
|
36 | % | 30 | % | ||||||||||||||||||||
NON-GAAP OPERATING MARGINS
|
24 | % | 17 | % | ||||||||||||||||||||
NON-GAAP NET MARGINS
|
20 | % | 14 | % | ||||||||||||||||||||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
|
$ | 0.83 | $ | 0.58 | $ | 0.01 | $ | (0.37 | ) | |||||||||||||||
Weighted average number of ordinary
|
||||||||||||||||||||||||
shares outstanding - in thousands
|
55,647 | 53,158 | 55,647 | 53,158 |
(a)
|
Includes depreciation and amortization expenses in the amounts of $46,083 and $52,863 and stock based compensation expenses in the amounts of $9 and $232 for the three months ended December 31, 2014 and September 30, 2014, respectively.
|
|||
(b)
|
Includes depreciation and amortization expenses in the amounts of $398 and $201 and stock based compensation expenses in the amounts of $304 and $246 for the three months ended December 31, 2014 and September 30, 2014, respectively.
|
|||
(c)
|
Includes depreciation and amortization expenses in the amounts of $213 and $203 and stock based compensation expenses in the amounts of $689 and $700 for the three months ended December 31, 2014 and September 30, 2014, respectively.
|
|||
(d)
|
Non-GAAP interest expenses, net include only interest on an accrual basis.
|
|||
(e)
|
Non-GAAP income tax benefit (expense) include taxes paid during the period on a cash basis.
|
|||
(*)
|
Other non cash financing expense, net for the three months ended December 31, 2014 and September 30, 2014 comprised primarily of bonds series F non-cash accretion calculated in 2012 in accordance with GAAP. Other non cash financing expense, net for the three months ended September 30, 2014 includes also the $11 million onetime effect of the agreement with the Israeli banks to extend the loans maturities.
|
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
|
||||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||
non-GAAP
|
Adjustments (see a, b, c, d, e, f below)
|
GAAP
|
||||||||||||||||||||||
REVENUES
|
$ | 235,289 | $ | 134,571 | $ | -- | $ | -- | $ | 235,289 | $ | 134,571 | ||||||||||||
COST OF REVENUES
|
151,105 | 88,635 | 46,092 | (a) | 36,995 | (a) | 197,197 | 125,630 | ||||||||||||||||
GROSS PROFIT
|
84,184 | 45,936 | (46,092 | ) | (36,995 | ) | 38,092 | 8,941 | ||||||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||||||||||
Research and development
|
13,676 | 7,801 | 702 | (b) | 188 | (b) | 14,378 | 7,989 | ||||||||||||||||
Marketing, general and administrative
|
14,623 | 10,368 | 902 | (c) | 556 | (c) | 15,525 | 10,924 | ||||||||||||||||
Nishiwaki Fab restructuring costs and impairment
|
-- | -- | (20,228 | ) | -- | (20,228 | ) | -- | ||||||||||||||||
Amortization related to a lease agreement early termination
|
-- | -- | -- | 1,866 | (d) | -- | 1,866 | |||||||||||||||||
28,299 | 18,169 | (18,624 | ) | 2,610 | 9,675 | 20,779 | ||||||||||||||||||
OPERATING PROFIT (LOSS)
|
55,885 | 27,767 | (27,468 | ) | (39,605 | ) | 28,417 | (11,838 | ) | |||||||||||||||
INTEREST EXPENSES, NET
|
(7,817 | ) | (8,223 | ) | -- | (e) | -- | (e) | (7,817 | ) | (8,223 | ) | ||||||||||||
OTHER NON CASH FINANCING EXPENSE, NET (*)
|
-- | -- | (17,156 | ) | (11,109 | ) | (17,156 | ) | (11,109 | ) | ||||||||||||||
OTHER INCOME (EXPENSE), NET
|
15 | (380 | ) | -- | -- | 15 | (380 | ) | ||||||||||||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
48,083 | 19,164 | (44,624 | ) | (50,714 | ) | 3,459 | (31,550 | ) | |||||||||||||||
INCOME TAX BENEFIT
|
1,410 | -- | (670 | )(f) | 1,704 | (f) | 740 | 1,704 | ||||||||||||||||
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
|
49,493 | 19,164 | (45,294 | ) | (49,010 | ) | 4,199 | (29,846 | ) | |||||||||||||||
NON CONTROLLING INTEREST
|
(3,575 | ) | -- | -- | -- | (3,575 | ) | -- | ||||||||||||||||
NET PROFIT (LOSS)
|
$ | 45,918 | $ | 19,164 | $ | (45,294 | ) | $ | (49,010 | ) | $ | 624 | $ | (29,846 | ) | |||||||||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
|
$ | 0.83 | $ | 0.40 | $ | 0.01 | $ | (0.62 | ) | |||||||||||||||
Weighted average number of ordinary
|
||||||||||||||||||||||||
shares outstanding - in thousands | 55,647 | 47,866 | 55,647 | 47,866 | ||||||||||||||||||||
DILUTED EARNINGS PER ORDINARY SHARE (**)
|
$ | 0.01 | ||||||||||||||||||||||
Net profit used for diluted earnings per share
|
$ | 624 | ||||||||||||||||||||||
Weighted average number of ordinary
|
||||||||||||||||||||||||
shares outstanding - in thousands, used for diluted earnings per share (**) | 66,471 |
(a)
|
Includes depreciation and amortization expenses in the amounts of $46,083 and $36,747 and stock based compensation expenses in the amounts of $9 and $248 for the three months ended December 31, 2014 and December 31, 2013, respectively.
|
|||||||||||||||||
(b)
|
Includes depreciation and amortization expenses in the amounts of $398 and $(49) and stock based compensation expenses in the amounts of $304 and $237 for the three months ended December 31, 2014 and December 31, 2013, respectively.
|
|||||||||||||||||
(c)
|
Includes depreciation and amortization expenses in the amounts of $213 and $205 and stock based compensation expenses in the amounts of $689 and $351 for the three months ended December 31, 2014 and December 31, 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, net include only interest on an accrual basis.
|
|||||||||||||||||
(f)
|
Non-GAAP income tax expense include taxes paid during the period on a cash basis.
|
|||||||||||||||||
(*)
|
Other non cash financing expense, net for the three months ended December 31 ,2014 comprised primarily of bonds series F non-cash accretion calculated in 2012 in accordance with GAAP.
|
|||||||||||||||||
(**)
|
Weighted average number of ordinary shares used to calculate the above diluted earnings per share includes only securities that have a Dilutive Effect, as such term is defined by GAAP requirements. However, fully diluted share count as of February 15, 2015 includes, in addition to the 65 million ordinary shares as of the same date, 4 million shares underlying capital notes, 14 million possible shares underlying notes series F (unless repayable with cash), 15 million possible shares underlying options and warrants and 6 million possible shares underlying Jazz notes due December 2018 (unless repayable with cash). The company had 65 million ordinary shares as stated above as of February 15, 2015, as compared with 58 million as of December 31, 2014, with the increase primarily attributed to bonds series F conversion to 7 million shares occurred in the market during this period.
|
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
(dollars in thousands, except per share data)
|
Year ended
December 31,
|
Year ended
December 31,
|
Year ended
December 31,
|
||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||
non-GAAP
|
Adjustments (see a, b, c, d, e, f below)
|
GAAP
|
||||||||||||||||||||||
REVENUES
|
$ | 828,008 | $ | 505,009 | $ | -- | $ | -- | $ | 828,008 | $ | 505,009 | ||||||||||||
COST OF REVENUES
|
569,102 | 341,855 | 195,118 | (a) | 135,045 | (a) | 764,220 | 476,900 | ||||||||||||||||
GROSS PROFIT | 258,906 | 163,154 | (195,118 | ) | (135,045 | ) | 63,788 | 28,109 | ||||||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||||||||||
Research and development | 49,976 | 32,543 | 1,865 | (b) | 521 | (b) | 51,841 | 33,064 | ||||||||||||||||
Marketing, general and administrative | 55,057 | 40,483 | 3,726 | (c) | 2,433 | (c) | 58,783 | 42,916 | ||||||||||||||||
Nishiwaki Fab restructuring costs and impairment | -- | -- | 55,500 | -- | 55,500 | -- | ||||||||||||||||||
Amortization related to a lease agreement early termination | -- | -- | -- | 7,464 | (d) | -- | 7,464 | |||||||||||||||||
Merger related costs | -- | -- | 1,229 | -- | 1,229 | -- | ||||||||||||||||||
105,033 | 73,026 | 62,320 | 10,418 | 167,353 | 83,444 | |||||||||||||||||||
OPERATING PROFIT (LOSS) | 153,873 | 90,128 | (257,438 | ) | (145,463 | ) | (103,565 | ) | (55,335 | ) | ||||||||||||||
INTEREST EXPENSES, NET
|
(33,409 | ) | (32,971 | ) | -- | (e) | -- | (e) | (33,409 | ) | (32,971 | ) | ||||||||||||
OTHER NON CASH FINANCING EXPENSE, NET (*)
|
-- | -- | (55,404 | ) | (27,838 | ) | (55,404 | ) | (27,838 | ) | ||||||||||||||
GAIN FROM ACQUISITION, NET
|
-- | -- | 166,404 | -- | 166,404 | -- | ||||||||||||||||||
OTHER EXPENSE, NET
|
(140 | ) | (904 | ) | -- | -- | (140 | ) | (904 | ) | ||||||||||||||
PROFIT (LOSS) BEFORE INCOME TAX | 120,324 | 56,253 | (146,438 | ) | (173,301 | ) | (26,114 | ) | (117,048 | ) | ||||||||||||||
INCOME TAX BENEFIT (EXPENSE)
|
1,563 | (190 | ) | 23,179 | (f) | 9,578 | (f) | 24,742 | 9,388 | |||||||||||||||
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST | 121,887 | 56,063 | (123,259 | ) | (163,723 | ) | (1,372 | ) | (107,660 | ) | ||||||||||||||
NON CONTROLLING INTEREST
|
5,635 | -- | -- | -- | 5,635 | -- | ||||||||||||||||||
NET PROFIT (LOSS) | $ | 127,522 | $ | 56,063 | $ | (123,259 | ) | $ | (163,723 | ) | $ | 4,263 | $ | (107,660 | ) | |||||||||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE | $ | 2.46 | $ | 1.41 | $ | 0.08 | $ |
(2.72
|
) | |||||||||||||||
Weighted average number of ordinary | ||||||||||||||||||||||||
shares outstanding - in thousands | 51,798 | 39,633 | 51,798 | 39,633 |
(a)
|
Includes depreciation and amortization expenses in the amounts of $194,365 and $134,448 and stock based compensation expenses in the amounts of $753 and $597 for the year ended December 31, 2014 and December 31, 2013, respectively.
|
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(b)
|
Includes depreciation and amortization expenses in the amounts of $831 and $(6) and stock based compensation expenses in the amounts of $1,034 and $527 for the year ended December 31, 2014 and December 31, 2013, respectively.
|
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(c)
|
Includes depreciation and amortization expenses in the amounts of $829 and $775 and stock based compensation expenses in the amounts of $2,897 and $1,658 for the year ended December 31, 2014 and December 31, 2013, respectively.
|
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(d)
|
Non cash amortization recorded in 2013 as a result of an early termination of an office building lease contract.
|
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(e)
|
Non-GAAP interest expenses, net include only interest on an accrual basis.
|
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(f)
|
Non-GAAP income tax expense include taxes paid during the period on a cash basis.
|
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(*)
|
Other non cash financing expense, net includes in 2014 - onetime non cash charges of $10 million resulted from the Jazz Notes exchange deal dated March 2014 and $40 million non cash accretion of bonds series F, calculated in 2012 in accordance with GAAP, offset by $11 million financing income from the banks' loan contract announced October 2014; and in 2013 - financing income of $6.5 million from the banks' extension contract signed in March 2013.
|