TowerJazz Reports Full Year 2019 Results with 5% Organic

TowerJazz Reports Full Year 2019 Results with 5% Organic Revenue Growth; Expects Revenue Growth for 2020

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
				December 31,		September 30,		December 31,
				2019		2019		2018

REVENUES			$	305,710	$	312,122	$	333,590

COST OF REVENUES				250,878		253,841		257,957

		GROSS PROFIT		54,832		58,281		75,633

OPERATING COSTS AND EXPENSES:

	Research and development			18,877		18,722		18,378
	Marketing, general and administrative			17,057		16,840		17,016

				35,934		35,562		35,394

		OPERATING PROFIT		18,898		22,719		40,239

FINANCING AND OTHER INCOME (EXPENSE), NET				3,058		(426 )		(3,907 )

		PROFIT BEFORE INCOME TAX		21,956		22,293		36,332

INCOME TAX BENEFIT (EXPENSE), NET				(2,360 )		61		183

		PROFIT BEFORE NON CONTROLLING INTEREST		19,596		22,354		36,515

NON CONTROLLING INTEREST				1,111		(166 )		1,558

		NET PROFIT	$	20,707	$	22,188	$	38,073


BASIC EARNINGS PER SHARE			$	0.19	$	0.21	$	0.37

Weighted average number of shares				106,710		106,644		103,997


DILUTED EARNINGS PER SHARE			$	0.19	$	0.21	$	0.36

Weighted average number of shares				107,995		107,601		105,776


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	20,707	$	22,188	$	38,073
		Stock based compensation		3,066		3,775		3,906
		Amortization of acquired intangible assets		453		492		1,614
	ADJUSTED NET PROFIT		$	24,226	$	26,455	$	43,593

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.23	$	0.25	$	0.42

	Diluted		$	0.22	$	0.25	$	0.41

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