| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||
| Three months ended | ||||||||||
| June 30, | March 31, | June 30, | ||||||||
| 2019 | 2019 | 2018 | ||||||||
| REVENUES | $ | 306,064 | $ | 310,107 | $ | 335,138 | ||||
| COST OF REVENUES | 252,657 | 246,956 | 256,610 | |||||||
| GROSS PROFIT | 53,407 | 63,151 | 78,528 | |||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||
| Research and development | 18,812 | 19,168 | 18,173 | |||||||
| Marketing, general and administrative | 16,838 | 16,641 | 16,115 | |||||||
| 35,650 | 35,809 | 34,288 | ||||||||
| OPERATING PROFIT | 17,757 | 27,342 | 44,240 | |||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 947 | 725 | (5,453 | ) | ||||||
| PROFIT BEFORE INCOME TAX | 18,704 | 28,067 | 38,787 | |||||||
| INCOME TAX BENEFIT (EXPENSE), NET | 1,018 | (1,667 | ) | (2,778 | ) | |||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 19,722 | 26,400 | 36,009 | |||||||
| NON CONTROLLING INTEREST | 1,214 | (184 | ) | 1,733 | ||||||
| NET PROFIT | $ | 20,936 | $ | 26,216 | $ | 37,742 | ||||
| BASIC EARNINGS PER SHARE | $ | 0.20 | $ | 0.25 | $ | 0.38 | ||||
| Weighted average number of shares | 106,321 | 105,331 | 98,888 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.20 | $ | 0.25 | $ | 0.37 | ||||
| Net profit used for diluted earnings per share | $ | 20,936 | $ | 26,216 | $ | 37,742 | ||||
| Weighted average number of shares | 107,178 | 106,972 | 101,066 | |||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||
| GAAP NET PROFIT: | $ | 20,936 | $ | 26,216 | $ | 37,742 | ||||
| Stock based compensation | 3,884 | 3,823 | 2,678 | |||||||
| Amortization of acquired intangible assets | 494 | 1,641 | 1,652 | |||||||
| ADJUSTED NET PROFIT | $ | 25,314 | $ | 31,680 | $ | 42,072 | ||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||
| Basic | $ | 0.24 | $ | 0.30 | $ | 0.43 | ||||
| Diluted | $ | 0.24 | $ | 0.30 | $ | 0.42 | ||||
TowerJazz Announces Second Quarter 2019 Results with Strong Organic Growth and Guides Third Quarter Revenue Increase with Continued Organic Growth
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