| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||
| Nine months ended | |||||||||||||
| September 30, | |||||||||||||
| 2019 | 2018 | ||||||||||||
| REVENUES | $ | 928,293 | $ | 970,444 | |||||||||
| COST OF REVENUES | 753,454 | 753,130 | |||||||||||
| GROSS PROFIT | 174,839 | 217,314 | |||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||
| Research and development | 56,702 | 54,675 | |||||||||||
| Marketing, general and administrative | 50,319 | 47,935 | |||||||||||
| 107,021 | 102,610 | ||||||||||||
| OPERATING PROFIT | 67,818 | 114,704 | |||||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 1,247 | (11,719 | ) | ||||||||||
| PROFIT BEFORE INCOME TAX | 69,065 | 102,985 | |||||||||||
| INCOME TAX EXPENSE, NET | (588 | ) | (6,121 | ) | |||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 68,477 | 96,864 | |||||||||||
| NON CONTROLLING INTEREST | 864 | 642 | |||||||||||
| NET PROFIT | $ | 69,341 | $ | 97,506 | |||||||||
| BASIC EARNINGS PER SHARE | $ | 0.65 | $ | 0.98 | |||||||||
| Weighted average number of shares | 106,103 | 99,186 | |||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.65 | $ | 0.96 | |||||||||
| Net profit used for diluted earnings per share | $ | 69,341 | $ | 97,506 | |||||||||
| Weighted average number of shares | 107,252 | 101,424 | |||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||||
| GAAP NET PROFIT | $ | 69,341 | $ | 97,506 | |||||||||
| Stock based compensation | 11,482 | 8,755 | |||||||||||
| Amortization of acquired intangible assets | 2,627 | 4,940 | |||||||||||
| ADJUSTED NET PROFIT | $ | 83,450 | $ | 111,201 | |||||||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||||
| Basic | $ | 0.79 | $ | 1.12 | |||||||||
| Diluted | $ | 0.78 | $ | 1.10 | |||||||||
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