| 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 | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
| 2020 | 2019 | 2019 | |||||||||||||
| REVENUES | $ | 300,171 | $ | 305,710 | $ | 310,107 | |||||||||
| COST OF REVENUES | 247,628 | 250,878 | 246,956 | ||||||||||||
| GROSS PROFIT | 52,543 | 54,832 | 63,151 | ||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||
| Research and development | 19,414 | 18,877 | 19,168 | ||||||||||||
| Marketing, general and administrative | 16,691 | 17,057 | 16,641 | ||||||||||||
| 36,105 | 35,934 | 35,809 | |||||||||||||
| OPERATING PROFIT | 16,438 | 18,898 | 27,342 | ||||||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (2,113 | ) | 3,058 | 725 | |||||||||||
| PROFIT BEFORE INCOME TAX | 14,325 | 21,956 | 28,067 | ||||||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | 1,706 | (2,360 | ) | (1,667 | ) | ||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 16,031 | 19,596 | 26,400 | ||||||||||||
| NON CONTROLLING INTEREST | 989 | 1,111 | (184 | ) | |||||||||||
| NET PROFIT | $ | 17,020 | $ | 20,707 | $ | 26,216 | |||||||||
| BASIC EARNINGS PER SHARE | $ | 0.16 | $ | 0.19 | $ | 0.25 | |||||||||
| Weighted average number of shares | 106,814 | 106,710 | 105,331 | ||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.16 | $ | 0.19 | $ | 0.25 | |||||||||
| Weighted average number of shares | 108,149 | 107,995 | 106,972 | ||||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||||||
| GAAP NET PROFIT | $ | 17,020 | $ | 20,707 | $ | 26,216 | |||||||||
| Stock based compensation | 4,543 | 3,066 | 3,823 | ||||||||||||
| Amortization of acquired intangible assets | 310 | 453 | 1,641 | ||||||||||||
| ADJUSTED NET PROFIT | $ | 21,873 | $ | 24,226 | $ | 31,680 | |||||||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||||||
| Basic | $ | 0.20 | $ | 0.23 | $ | 0.30 | |||||||||
| Diluted | $ | 0.20 | $ | 0.22 | $ | 0.30 | |||||||||
Tower Semiconductor Reports First Quarter 2020 with Year over Year Organic Revenue Growth
 |  | More IC News
|
|
RELATED NEWS
