| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
| (dollars and share count in thousands, except per share data) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2020 | 2019 | |||||||
| REVENUES | $ | 920,473 | $ | 928,293 | ||||
| COST OF REVENUES | 756,764 | 753,454 | ||||||
| GROSS PROFIT | 163,709 | 174,839 | ||||||
| OPERATING COSTS AND EXPENSES: | ||||||||
| Research and development | 58,407 | 56,702 | ||||||
| Marketing, general and administrative | 47,648 | 50,319 | ||||||
| 106,055 | 107,021 | |||||||
| OPERATING PROFIT | 57,654 | 67,818 | ||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (847 | ) | 1,247 | |||||
| PROFIT BEFORE INCOME TAX | 56,807 | 69,065 | ||||||
| INCOME TAX EXPENSE, NET | (3,576 | ) | (588 | ) | ||||
| NET PROFIT | 53,231 | 68,477 | ||||||
| Net loss (income) attributable to non-controlling interest | (1,961 | ) | 864 | |||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 51,270 | $ | 69,341 | ||||
| BASIC EARNINGS PER SHARE | $ | 0.48 | $ | 0.65 | ||||
| Weighted average number of shares | 107,083 | 106,103 | ||||||
| DILUTED EARNINGS PER SHARE | $ | 0.47 | $ | 0.65 | ||||
| Weighted average number of shares | 108,311 | 107,252 | ||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||
| GAAP NET PROFIT | $ | 51,270 | $ | 69,341 | ||||
| Stock based compensation | 11,798 | 11,482 | ||||||
| Amortization of acquired intangible assets | 1,293 | 2,627 | ||||||
| ADJUSTED NET PROFIT | $ | 64,361 | $ | 83,450 | ||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||
| Basic | $ | 0.60 | $ | 0.79 | ||||
| Diluted | $ | 0.59 | $ | 0.78 | ||||
Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase
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