Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase


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  
                 

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