| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||
| (dollars and share count in thousands, except per share data) | |||||||||
| Year ended | |||||||||
| December 31, | |||||||||
| 2019 | 2018 | ||||||||
|
REVENUES
| $ | 1,234,003 | $ | 1,304,034 | |||||
|
COST OF REVENUES
| 1,004,332 | 1,011,087 | |||||||
|
GROSS PROFIT
| 229,671 | 292,947 | |||||||
| OPERATING COSTS AND EXPENSES: | |||||||||
| Research and development | 75,579 | 73,053 | |||||||
| Marketing, general and administrative | 67,376 | 64,951 | |||||||
| 142,955 | 138,004 | ||||||||
| OPERATING PROFIT | 86,716 | 154,943 | |||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 4,305 | (15,626 | ) | ||||||
| PROFIT BEFORE INCOME TAX | 91,021 | 139,317 | |||||||
| INCOME TAX EXPENSE, NET | (2,948 | ) | (5,938 | ) | |||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 88,073 | 133,379 | |||||||
| NON CONTROLLING INTEREST | 1,975 | 2,200 | |||||||
|
NET PROFIT
| $ | 90,048 | $ | 135,579 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.85 | $ | 1.35 | |||||
| Weighted average number of shares | 106,256 | 100,399 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.84 | $ | 1.32 | |||||
| Weighted average number of shares | 107,438 | 102,517 | |||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||
|
GAAP NET PROFIT
| $ | 90,048 | $ | 135,579 | |||||
| Stock based compensation | 14,548 | 12,661 | |||||||
| Amortization of acquired intangible assets | 3,080 | 6,554 | |||||||
| ADJUSTED NET PROFIT | $ | 107,676 | $ | 154,794 | |||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||
|
Basic
| $ | 1.01 | $ | 1.54 | |||||
|
Diluted
| $ | 1.00 | $ | 1.51 | |||||
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