Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 2020


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
                   

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