TowerJazz Reports Results for the Second Quarter of 2018: Revenue of $335 million with Strong Increases in Net Profit and Profit Margins over Prior Quarter
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
S i x
m o n t h s
e n d e d | | | | | | | | | | | |
June 30, | | | | | | | | | | | |
2018 | | |
2017 | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
647,848 | |
$ |
675,139 | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
503,155 | | |
499,310 | | | | | | | | | | | | |
| |
| | | | | |
GROSS PROFIT | | |
144,693 | | |
175,829 | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
36,439 | | |
32,200 | | | | | |
Marketing, general and administrative | |
32,109 | | |
33,475 | | | | | | | | | | | | |
| |
| | | | | | | | | | | |
68,548 | | |
65,675 | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
76,145 | | |
110,154 | | | | | | | | | | | | | | | | | | |
FINANCING EXPENSE, NET | |
(10,822 |
) | |
(7,352 |
) | | | | | | | | | | | | | | | | | |
OTHER INCOME, NET | | |
1,600 | | |
653 | | | | | | | | | | | | |
| |
| | | | | |
PROFIT BEFORE INCOME TAX | |
66,923 | | |
103,455 | | | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(3,733 |
) | |
(4,682 |
) | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
63,190 | | |
98,773 | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
670 | | |
(3,247 |
) | | | | | | | | | | | |
| |
| | | | | |
NET PROFIT | |
$ |
63,860 | |
$ |
95,526 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.65 | |
$ |
1.00 | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
98,693 | | |
95,139 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.63 | |
$ |
0.95 | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
63,860 | |
$ |
99,883 | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
101,090 | | |
105,288 | | | | | | | | | | | | | | | | |
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