Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase
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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 | | | | | |
September 30,
| |
June 30, | |
September 30, | | | | | |
2020 | |
2020 | |
2019 | | | | | | | | | | | |
REVENUES |
$ |
310,212 | |
$ |
310,090 | |
$ |
312,122 | | | | | | | | | | | | |
COST OF REVENUES | |
256,751 | | |
252,385 | | |
253,841 | | | | | | | | | | | | | | |
GROSS PROFIT | |
53,461 | | |
57,705 | | |
58,281 | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | |
Research and development | |
19,569 | | |
19,424 | | |
18,722 | | | |
Marketing, general and administrative | |
14,803 | | |
16,154 | | |
16,840 | | | | | | | | | | | | | | | | |
34,372 | | |
35,578 | | |
35,562 | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
19,089 | | |
22,127 | | |
22,719 | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(565 |
) | |
1,831 | | |
(426 |
) | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
18,524 | | |
23,958 | | |
22,293 | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(2,798 |
) | |
(2,484 |
) | |
61 | | | | | | | | | | | | | | |
NET PROFIT | |
15,726 | | |
21,474 | | |
22,354 | | | | | | | | | | | | |
Net income attributable to non-controlling interest | |
(528 |
) | |
(2,422 |
) | |
(166 |
) | | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
15,198 | |
$ |
19,052 | |
$ |
22,188 | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.14 | |
$ |
0.18 | |
$ |
0.21 | | | | | | | | | | | | |
Weighted average number of shares | |
107,475 | | |
106,956 | | |
106,644 | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.14 | |
$ |
0.18 | |
$ |
0.21 | | | | | | | | | | | | |
Weighted average number of shares | |
108,500 | | |
108,277 | | |
107,601 | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | |
GAAP NET PROFIT |
$ |
15,198 | |
$ |
19,052 | |
$ |
22,188 | | | | |
Stock based compensation | |
3,460 | | |
3,795 | | |
3,775 | | | | |
Amortization of acquired intangible assets | |
490 | | |
493 | | |
492 | | | |
ADJUSTED NET PROFIT |
$ |
19,148 | |
$ |
23,340 | |
$ |
26,455 | | | | | | | | | | | | |
ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE |
$ |
0.18 | |
$ |
0.22 | |
$ |
0.25 | | | | | | | | | | | |
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