| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||||
|
Six months ended
| ||||||||||||
| June 30, | ||||||||||||
| 2020 | 2019 | |||||||||||
| REVENUES | $ | 610,261 | $ | 616,171 | ||||||||
| COST OF REVENUES | 500,013 | 499,613 | ||||||||||
| GROSS PROFIT | 110,248 | 116,558 | ||||||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||||
| Research and development | 38,838 | 37,980 | ||||||||||
| Marketing, general and administrative | 32,845 | 33,479 | ||||||||||
| 71,683 | 71,459 | |||||||||||
| OPERATING PROFIT | 38,565 | 45,099 | ||||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (282 | ) | 1,672 | |||||||||
| PROFIT BEFORE INCOME TAX | 38,283 | 46,771 | ||||||||||
| INCOME TAX EXPENSE, NET | (778 | ) | (649 | ) | ||||||||
| PROFIT BEFORE NON CONTROLLING INTEREST | 37,505 | 46,122 | ||||||||||
| NON CONTROLLING INTEREST | (1,433 | ) | 1,030 | |||||||||
| NET PROFIT | $ | 36,072 | $ | 47,152 | ||||||||
| BASIC EARNINGS PER SHARE | $ | 0.34 | $ | 0.45 | ||||||||
| Weighted average number of shares | 106,885 | 105,829 | ||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||||
| GAAP NET PROFIT | $ | 36,072 | $ | 47,152 | ||||||||
| Stock based compensation | 8,338 | 7,707 | ||||||||||
| Amortization of acquired intangible assets | 803 | 2,135 | ||||||||||
| ADJUSTED NET PROFIT | $ | 45,213 | $ | 56,994 | ||||||||
Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins Growth
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