| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
| (dollars and share count in thousands, except per share data) | |||||||
| Year ended | |||||||
| December 31, | |||||||
| 2020 | 2019 | ||||||
| REVENUES | $ | 1,265,684 | $ | 1,234,003 | |||
| COST OF REVENUES | 1,032,366 | 1,004,332 | |||||
| GROSS PROFIT | 233,318 | 229,671 | |||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Research and development | 78,320 | 75,579 | |||||
| Marketing, general and administrative | 63,965 | 67,376 | |||||
| 142,285 | 142,955 | ||||||
| OPERATING PROFIT | 91,033 | 86,716 | |||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (2,345) | 4,305 | |||||
| PROFIT BEFORE INCOME TAX | 88,688 | 91,021 | |||||
| INCOME TAX EXPENSE, NET | (5,399) | (2,948) | |||||
| NET PROFIT | 83,289 | 88,073 | |||||
| Net loss (income) attributable to non-controlling interest | (987) | 1,975 | |||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 82,302 | $ | 90,048 | |||
| BASIC EARNINGS PER SHARE | $ | 0.77 | $ | 0.85 | |||
| Weighted average number of shares | 107,254 | 106,256 | |||||
| DILUTED EARNINGS PER SHARE | $ | 0.76 | $ | 0.84 | |||
| Weighted average number of shares | 108,480 | 107,438 | |||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||
| GAAP NET PROFIT | $ | 82,302 | $ | 90,048 | |||
| Stock based compensation | 16,988 | 14,548 | |||||
| Amortization of acquired intangible assets | 1,658 | 3,080 | |||||
| ADJUSTED NET PROFIT | $ | 100,948 | $ | 107,676 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||||
| Basic | $ | 0.94 | $ | 1.01 | |||
| Diluted | $ | 0.93 | $ | 1.00 | |||
Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 2020
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