| 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 | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2019 | 2019 | 2018 | |||||||||
|
REVENUES
| $ | 305,710 | $ | 312,122 | $ | 333,590 | |||||
|
COST OF REVENUES
| 250,878 | 253,841 | 257,957 | ||||||||
| GROSS PROFIT | 54,832 | 58,281 | 75,633 | ||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||
| Research and development | 18,877 | 18,722 | 18,378 | ||||||||
| Marketing, general and administrative | 17,057 | 16,840 | 17,016 | ||||||||
| 35,934 | 35,562 | 35,394 | |||||||||
| OPERATING PROFIT | 18,898 | 22,719 | 40,239 | ||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 3,058 | (426 ) | (3,907 ) | ||||||||
| PROFIT BEFORE INCOME TAX | 21,956 | 22,293 | 36,332 | ||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (2,360 ) | 61 | 183 | ||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 19,596 | 22,354 | 36,515 | ||||||||
| NON CONTROLLING INTEREST | 1,111 | (166 ) | 1,558 | ||||||||
|
NET PROFIT
| $ | 20,707 | $ | 22,188 | $ | 38,073 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.19 | $ | 0.21 | $ | 0.37 | |||||
| Weighted average number of shares | 106,710 | 106,644 | 103,997 | ||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.19 | $ | 0.21 | $ | 0.36 | |||||
| Weighted average number of shares | 107,995 | 107,601 | 105,776 | ||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||
|
GAAP NET PROFIT
| $ | 20,707 | $ | 22,188 | $ | 38,073 | |||||
| Stock based compensation | 3,066 | 3,775 | 3,906 | ||||||||
| Amortization of acquired intangible assets | 453 | 492 | 1,614 | ||||||||
| ADJUSTED NET PROFIT | $ | 24,226 | $ | 26,455 | $ | 43,593 | |||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||
|
Basic
| $ | 0.23 | $ | 0.25 | $ | 0.42 | |||||
|
Diluted
| $ | 0.22 | $ | 0.25 | $ | 0.41 | |||||
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