| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||
| Three months ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2021 | 2020 | 2020 | |||||||||
| REVENUES | $ | 347,214 | $ | 345,211 | $ | 300,171 | |||||
| COST OF REVENUES | 277,400 | 275,602 | 247,628 | ||||||||
| GROSS PROFIT | 69,814 | 69,609 | 52,543 | ||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||
| Research and development | 20,343 | 19,913 | 19,414 | ||||||||
| Marketing, general and administrative | 16,991 | 16,317 | 16,691 | ||||||||
| 37,334 | 36,230 | 36,105 | |||||||||
| OPERATING PROFIT | 32,480 | 33,379 | 16,438 | ||||||||
| FINANCING AND OTHER EXPENSE, NET | (7,842) | (1,498) | (2,113) | ||||||||
| PROFIT BEFORE INCOME TAX | 24,638 | 31,881 | 14,325 | ||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | 5,876 | (1,823) | 1,706 | ||||||||
| NET PROFIT | 30,514 | 30,058 | 16,031 | ||||||||
| Net loss (income) attributable to non-controlling interest | (2,192) | 974 | 989 | ||||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 28,322 | $ | 31,032 | $ | 17,020 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.26 | $ | 0.29 | $ | 0.16 | |||||
| Weighted average number of shares | 107,940 | 107,762 | 106,814 | ||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.26 | $ | 0.28 | $ | 0.16 | |||||
| Weighted average number of shares | 109,462 | 108,985 | 108,149 | ||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||
| GAAP NET PROFIT | $ | 28,322 | $ | 31,032 | $ | 17,020 | |||||
| Stock based compensation | 4,906 | 5,190 | 4,543 | ||||||||
| Amortization of acquired intangible assets | 491 | 365 | 310 | ||||||||
| ADJUSTED NET PROFIT | $ | 33,719 | $ | 36,587 | $ | 21,873 | |||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||
| Basic | $ | 0.31 | $ | 0.34 | $ | 0.20 | |||||
| Diluted | $ | 0.31 | $ | 0.34 | $ | 0.20 | |||||
Tower Semiconductor Reports First Quarter 2021 Double Digit Year over Year Revenue Growth
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