TowerJazz Announces Third Quarter 2019 Results


 
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  
                         

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