TowerJazz Announces Third Quarter 2019 Results
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine months ended | | | | | | | | | | |
September 30, | | | | | | | | | | |
2019 | |
2018 | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
928,293 | |
$ |
970,444 | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
753,454 | | |
753,130 | | | | | | | | | | | | | | | | | | |
GROSS PROFIT | | |
174,839 | | |
217,314 | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | |
Research and development | |
56,702 | | |
54,675 | | | | |
Marketing, general and administrative | |
50,319 | | |
47,935 | | | | | | | | | | | | | | | | | | | | | | | | |
107,021 | | |
102,610 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
67,818 | | |
114,704 | | | | | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
1,247 | | |
(11,719 |
) | | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
69,065 | | |
102,985 | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(588 |
) | |
(6,121 |
) | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
68,477 | | |
96,864 | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
864 | | |
642 | | | | | | | | | | | | | | | | | | |
NET PROFIT | |
$ |
69,341 | |
$ |
97,506 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.65 | |
$ |
0.98 | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
106,103 | | |
99,186 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.65 | |
$ |
0.96 | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
69,341 | |
$ |
97,506 | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
107,252 | | |
101,424 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
69,341 | |
$ |
97,506 | | | | | |
Stock based compensation | |
11,482 | | |
8,755 | | | | | |
Amortization of acquired intangible assets | |
2,627 | | |
4,940 | | | | |
ADJUSTED NET PROFIT |
$ |
83,450 | |
$ |
111,201 | | | | | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | | |
Basic | | | |
$ |
0.79 | |
$ |
1.12 | | | | | | | | | | | | | | | | | |
Diluted | | |
$ |
0.78 | |
$ |
1.10 | | | | | | | | | | | | | | |
|
