| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||
| (dollars and share count in thousands, except per share data) | |||||||||
| T h r e e m o n t h s e n d e d | |||||||||
| March 31, | December 31, | March 31, | |||||||
| 2019 | 2018 | 2018 | |||||||
| REVENUES | $ | 310,107 | $ | 333,590 | $ | 312,710 | |||
| COST OF REVENUES | 246,956 | 257,957 | 246,545 | ||||||
| GROSS PROFIT | 63,151 | 75,633 | 66,165 | ||||||
| OPERATING COSTS AND EXPENSES: | |||||||||
| Research and development | 19,168 | 18,378 | 18,266 | ||||||
| Marketing, general and administrative | 16,641 | 17,016 | 15,994 | ||||||
| 35,809 | 35,394 | 34,260 | |||||||
| OPERATING PROFIT | 27,342 | 40,239 | 31,905 | ||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 725 | (3,907 | ) | (3,769 | ) | ||||
| PROFIT BEFORE INCOME TAX | 28,067 | 36,332 | 28,136 | ||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (1,667 | ) | 183 | (955 | ) | ||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 26,400 | 36,515 | 27,181 | ||||||
| NON CONTROLLING INTEREST | (184 | ) | 1,558 | (1,063 | ) | ||||
| NET PROFIT | $ | 26,216 | $ | 38,073 | $ | 26,118 | |||
| BASIC EARNINGS PER SHARE | $ | 0.25 | $ | 0.37 | $ | 0.27 | |||
| Weighted average number of shares | 105,331 | 103,997 | 98,495 | ||||||
| DILUTED EARNINGS PER SHARE | $ | 0.25 | $ | 0.36 | $ | 0.26 | |||
| Net profit used for diluted earnings per share | $ | 26,216 | $ | 38,073 | $ | 26,118 | |||
| Weighted average number of shares | 106,972 | 105,776 | 101,112 | ||||||
TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million
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