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 | | | | | | | | |
|
