| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||
| Three Months Ended | |||||||||||
|
September 30,
| June 30, | September 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| REVENUES | $ | 310,212 | $ | 310,090 | $ | 312,122 | |||||
| COST OF REVENUES | 256,751 | 252,385 | 253,841 | ||||||||
| GROSS PROFIT | 53,461 | 57,705 | 58,281 | ||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||
| Research and development | 19,569 | 19,424 | 18,722 | ||||||||
| Marketing, general and administrative | 14,803 | 16,154 | 16,840 | ||||||||
| 34,372 | 35,578 | 35,562 | |||||||||
| OPERATING PROFIT | 19,089 | 22,127 | 22,719 | ||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (565 | ) | 1,831 | (426 | ) | ||||||
| PROFIT BEFORE INCOME TAX | 18,524 | 23,958 | 22,293 | ||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (2,798 | ) | (2,484 | ) | 61 | ||||||
| NET PROFIT | 15,726 | 21,474 | 22,354 | ||||||||
| Net income attributable to non-controlling interest | (528 | ) | (2,422 | ) | (166 | ) | |||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 15,198 | $ | 19,052 | $ | 22,188 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.14 | $ | 0.18 | $ | 0.21 | |||||
| Weighted average number of shares | 107,475 | 106,956 | 106,644 | ||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.14 | $ | 0.18 | $ | 0.21 | |||||
| Weighted average number of shares | 108,500 | 108,277 | 107,601 | ||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||
| GAAP NET PROFIT | $ | 15,198 | $ | 19,052 | $ | 22,188 | |||||
| Stock based compensation | 3,460 | 3,795 | 3,775 | ||||||||
| Amortization of acquired intangible assets | 490 | 493 | 492 | ||||||||
| ADJUSTED NET PROFIT | $ | 19,148 | $ | 23,340 | $ | 26,455 | |||||
| ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE | $ | 0.18 | $ | 0.22 | $ | 0.25 | |||||
Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase
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