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)
       
       
     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  
             

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