Tower Semiconductor Ltd. — Regulatory Filings 2014

May 15, 2014

6-K 1 zk1414947.htm 6-K zk1414947.htm Licensed to: ZKG Document Created using EDGARizer 2020 5.4.5.1 Copyright 1995 - 2013 Thomson Reuters. All rights reserved.

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

W ashington, D.C. 20549

F or the month of May 2014 No 2.

TOWER SEMICONDUCTOR LTD.

(Translation of registrant's name into English)

Ramat Gavriel Industrial Park

P.O. Box 619, Migdal Haemek, Israel 23105

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

On May 15, 2014, the registrant presented an overview following the release of the results for the first quarter of 2014, as attached herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

/s/ Nati Somekh
Name: Nati Somekh
Title: Corporate Secretary

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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
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
	March 31,			March 31,						March 31,
	2014	2013		2014			2013			2014	2013
	non-GAAP			Adjustments (see a, b, c, d, e, f below)						GAAP
REVENUES	$ 132,653	$	112,647	$	--		$	--		$ 132,653	$	112,647
COST OF REVENUES	88,162		78,947		40,241		(a)	31,125	(a)	128,403		110,072
GROSS PROFIT	44,491		33,700		(40,241	)		(31,125	)	4,250		2,575
OPERATING COSTS AND EXPENSES
Research and development	7,155		9,347		288		(b)	148	(b)	7,443		9,495
Marketing, general and administrative	9,866		9,403		950		(c)	642	(c)	10,816		10,045
Nishiwaki Fab restructuring costs and impairment	--		--		71,459			--		71,459		--
Amortization related to a lease agreement early termination	--		--		--			1,866	(d)	--		1,866
	17,021		18,750		72,697			2,656		89,718		21,406
OPERATING PROFIT (LOSS)	27,470		14,950		(112,938	)		(33,781	)	(85,468	)	(18,831	)
INTEREST EXPENSES, NET	(8,113	)	(8,027	)	--		(e)	--	(e)	(8,113	)	(8,027	)
OTHER FINANCING INCOME (EXPENSE), NET	--		--		(20,117	)	(e)	986	(e)	(20,117	)	986
GAIN FROM ACQUISITON	--		--		149,926			--		149,926		--
OTHER INCOME (EXPENSE), NET	139		(260	)	--			--		139		(260	)
PROFIT (LOSS) BEFORE INCOME TAX	19,496		6,663		16,871			(32,795	)	36,367		(26,132	)
INCOME TAX BENEFIT (EXPENSE)	--		(190	)	2,454		(f)	3,171	(f)	2,454		2,981
NET PROFIT (LOSS) FOR THE PERIOD	$ 19,496	$	6,473	$	19,325		$	(29,624	)	$ 38,821	$	(23,151	)
NON-GAAP GROSS MARGINS	34	%	30	%
NON-GAAP OPERATING MARGINS	21	%	13	%
NON-GAAP NET MARGINS	15	%	6	%

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