Exhibit 99.1
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Press release dated February 24, 2016
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TOWER SEMICONDUCTOR LTD.
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Date: February 24, 2016
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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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Record results for the fourth quarter of 2015:
|
|
o
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Revenues at a record of $255 million, crossing the $1 billion annual run rate, with 8% growth as compared to the fourth quarter of 2014, including 21% organic growth (i.e excluding revenues from Panasonic);
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|
o
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Net profit of $22 million in the fourth quarter, compared with $0.6 million in the fourth quarter of 2014 and $14 million in the prior quarter;
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|
o
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EBITDA of $76 million, representing growth of 35% compared to the fourth quarter of 2014 and 20% quarter over quarter ;
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·
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Record revenues for the full year of 2015 of $961 million, 16% year over year growth, including 27% organic growth (i.e excluding revenues from Micron and Panasonic);
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·
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Cash and short-term deposits balance as of December 31, 2015 of $206 million as compared to December 31, 2014 cash balance of $187 million. Net debt is $105 million as of December 31, 2015, representing $213 million lower net debt year over year;
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|
o
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December 31, 2015 net debt to EBITDA ratio below 0.4X;
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·
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During the first quarter of 2016, completed the acquisition of Maxim’s fab in San Antonio, Texas, expanding worldwide manufacturing capacity by additional 28,000 wafers per month with 15 year committed supply agreement with Maxim. This is in addition to the existing foundry relationship between the companies;
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·
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Expects revenues for the first quarter of 2016 to be $276 million with an upward or downward range of 5%, representing 22% year over year increase and 8% quarter over quarter growth.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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|||||||||||
(dollars in thousands)
|
December 31,
|
September 30,
|
December 31,
|
||||||||||
2015
|
2015
|
2014
|
||||||||||
A S S E T S
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||||||||||||
CURRENT ASSETS
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||||||||||||
Cash, cash equivalents and interest bearing deposits
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$ | 205,575 | $ | 155,348 | $ | 187,167 | ||||||
Trade accounts receivable
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110,065 | 122,686 | 99,166 | |||||||||
Other receivables
|
7,376 | 7,263 | 5,759 | |||||||||
Inventories
|
105,681 | 104,396 | 87,873 | |||||||||
Other current assets
|
18,030 | 23,731 | 14,119 | |||||||||
Total current assets
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446,727 | 413,424 | 394,084 | |||||||||
LONG-TERM INVESTMENTS
|
11,737 | 12,050 | 11,896 | |||||||||
PROPERTY AND EQUIPMENT, NET
|
459,533 | 430,477 | 419,111 | |||||||||
INTANGIBLE ASSETS, NET
|
34,468 | 36,718 | 42,037 | |||||||||
GOODWILL
|
7,000 | 7,000 | 7,000 | |||||||||
OTHER ASSETS, NET
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6,759 | 7,220 | 10,018 | |||||||||
TOTAL ASSETS
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$ | 966,224 | $ | 906,889 | $ | 884,146 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||||||
CURRENT LIABILITIES
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||||||||||||
Current maturities of loans and debentures
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$ | 33,259 | $ | 49,224 | $ | 119,999 | ||||||
Trade accounts payable
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91,773 | 111,917 | 98,632 | |||||||||
Deferred revenue and customers' advances
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23,373 | 14,752 | 5,478 | |||||||||
Other current liabilities
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62,714 | 76,765 | 76,216 | |||||||||
Total current liabilities
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211,119 | 252,658 | 300,325 | |||||||||
LONG-TERM DEBT
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256,875 | 206,801 | 267,087 | |||||||||
LONG-TERM CUSTOMERS' ADVANCES
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21,102 | 21,110 | 6,272 | |||||||||
EMPLOYEE RELATED LIABILITES
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14,189 | 15,786 | 16,699 | |||||||||
DEFERRED TAX LIABILITY
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69,744 | 76,197 | 75,278 | |||||||||
OTHER LONG-TERM LIABILITIES
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7,609 | 9,730 | 22,924 | |||||||||
Total liabilities
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580,638 | 582,282 | 688,585 | |||||||||
TOTAL SHAREHOLDERS' EQUITY
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385,586 | 324,607 | 195,561 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 966,224 | $ | 906,889 | $ | 884,146 |
CONSOLIDATED SOURCES AND USES REPORT
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|||||||||
(dollars in thousands)
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Year
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Three months
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Three months
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Three months
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|||||||||||||
ended
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ended
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ended
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ended
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|||||||||||||
December 31,
|
December 31,
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September 30,
|
December 31,
|
|||||||||||||
2015
|
2015
|
2015
|
2014
|
|||||||||||||
Cash at beginning of the period
|
$ | 187,167 | $ | 155,348 | $ | 142,503 | $ | 195,116 | ||||||||
Cash from operations, excluding interest payments
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207,584 | 54,779 | 54,689 | 41,218 | ||||||||||||
Exercise of warrants and options, net
|
14,424 | 4,168 | 4,602 | 5,654 | ||||||||||||
Long-term loan received by TPSCo
|
70,592 | 70,592 | -- | -- | ||||||||||||
Investments in property, equipment and other cap-ex
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(165,655 | ) | (58,137 | ) | (39,579 | ) | (26,569 | ) | ||||||||
Debt repayment- principal
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(69,689 | ) | (18,006 | ) | (3,000 | ) | (15,980 | ) | ||||||||
Debt repayment- interest
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(12,371 | ) | (1,599 | ) | (3,867 | ) | (12,708 | ) | ||||||||
Nishiwaki cessation- employee termination related, net
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(24,907 | ) | -- | -- | 436 | |||||||||||
TPSCo dividend to Panasonic
|
(1,570 | ) | (1,570 | ) | -- | -- | ||||||||||
Cash at end of the period
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$ | 205,575 | $ | 205,575 | $ | 155,348 | $ | 187,167 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||
(dollars in thousands, except per share data)
|
Three months ended
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||||||||||||
December 31,
|
September 30,
|
December 31,
|
||||||||||
2015
|
2015
|
2014
|
||||||||||
GAAP
|
GAAP
|
GAAP
|
||||||||||
REVENUES
|
$ | 254,602 | $ | 244,181 | $ | 235,289 | ||||||
COST OF REVENUES
|
190,072 | 188,798 | 197,197 | |||||||||
GROSS PROFIT
|
64,530 | 55,383 | 38,092 | |||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||
Research and development
|
15,704 | 15,980 | 14,378 | |||||||||
Marketing, general and administrative
|
15,478 | 15,348 | 15,525 | |||||||||
Nishiwaki Fab restructuring costs and impairment, net
|
(991 | ) | -- | (20,228 | ) | |||||||
30,191 | 31,328 | 9,675 | ||||||||||
OPERATING PROFIT
|
34,339 | 24,055 | 28,417 | |||||||||
INTEREST EXPENSE, NET
|
(2,366 | ) | (3,567 | ) | (7,817 | ) | ||||||
OTHER NON CASH FINANCING EXPENSE, NET
|
(12,751 | ) | (5,312 | ) | (17,156 | ) | ||||||
OTHER INCOME (EXPENSE), NET
|
70 | (247 | ) | 15 | ||||||||
PROFIT BEFORE INCOME TAX
|
19,292 | 14,929 | 3,459 | |||||||||
INCOME TAX BENEFIT (EXPENSE)
|
4,779 | (927 | ) | 740 | ||||||||
PROFIT BEFORE NON CONTROLLING INTEREST
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24,071 | 14,002 | 4,199 | |||||||||
NON CONTROLLING INTEREST
|
(1,992 | ) | (451 | ) | (3,575 | ) | ||||||
NET PROFIT
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$ | 22,079 | $ | 13,551 | $ | 624 | ||||||
BASIC EARNINGS PER ORDINARY SHARE
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$ | 0.28 | $ | 0.18 | $ | 0.01 | ||||||
Weighted average number of ordinary
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||||||||||||
shares outstanding - in thousands
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79,607 | 77,370 | 55,647 | |||||||||
DILUTED EARNINGS PER ORDINARY SHARE
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$ | 0.25 | $ | 0.16 | $ | 0.01 | ||||||
Net profit used for diluted earnings per share
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$ | 22,079 | $ | 13,551 | $ | 624 | ||||||
Weighted average number of ordinary
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||||||||||||
shares outstanding - in thousands, used for diluted earnings per share
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88,970 | 86,837 | 66,471 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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|||||||||||
(dollars in thousands, except per share data)
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Year ended
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||||||||
December 31,
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||||||||
2015
|
2014
|
|||||||
GAAP
|
GAAP
|
|||||||
REVENUES
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$ | 960,561 | $ | 828,008 | ||||
COST OF REVENUES
|
755,196 | 764,220 | ||||||
GROSS PROFIT
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205,365 | 63,788 | ||||||
OPERATING COSTS AND EXPENSES
|
||||||||
Research and development
|
61,669 | 51,841 | ||||||
Marketing, general and administrative
|
62,793 | 58,783 | ||||||
Nishiwaki Fab restructuring costs and impairment, net
|
(991 | ) | 55,500 | |||||
Merger related costs
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-- | 1,229 | ||||||
123,471 | 167,353 | |||||||
OPERATING PROFIT (LOSS) (a)
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81,894 | (103,565 | ) | |||||
INTEREST EXPENSE, NET
|
(13,179 | ) | (33,409 | ) | ||||
OTHER NON CASH FINANCING EXPENSE, NET (b)
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(109,930 | ) | (55,404 | ) | ||||
GAIN FROM ACQUISITION, NET
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-- | 166,404 | ||||||
OTHER INCOME, NET
|
(190 | ) | (140 | ) | ||||
LOSS BEFORE INCOME TAX (a)
|
(41,405 | ) | (26,114 | ) | ||||
INCOME TAX BENEFIT
|
12,278 | 24,742 | ||||||
LOSS BEFORE NON CONTROLLING INTEREST (a)
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(29,127 | ) | (1,372 | ) | ||||
NON CONTROLLING INTEREST
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(520 | ) | 5,635 | |||||
NET PROFIT (LOSS) (a)
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$ | (29,647 | ) | $ | 4,263 | |||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
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$ | (0.40 | ) | $ | 0.08 | |||
Weighted average number of ordinary
|
||||||||
shares outstanding - in thousands
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74,366 | 51,798 | ||||||
DILUTED EARNINGS PER ORDINARY SHARE (c),(d)
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$ | 0.07 | ||||||
Net profit used for diluted earnings per share (c),(d)
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$ | 4,263 | ||||||
Weighted average number of ordinary shares outstanding -
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||||||||
in thousands, used for diluted earnings per share (c),(d)
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63,182 |
(a)
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The differences between the above profit (loss) results for the year ended December 31, 2015 as compared with the comparable period's results are mainly due to: (i) $54 million increase in other non cash financing expenses, mainly due to accelerated accretion resulted from the conversion of debentures series F; (ii) $166 million gain from the acquisition of TPSCo included in the year ended December 31, 2014; (iii) $56 million costs related to Nishiwaki Fab cessation of operations recorded in the year ended December 31, 2014; and (iv) gross profit increase of $142 million.
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(b)
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Other non cash financing expense, net is comprised mainly of accelerated accretion and amortization resulted from the conversion of debentures series F.
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||||||||||
(c)
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Fully diluted earnings per share calculation and presentation are not required under GAAP for periods with GAAP loss.
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||||||||||
(d)
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Fully diluted share count is comprised as follows: 86 million outstanding shares as of the date of this release, 12 million possible shares underlying options and warrants, 3 million underlying capital notes and 6 million underlying convertible bonds (unless repayable with cash), totaling to 107 million.
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RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||||
(dollars in thousands, except per share data)
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Three months ended
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Three months ended
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Three months ended
|
||||||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
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December 31,
|
September 30,
|
|||||||||||||||||||
2015
|
2015
|
2015
|
2015
|
2015
|
2015
|
|||||||||||||||||||
non-GAAP
|
Adjustments (see notes below)
|
GAAP
|
||||||||||||||||||||||
REVENUES
|
$ | 254,602 | $ | 244,181 | $ | -- | $ | -- | $ | 254,602 | $ | 244,181 | ||||||||||||
COST OF REVENUES
|
150,322 | 150,575 | 39,750 | (a) | 38,223 | (a) | 190,072 | 188,798 | ||||||||||||||||
GROSS PROFIT
|
104,280 | 93,606 | (39,750 | ) | (38,223 | ) | 64,530 | 55,383 | ||||||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||||||||||
Research and development
|
14,224 | 15,777 | 1,480 | (b) | 203 | (b) | 15,704 | 15,980 | ||||||||||||||||
Marketing, general and administrative
|
14,518 | 14,776 | 960 | (c) | 572 | (c) | 15,478 | 15,348 | ||||||||||||||||
Nishiwaki Fab restructuring costs and impairment, net
|
-- | -- | (991 | ) | -- | (991 | ) | -- | ||||||||||||||||
28,742 | 30,553 | 1,449 | 775 | 30,191 | 31,328 | |||||||||||||||||||
OPERATING PROFIT
|
75,538 | 63,053 | (41,199 | ) | (38,998 | ) | 34,339 | 24,055 | ||||||||||||||||
INTEREST EXPENSE, NET
|
(2,366 | ) | (3,567 | ) | -- | (d) | -- | (d) | (2,366 | ) | (3,567 | ) | ||||||||||||
OTHER NON CASH FINANCING EXPENSE, NET (e)
|
-- | -- | (12,751 | ) | (5,312 | ) | (12,751 | ) | (5,312 | ) | ||||||||||||||
OTHER INCOME (EXPENSE), NET
|
70 | (247 | ) | -- | -- | 70 | (247 | ) | ||||||||||||||||
PROFIT BEFORE INCOME TAX
|
73,242 | 59,239 | (53,950 | ) | (44,310 | ) | 19,292 | 14,929 | ||||||||||||||||
INCOME TAX BENEFIT (EXPENSE)
|
(1,107 | ) | (1,195 | ) | 5,886 | (f) | 268 | (f) | 4,779 | (927 | ) | |||||||||||||
PROFIT BEFORE NON CONTROLLING INTEREST
|
72,135 | 58,044 | (48,064 | ) | (44,042 | ) | 24,071 | 14,002 | ||||||||||||||||
NON CONTROLLING INTEREST
|
(1,992 | ) | (451 | ) | -- | (g) | -- | (g) | (1,992 | ) | (451 | ) | ||||||||||||
NET PROFIT
|
$ | 70,143 | $ | 57,593 | $ | (48,064 | ) | $ | (44,042 | ) | $ | 22,079 | $ | 13,551 | ||||||||||
GROSS MARGIN
|
41.0 | % | 38.3 | % | 25.3 | % | 22.7 | % | ||||||||||||||||
OPERATING MARGIN
|
29.7 | % | 25.8 | % | 13.5 | % | 9.9 | % | ||||||||||||||||
NET MARGIN
|
27.6 | % | 23.6 | % | 8.7 | % | 5.5 | % | ||||||||||||||||
BASIC EARNINGS PER ORDINARY SHARE
|
$ | 0.88 | $ | 0.74 | $ | 0.28 | $ | 0.18 |
(a)
|
Includes depreciation and amortization expenses of fixed and other assets in the amounts of $39,064 and $37,491 and stock based compensation costs in the amounts of $686 and $732 for the three months ended December 31, 2015 and September 30, 2015 respectively.
|
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(b)
|
Includes depreciation and amortization expenses (income) of fixed and other assets in the amounts of $961 and ($395) and stock based compensation costs in the amounts of $519 and $598 for the three months ended December 31, 2015 and September 30, 2015 respectively.
|
|||||||||||||||||
(c)
|
Includes depreciation and amortization expenses (income) of fixed and other assets in the amounts of $190 and ($410) and stock based compensation costs in the amounts of $770 and $982 for the three months ended December 31, 2015 and September 30, 2015 respectively.
|
|||||||||||||||||
(d)
|
Non-GAAP interest expense, net includes only interest on an accrual basis.
|
|||||||||||||||||
(e)
|
Other non cash financing expense, net is comprised mainly of accelerated accretion and amortization resulted from the conversion of debentures series F.
|
|||||||||||||||||
(f)
|
Non-GAAP income tax expense includes taxes paid during the period on a cash basis.
|
|||||||||||||||||
(g)
|
Non-GAAP non-controlling interest does not include any adjustments relating to the company's 51% stake in TPSCo.
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
||||||||||||||||||
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||||
(dollars in thousands, except per share data)
|
Three months ended
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||
non-GAAP
|
Adjustments (see notes below)
|
GAAP
|
||||||||||||||||||||||
REVENUES
|
$ | 254,602 | $ | 235,289 | $ | -- | $ | -- | $ | 254,602 | $ | 235,289 | ||||||||||||
COST OF REVENUES
|
150,322 | 151,105 | 39,750 | (a) | 46,092 | (a) | 190,072 | 197,197 | ||||||||||||||||
GROSS PROFIT
|
104,280 | 84,184 | (39,750 | ) | (46,092 | ) | 64,530 | 38,092 | ||||||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||||||||||
Research and development
|
14,224 | 13,676 | 1,480 | (b) | 702 | (b) | 15,704 | 14,378 | ||||||||||||||||
Marketing, general and administrative
|
14,518 | 14,623 | 960 | (c) | 902 | (c) | 15,478 | 15,525 | ||||||||||||||||
Nishiwaki Fab restructuring costs and impairment, net
|
-- | -- | (991 | ) | (20,228 | ) | (991 | ) | (20,228 | ) | ||||||||||||||
28,742 | 28,299 | 1,449 | (18,624 | ) | 30,191 | 9,675 | ||||||||||||||||||
OPERATING PROFIT
|
75,538 | 55,885 | (41,199 | ) | (27,468 | ) | 34,339 | 28,417 | ||||||||||||||||
INTEREST EXPENSE, NET
|
(2,366 | ) | (7,817 | ) | -- | (d) | -- | (d) | (2,366 | ) | (7,817 | ) | ||||||||||||
OTHER NON CASH FINANCING EXPENSE, NET (g)
|
-- | -- | (12,751 | ) | (17,156 | ) | (12,751 | ) | (17,156 | ) | ||||||||||||||
OTHER INCOME, NET
|
70 | 15 | -- | -- | 70 | 15 | ||||||||||||||||||
PROFIT BEFORE INCOME TAX
|
73,242 | 48,083 | (53,950 | ) | (44,624 | ) | 19,292 | 3,459 | ||||||||||||||||
INCOME TAX BENEFIT (EXPENSE)
|
(1,107 | ) | 1,410 | 5,886 | (e) | (670 | )(e) | 4,779 | 740 | |||||||||||||||
PROFIT BEFORE NON CONTROLLING INTEREST
|
72,135 | 49,493 | (48,064 | ) | (45,294 | ) | 24,071 | 4,199 | ||||||||||||||||
NON CONTROLLING INTEREST
|
(1,992 | ) | (3,575 | ) | -- | (f) | -- | (f) | (1,992 | ) | (3,575 | ) | ||||||||||||
NET PROFIT
|
$ | 70,143 | $ | 45,918 | $ | (48,064 | ) | $ | (45,294 | ) | $ | 22,079 | $ | 624 | ||||||||||
GROSS MARGIN
|
41.0 | % | 35.8 | % | 25.3 | % | 16.2 | % | ||||||||||||||||
OPERATING MARGIN
|
29.7 | % | 23.8 | % | 13.5 | % | 12.1 | % | ||||||||||||||||
NET MARGIN
|
27.6 | % | 19.5 | % | 8.7 | % | 0.3 | % | ||||||||||||||||
BASIC EARNINGS PER ORDINARY SHARE
|
$ | 0.88 | $ | 0.83 | $ | 0.28 | $ | 0.01 |
(a)
|
Includes depreciation and amortization expenses of fixed and other assets in the amounts of $39,064 and $46,082 and stock based compensation costs in the amounts of $686 and $10 for the three months ended December 31, 2015 and December 31, 2014 respectively.
|
|||||||||||||||||
(b)
|
Includes depreciation and amortization expenses of fixed and other assets in the amounts of $961 and $398 and stock based compensation costs in the amounts of $519 and $304 for the three months ended December 31, 2015 and December 31, 2014 respectively.
|
|||||||||||||||||
(c)
|
Includes depreciation and amortization expenses of fixed and other assets in the amounts of $190 and $213 and stock based compensation costs in the amounts of $770 and $689 for the three months ended December 31, 2015 and December 31, 2014 respectively.
|
|||||||||||||||||
(d)
|
Non-GAAP interest expense, net includes only interest on an accrual basis.
|
|||||||||||||||||
(e)
|
Non-GAAP income tax benefit (expense) includes taxes received (paid) during the period on a cash basis.
|
|||||||||||||||||
(f)
|
Non-GAAP non-controlling interest does not include any adjustments relating to the company's 51% stake in TPSCo.
|
|||||||||||||||||
(g)
|
Other non cash financing expense, net is comprised mainly of accelerated accretion and amortization resulted from the conversion of debentures series F.
|
RECONCILIATION OF REPORTED GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||||||||
(dollars in thousands, except per share data)
|
Year ended
|
Year ended
|
Year ended
|
||||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||
non-GAAP
|
Adjustments (see notes below)
|
GAAP
|
||||||||||||||||||||||
REVENUES
|
$ | 960,561 | $ | 828,008 | $ | -- | $ | -- | $ | 960,561 | $ | 828,008 | ||||||||||||
COST OF REVENUES
|
594,610 | 569,102 | 160,586 | (a) | 195,118 | (a) | 755,196 | 764,220 | ||||||||||||||||
GROSS PROFIT
|
365,951 | 258,906 | (160,586 | ) | (195,118 | ) | 205,365 | 63,788 | ||||||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||||||||||
Research and development
|
58,797 | 49,976 | 2,872 | (b) | 1,865 | (b) | 61,669 | 51,841 | ||||||||||||||||
Marketing, general and administrative
|
58,608 | 55,057 | 4,185 | (c) | 3,726 | (c) | 62,793 | 58,783 | ||||||||||||||||
Nishiwaki Fab restructuring costs and impairment, net
|
-- | -- | (991 | ) | 55,500 | (991 | ) | 55,500 | ||||||||||||||||
Merger related costs
|
-- | -- | -- | 1,229 | -- | 1,229 | ||||||||||||||||||
117,405 | 105,033 | 6,066 | 62,320 | 123,471 | 167,353 | |||||||||||||||||||
OPERATING PROFIT (LOSS)
|
248,546 | 153,873 | (166,652 | ) | (257,438 | ) | 81,894 | (g) | (103,565 | ) | ||||||||||||||
INTEREST EXPENSE, NET
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(13,179 | ) | (33,409 | ) | -- | (d) | -- | (d) | (13,179 | ) | (33,409 | ) | ||||||||||||
OTHER NON CASH FINANCING EXPENSE, NET (h)
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-- | -- | (109,930 | ) | (55,404 | ) | (109,930 | ) | (55,404 | ) | ||||||||||||||
GAIN FROM ACQUISITION, NET
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-- | -- | -- | 166,404 | -- | 166,404 | ||||||||||||||||||
OTHER EXPENSE, NET
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(190 | ) | (140 | ) | -- | -- | (190 | ) | (140 | ) | ||||||||||||||
PROFIT (LOSS) BEFORE INCOME TAX
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235,177 | 120,324 | (276,582 | ) | (146,438 | ) | (41,405 | )(g) | (26,114 | ) | ||||||||||||||
INCOME TAX BENEFIT (EXPENSE)
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(3,469 | ) | 1,563 | 15,747 | (e) | 23,179 | (e) | 12,278 | 24,742 | |||||||||||||||
PROFIT (LOSS) BEFORE NON CONTROLLING INTEREST
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231,708 | 121,887 | (260,835 | ) | (123,259 | ) | (29,127 | )(g) | (1,372 | ) | ||||||||||||||
NON CONTROLLING INTEREST
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(520 | ) | 5,635 | -- | (f) | -- | (f) | (520 | ) | 5,635 | ||||||||||||||
NET PROFIT (LOSS)
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$ | 231,188 | $ | 127,522 | $ | (260,835 | ) | $ | (123,259 | ) | $ | (29,647 | )(g) | $ | 4,263 | |||||||||
BASIC EARNINGS (LOSS) PER ORDINARY SHARE
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$ | 3.11 | $ | 2.46 | $ | (0.40 | ) | $ | 0.08 | |||||||||||||||
Weighted average number of ordinary
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shares outstanding - in thousands
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74,366 | 51,798 | 74,366 | 51,798 |
(a)
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Includes depreciation and amortization expenses of fixed and other assets in the amounts of $158,372 and $194,365 and stock based compensation costs in the amounts of $2,214 and $753 for the year ended December 31, 2015 and December 31, 2014, respectively.
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(b)
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Includes depreciation and amortization expenses of fixed and other assets in the amounts of $967 and $831 and stock based compensation costs in the amounts of $1,905 and $1,034 for the year ended December 31, 2015 and December 31, 2014, respectively.
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(c)
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Includes depreciation and amortization expenses of fixed and other assets in the amounts of $764 and $829 and stock based compensation costs in the amounts of $3,421 and $2,897 for the year ended December 31, 2015 and December 31, 2014, respectively.
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(d)
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Non-GAAP interest expense, net includes only interest on an accrual basis.
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(e)
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Non-GAAP income tax benefit (expense) includes taxes received (paid) during the period on a cash basis.
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(f)
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Non-GAAP non-controlling interest does not include any adjustments relating to the company's 51% stake in TPSCo.
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(g)
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The differences between the above profit (loss) results for the year ended December 31, 2015 as compared with the comparable period's results are mainly due to: (i) $54 million increase in other non cash financing expenses, mainly due to accelerated accretion resulted from the conversion of debentures series F; (ii) $166 million gain from the acquisition of TPSCo included in the year ended December 31, 2014; (iii) $56 million costs related to Nishiwaki Fab cessation of operations recorded in the year ended December 31, 2014; and (iv) gross profit increase of $142 million.
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(h)
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Other non cash financing expense, net is comprised mainly of accelerated accretion and amortization resulted from the conversion of debentures series F.
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