TowerJazz Announces Second Quarter 2019 Results with Strong

TowerJazz Announces Second Quarter 2019 Results with Strong Organic Growth and Guides Third Quarter Revenue Increase with Continued Organic Growth

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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)


		Three months ended
		June 30,		March 31,			June 30,
		2019		2019			2018

REVENUES	$	306,064	$	310,107		$	335,138

COST OF REVENUES		252,657		246,956			256,610

GROSS PROFIT		53,407		63,151			78,528

OPERATING COSTS AND EXPENSES:

Research and development		18,812		19,168			18,173
Marketing, general and administrative		16,838		16,641			16,115

		35,650		35,809			34,288


OPERATING PROFIT		17,757		27,342			44,240

FINANCING AND OTHER INCOME (EXPENSE), NET		947		725			(5,453	)

PROFIT BEFORE INCOME TAX		18,704		28,067			38,787

INCOME TAX BENEFIT (EXPENSE), NET		1,018		(1,667	)		(2,778	)

PROFIT BEFORE NON CONTROLLING INTEREST		19,722		26,400			36,009

NON CONTROLLING INTEREST		1,214		(184	)		1,733

NET PROFIT	$	20,936	$	26,216		$	37,742


BASIC EARNINGS PER SHARE	$	0.20	$	0.25		$	0.38

Weighted average number of shares		106,321		105,331			98,888


DILUTED EARNINGS PER SHARE	$	0.20	$	0.25		$	0.37

Net profit used for diluted earnings per share	$	20,936	$	26,216		$	37,742

Weighted average number of shares		107,178		106,972			101,066


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT:	$	20,936	$	26,216		$	37,742

Stock based compensation		3,884		3,823			2,678
Amortization of acquired intangible assets		494		1,641			1,652
ADJUSTED NET PROFIT	$	25,314	$	31,680		$	42,072

ADJUSTED EARNINGS PER SHARE:

Basic	$	0.24	$	0.30		$	0.43
Diluted	$	0.24	$	0.30		$	0.42

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