| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
| (dollars and share count in thousands, except per share data) | |||||||
| Six months ended | |||||||
| June 30, | |||||||
| 2021 | 2020 | ||||||
| REVENUES | $ | 709,352 | $ | 610,261 | |||
| COST OF REVENUES | 565,783 | 500,013 | |||||
| GROSS PROFIT | 143,569 | 110,248 | |||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Research and development | 41,424 | 38,838 | |||||
| Marketing, general and administrative | 35,662 | 32,845 | |||||
| 77,086 | 71,683 | ||||||
| OPERATING PROFIT | 66,483 | 38,565 | |||||
| FINANCING AND OTHER EXPENSE, NET | (8,326) | (282) | |||||
| PROFIT BEFORE INCOME TAX | 58,157 | 38,283 | |||||
| INCOME TAX BENEFIT (EXPENSE), NET | 3,674 | (778) | |||||
| NET PROFIT | 61,831 | 37,505 | |||||
| Net income attributable to non-controlling interest | (2,643) | (1,433) | |||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 59,188 | $ | 36,072 | |||
| BASIC EARNINGS PER SHARE | $ | 0.55 | $ | 0.34 | |||
| Weighted average number of shares | 107,992 | 106,885 | |||||
| DILUTED EARNINGS PER SHARE | $ | 0.54 | $ | 0.33 | |||
| Weighted average number of shares | 109,545 | 108,213 | |||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||
| GAAP NET PROFIT | $ | 59,188 | $ | 36,072 | |||
| Stock based compensation | 10,877 | 8,338 | |||||
| Amortization of acquired intangible assets | 983 | 803 | |||||
| ADJUSTED NET PROFIT | $ | 71,048 | $ | 45,213 | |||
| ADJUSTED EARNINGS PER SHARE: | |||||||
| Basic | $ | 0.66 | $ | 0.42 | |||
| Diluted | $ | 0.65 | $ | 0.42 | |||
Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong Revenue Growth
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