| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||
|
Three months ended
| |||||||||||||
| September 30, | June 30, | September 30, | |||||||||||
| 2021 | 2021 | 2020 | |||||||||||
| REVENUES | $ | 386,706 | $ | 362,138 | $ | 310,212 | |||||||
| COST OF REVENUES | 301,330 | 288,383 | 256,751 | ||||||||||
| GROSS PROFIT | 85,376 | 73,755 | 53,461 | ||||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||||
| Research and development | 21,591 | 21,081 | 19,569 | ||||||||||
| Marketing, general and administrative | 19,620 | 18,671 | 14,803 | ||||||||||
| 41,211 | 39,752 | 34,372 | |||||||||||
| OPERATING PROFIT | 44,165 | 34,003 | 19,089 | ||||||||||
| FINANCING AND OTHER EXPENSE, NET | (2,714) | (484) | (565) | ||||||||||
| PROFIT BEFORE INCOME TAX | 41,451 | 33,519 | 18,524 | ||||||||||
| INCOME TAX EXPENSE, NET | (1,084) | (2,202) | (2,798) | ||||||||||
| NET PROFIT | 40,367 | 31,317 | 15,726 | ||||||||||
| Net income attributable to non-controlling interest | (1,282) | (451) | (528) | ||||||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 39,085 | $ | 30,866 | $ | 15,198 | |||||||
| BASIC EARNINGS PER SHARE | $ | 0.36 | $ | 0.29 | $ | 0.14 | |||||||
| Weighted average number of shares | 108,354 | 108,043 | 107,475 | ||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.36 | $ | 0.28 | $ | 0.14 | |||||||
| Weighted average number of shares | 109,825 | 109,629 | 108,500 | ||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||||
| GAAP NET PROFIT | $ | 39,085 | $ | 30,866 | $ | 15,198 | |||||||
| Stock based compensation | 5,451 | 5,971 | 3,460 | ||||||||||
| Amortization of acquired intangible assets | 505 | 492 | 490 | ||||||||||
| ADJUSTED NET PROFIT | $ | 45,041 | $ | 37,329 | $ | 19,148 | |||||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||||
| Basic | $ | 0.42 | $ | 0.35 | $ | 0.18 | |||||||
| Diluted | $ | 0.41 | $ | 0.34 | $ | 0.18 | |||||||
Tower Semiconductor Reports Record Revenues and Strong Margins Growth
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