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

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,
		2019			2018

REVENUES	$	616,171		$	647,848

COST OF REVENUES		499,613			503,155

GROSS PROFIT		116,558			144,693

OPERATING COSTS AND EXPENSES:

Research and development		37,980			36,439
Marketing, general and administrative		33,479			32,109

		71,459			68,548


OPERATING PROFIT		45,099			76,145

FINANCING AND OTHER INCOME (EXPENSE), NET		1,672			(9,222	)

PROFIT BEFORE INCOME TAX		46,771			66,923

INCOME TAX EXPENSE, NET		(649	)		(3,733	)

PROFIT BEFORE NON CONTROLLING INTEREST		46,122			63,190

NON CONTROLLING INTEREST		1,030			670

NET PROFIT	$	47,152		$	63,860


BASIC EARNINGS PER SHARE	$	0.45		$	0.65

Weighted average number of shares		105,829			98,693


DILUTED EARNINGS PER SHARE	$	0.44		$	0.63

Net profit used for diluted earnings per share	$	47,152		$	63,860

Weighted average number of shares		107,078			101,090


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT:	$	47,152		$	63,860

Stock based compensation		7,707			6,045
Amortization of acquired intangible assets		2,135			3,313
ADJUSTED NET PROFIT	$	56,994		$	73,218

ADJUSTED EARNINGS PER SHARE:

Basic	$	0.54		$	0.74
Diluted	$	0.53		$	0.72

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