Tower Semiconductor Reports First Quarter 2021 Double Digit Year over Year Revenue Growth


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  
                       

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise