| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||
| Three months ended | ||||||||||
| June 30, | March 31, | June 30, | ||||||||
| 2021 | 2021 | 2020 | ||||||||
| REVENUES | $ | 362,138 | $ | 347,214 | $ | 310,090 | ||||
| COST OF REVENUES | 288,383 | 277,400 | 252,385 | |||||||
| GROSS PROFIT | 73,755 | 69,814 | 57,705 | |||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||
| Research and development | 21,081 | 20,343 | 19,424 | |||||||
| Marketing, general and administrative | 18,671 | 16,991 | 16,154 | |||||||
| 39,752 | 37,334 | 35,578 | ||||||||
| OPERATING PROFIT | 34,003 | 32,480 | 22,127 | |||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | (484) | (7,842) | 1,831 | |||||||
| PROFIT BEFORE INCOME TAX | 33,519 | 24,638 | 23,958 | |||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (2,202) | 5,876 | (2,484) | |||||||
| NET PROFIT | 31,317 | 30,514 | 21,474 | |||||||
| Net income attributable to non-controlling interest | (451) | (2,192) | (2,422) | |||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 30,866 | $ | 28,322 | $ | 19,052 | ||||
| BASIC EARNINGS PER SHARE | $ | 0.29 | $ | 0.26 | $ | 0.18 | ||||
| Weighted average number of shares | 108,043 | 107,940 | 106,956 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.28 | $ | 0.26 | $ | 0.18 | ||||
| Weighted average number of shares | 109,629 | 109,462 | 108,277 | |||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||
| GAAP NET PROFIT | $ | 30,866 | $ | 28,322 | $ | 19,052 | ||||
| Stock based compensation | 5,971 | 4,906 | 3,795 | |||||||
| Amortization of acquired intangible assets | 492 | 491 | 493 | |||||||
| ADJUSTED NET PROFIT | $ | 37,329 | $ | 33,719 | $ | 23,340 | ||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||
| Basic | $ | 0.35 | $ | 0.31 | $ | 0.22 | ||||
| Diluted | $ | 0.34 | $ | 0.31 | $ | 0.22 | ||||
Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong Revenue Growth
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