TowerJazz Announces First Quarter 2019 Results: Revenues of

TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)


		T h r e e m o n t h s e n d e d
		March 31,			December 31,			March 31,
		2019			2018			2018

REVENUES	$	310,107		$	333,590		$	312,710

COST OF REVENUES		246,956			257,957			246,545

GROSS PROFIT		63,151			75,633			66,165

OPERATING COSTS AND EXPENSES:

Research and development		19,168			18,378			18,266
Marketing, general and administrative		16,641			17,016			15,994

		35,809			35,394			34,260

OPERATING PROFIT		27,342			40,239			31,905

FINANCING AND OTHER INCOME (EXPENSE), NET		725			(3,907	)		(3,769	)

PROFIT BEFORE INCOME TAX		28,067			36,332			28,136

INCOME TAX BENEFIT (EXPENSE), NET		(1,667	)		183			(955	)

PROFIT BEFORE NON CONTROLLING INTEREST		26,400			36,515			27,181

NON CONTROLLING INTEREST		(184	)		1,558			(1,063	)

NET PROFIT	$	26,216		$	38,073		$	26,118


BASIC EARNINGS PER SHARE	$	0.25		$	0.37		$	0.27

Weighted average number of shares		105,331			103,997			98,495


DILUTED EARNINGS PER SHARE	$	0.25		$	0.36		$	0.26

Net profit used for diluted earnings per share	$	26,216		$	38,073		$	26,118

Weighted average number of shares		106,972			105,776			101,112