Tower Semiconductor (TSEM) Annual Income Statement

Income Statement Summary

Tower Semiconductor (TSEM) annual income statement covering fiscal 2012 through 2017, as reported to the SEC.

Tower Semiconductor reported revenues of $1.39B in fiscal 2017, up 11% from $1.25B in fiscal 2016.
Gross profit was $354.31M, up 16.9% from $303.1M. That is a gross margin of 25.5%.
Operating profit was $219.84M, up 25.5% from $175.15M. Operating margin was 15.8%.
Net profit was $298.01M, up 46.1% from $203.92M. Net margin was 21.5%.
Earnings per share was $2.90, up 38.8% from $2.09.
Cost of revenues took 74.5% of revenues, research and development 4.9% and marketing, general and administrative 4.8%.

Revenues have grown 16.8% a year on average since fiscal 2012, from $638.83M to $1.39B.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12
REVENUES
1,387,310	1,249,634	960,561	828,008	505,009	638,831	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
REVENUES						1,387,310	1,249,634	960,561	828,008	505,009	638,831	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF REVENUES
1,033,005	946,534	755,196	764,220	476,900	560,046	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF REVENUES						1,033,005	946,534	755,196	764,220	476,900	560,046	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GROSS PROFIT
354,305	303,100	205,365	63,788	28,109	78,785	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GROSS PROFIT						354,305	303,100	205,365	63,788	28,109	78,785	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING COSTS AND EXPENSES:
Research and development
67,664	63,134	61,669	51,841	33,064	31,093	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development						67,664	63,134	61,669	51,841	33,064	31,093	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Marketing, general and administrative
66,799	65,439	62,793	58,783	42,916	44,413	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Marketing, general and administrative						66,799	65,439	62,793	58,783	42,916	44,413	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Nishiwaki Fab restructuring and impairment cost (income), net
-	-627	-991	55,500	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Nishiwaki Fab restructuring and impairment cost (income), net						-	-627	-991	55,500	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization related to a lease agreement early termination
-	-	-	-	7,464	5,789	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization related to a lease agreement early termination						-	-	-	-	7,464	5,789	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquisition related costs
-	-	-	1,229	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquisition related costs						-	-	-	1,229	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL OPERATING COSTS AND EXPENSES
134,463	127,946	123,471	167,353	83,444	81,295	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL OPERATING COSTS AND EXPENSES						134,463	127,946	123,471	167,353	83,444	81,295	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING PROFIT
219,842	175,154	81,894	-103,565	-55,335	-2,510	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING PROFIT						219,842	175,154	81,894	-103,565	-55,335	-2,510	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INTEREST EXPENSE, NET
7,840	11,857	13,179	33,409	32,971	31,808	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INTEREST EXPENSE, NET						7,840	11,857	13,179	33,409	32,971	31,808	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
FINANCING EXPENSE, NET
-7,607	-12,492	-109,930	-55,404	-27,838	-27,583	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
FINANCING EXPENSE, NET						-7,607	-12,492	-109,930	-55,404	-27,838	-27,583	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM ACQUISITION, NET
-	50,471	-	166,404	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM ACQUISITION, NET						-	50,471	-	166,404	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OTHER INCOME, NET
-2,627	9,322	-190	-140	-904	-1,042	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OTHER INCOME, NET						-2,627	9,322	-190	-140	-904	-1,042	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
PROFIT BEFORE INCOME TAX
201,768	210,598	-41,405	-26,114	-117,048	-62,943	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
PROFIT BEFORE INCOME TAX						201,768	210,598	-41,405	-26,114	-117,048	-62,943	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME TAX EXPENSE, NET
-99,888	1,432	-12,278	-24,742	-9,388	7,326	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME TAX EXPENSE, NET						-99,888	1,432	-12,278	-24,742	-9,388	7,326	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET PROFIT
301,656	209,166	-29,127	-1,372	-107,660	-70,269	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET PROFIT						301,656	209,166	-29,127	-1,372	-107,660	-70,269	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss (income) attributable to non-controlling interest
3,645	5,242	520	-5,635	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net loss (income) attributable to non-controlling interest						3,645	5,242	520	-5,635	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET PROFIT ATTRIBUTABLE TO THE COMPANY
298,011	203,924	-29,647	4,263	-107,660	-70,269	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET PROFIT ATTRIBUTABLE TO THE COMPANY						298,011	203,924	-29,647	4,263	-107,660	-70,269	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
BASIC EARNINGS PER ORDINARY SHARE:
Earnings per share
3.08	2.33	-0.40	0.08	-2.72	-3.17	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings per share						3.08	2.33	-0.40	0.08	-2.72	-3.17	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average number of ordinary shares outstanding
96,647	87,480	74,366	51,798	39,633	22,173	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average number of ordinary shares outstanding						96,647	87,480	74,366	51,798	39,633	22,173	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED EARNINGS PER ORDINARY SHARE:
Earnings per share
2.90	2.09	-	0.07	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings per share						2.90	2.09	-	0.07	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net profit used for diluted earnings per share
306,905	212,160	-	4,263	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net profit used for diluted earnings per share						306,905	212,160	-	4,263	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average number of ordinary shares outstanding used for diluted earnings per share
105,947	101,303	-	63,182	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average number of ordinary shares outstanding used for diluted earnings per share						105,947	101,303	-	63,182	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx