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) | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended | | | | | |
September 30, | | | | | |
2020 | | |
2019 | | | | | | | | | | |
REVENUES |
$ |
920,473 | |
$ |
928,293 | | | | | | | | | | |
COST OF REVENUES | |
756,764 | | |
753,454 | | | | | | | | | | | | |
GROSS PROFIT | |
163,709 | | |
174,839 | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | |
Research and development | |
58,407 | | |
56,702 | | | |
Marketing, general and administrative | |
47,648 | | |
50,319 | | | | | | | | | | | | | | |
106,055 | | |
107,021 | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
57,654 | | |
67,818 | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(847 |
) | |
1,247 | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
56,807 | | |
69,065 | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(3,576 |
) | |
(588 |
) | | | | | | | | | | | |
NET PROFIT | |
53,231 | | |
68,477 | | | | | | | | | | |
Net loss (income) attributable to non-controlling interest | |
(1,961 |
) | |
864 | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
51,270 | |
$ |
69,341 | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.48 | |
$ |
0.65 | | | | | | | | | | |
Weighted average number of shares | |
107,083 | | |
106,103 | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.47 | |
$ |
0.65 | | | | | | | | | | |
Weighted average number of shares | |
108,311 | | |
107,252 | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | |
GAAP NET PROFIT |
$ |
51,270 | |
$ |
69,341 | | | | |
Stock based compensation | |
11,798 | | |
11,482 | | | | |
Amortization of acquired intangible assets | |
1,293 | | |
2,627 | | | |
ADJUSTED NET PROFIT |
$ |
64,361 | |
$ |
83,450 | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | |
Basic |
$ |
0.60 | |
$ |
0.79 | | | | | | | | | | | |
Diluted |
$ |
0.59 | |
$ |
0.78 | | | | | | | | | |
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