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)
        
        
      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
               

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