| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||||||
| Three months ended | ||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||
| 2019 | 2019 | 2018 | ||||||||||||
| REVENUES | $ | 312,122 | $ | 306,064 | $ | 322,596 | ||||||||
| COST OF REVENUES | 253,841 | 252,657 | 249,975 | |||||||||||
| GROSS PROFIT | 58,281 | 53,407 | 72,621 | |||||||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||||||
| Research and development | 18,722 | 18,812 | 18,236 | |||||||||||
| Marketing, general and administrative | 16,840 | 16,838 | 15,826 | |||||||||||
| 35,562 | 35,650 | 34,062 | ||||||||||||
| OPERATING PROFIT | 22,719 | 17,757 | 38,559 | |||||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (426 | ) | 947 | (2,497 | ) | |||||||||
| PROFIT BEFORE INCOME TAX | 22,293 | 18,704 | 36,062 | |||||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | 61 | 1,018 | (2,388 | ) | ||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 22,354 | 19,722 | 33,674 | |||||||||||
| NON CONTROLLING INTEREST | (166 | ) | 1,214 | (28 | ) | |||||||||
| NET PROFIT | $ | 22,188 | $ | 20,936 | $ | 33,646 | ||||||||
| BASIC EARNINGS PER SHARE | $ | 0.21 | $ | 0.20 | $ | 0.34 | ||||||||
| Weighted average number of shares | 106,644 | 106,321 | 100,158 | |||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.21 | $ | 0.20 | $ | 0.33 | ||||||||
| Net profit used for diluted earnings per share | $ | 22,188 | $ | 20,936 | $ | 33,646 | ||||||||
| Weighted average number of shares | 107,601 | 107,178 | 102,083 | |||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||||||
| GAAP NET PROFIT | $ | 22,188 | $ | 20,936 | $ | 33,646 | ||||||||
| Stock based compensation | 3,775 | 3,884 | 2,710 | |||||||||||
| Amortization of acquired intangible assets | 492 | 494 | 1,627 | |||||||||||
| ADJUSTED NET PROFIT | $ | 26,455 | $ | 25,314 | $ | 37,983 | ||||||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||||||
| Basic | $ | 0.25 | $ | 0.24 | $ | 0.38 | ||||||||
| Diluted | $ | 0.25 | $ | 0.24 | $ | 0.37 | ||||||||
TowerJazz Announces Third Quarter 2019 Results
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