| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||
| (dollars and share count in thousands, except per share data) | |||||||||
| Three months ended | |||||||||
| December 31, | September 30, | December 31, | |||||||
| 2020 | 2020 | 2019 | |||||||
| REVENUES | $ | 345,211 | $ | 310,212 | $ | 305,710 | |||
| COST OF REVENUES | 275,602 | 256,751 | 250,878 | ||||||
| GROSS PROFIT | 69,609 | 53,461 | 54,832 | ||||||
| OPERATING COSTS AND EXPENSES: | |||||||||
| Research and development | 19,913 | 19,569 | 18,877 | ||||||
| Marketing, general and administrative | 16,317 | 14,803 | 17,057 | ||||||
| 36,230 | 34,372 | 35,934 | |||||||
| OPERATING PROFIT | 33,379 | 19,089 | 18,898 | ||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (1,498) | (565) | 3,058 | ||||||
| PROFIT BEFORE INCOME TAX | 31,881 | 18,524 | 21,956 | ||||||
| INCOME TAX EXPENSE, NET | (1,823) | (2,798) | (2,360) | ||||||
| NET PROFIT | 30,058 | 15,726 | 19,596 | ||||||
| Net loss (income) attributable to non-controlling interest | 974 | (528) | 1,111 | ||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 31,032 | $ | 15,198 | $ | 20,707 | |||
| BASIC EARNINGS PER SHARE | $ | 0.29 | $ | 0.14 | $ | 0.19 | |||
| Weighted average number of shares | 107,762 | 107,475 | 106,710 | ||||||
| DILUTED EARNINGS PER SHARE | $ | 0.28 | $ | 0.14 | $ | 0.19 | |||
| Weighted average number of shares | 108,985 | 108,500 | 107,995 | ||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||
| GAAP NET PROFIT | $ | 31,032 | $ | 15,198 | $ | 20,707 | |||
| Stock based compensation | 5,190 | 3,460 | 3,066 | ||||||
| Amortization of acquired intangible assets | 365 | 490 | 453 | ||||||
| ADJUSTED NET PROFIT | $ | 36,587 | $ | 19,148 | $ | 24,226 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||||||
| Basic | $ | 0.34 | $ | 0.18 | $ | 0.23 | |||
| Diluted | $ | 0.34 | $ | 0.18 | $ | 0.22 | |||
Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 2020
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