| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||
| Three months ended | |||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||
| 2020 | 2020 | 2019 | |||||||||||||
| REVENUES | $ | 310,090 | $ | 300,171 | $ | 306,064 | |||||||||
| COST OF REVENUES | 252,385 | 247,628 | 252,657 | ||||||||||||
| GROSS PROFIT | 57,705 | 52,543 | 53,407 | ||||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||||
| Research and development | 19,424 | 19,414 | 18,812 | ||||||||||||
| Marketing, general and administrative | 16,154 | 16,691 | 16,838 | ||||||||||||
| 35,578 | 36,105 | 35,650 | |||||||||||||
| OPERATING PROFIT | 22,127 | 16,438 | 17,757 | ||||||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 1,831 | (2,113 | ) | 947 | |||||||||||
| PROFIT BEFORE INCOME TAX | 23,958 | 14,325 | 18,704 | ||||||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (2,484 | ) | 1,706 | 1,018 | |||||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 21,474 | 16,031 | 19,722 | ||||||||||||
| NON CONTROLLING INTEREST | (2,422 | ) | 989 | 1,214 | |||||||||||
| NET PROFIT | $ | 19,052 | $ | 17,020 | $ | 20,936 | |||||||||
| BASIC EARNINGS PER SHARE | $ | 0.18 | $ | 0.16 | $ | 0.20 | |||||||||
| Weighted average number of shares | 106,956 | 106,814 | 106,321 | ||||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.18 | $ | 0.16 | $ | 0.20 | |||||||||
| Weighted average number of shares | 108,277 | 108,149 | 107,178 | ||||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||||||
| GAAP NET PROFIT | $ | 19,052 | $ | 17,020 | $ | 20,936 | |||||||||
| Stock based compensation | 3,795 | 4,543 | 3,884 | ||||||||||||
| Amortization of acquired intangible assets | 493 | 310 | 494 | ||||||||||||
| ADJUSTED NET PROFIT | $ | 23,340 | $ | 21,873 | $ | 25,314 | |||||||||
| ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE | $ | 0.22 | $ | 0.20 | $ | 0.24 | |||||||||
Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins Growth
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