Tower Semiconductor Reports Second Quarter 2021 Record Revenues;

Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong Revenue Growth

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)


				Three months ended
				June 30,		March 31,		June 30,
				2021		2021		2020

REVENUES			$	362,138	$	347,214	$	310,090

COST OF REVENUES				288,383		277,400		252,385

		GROSS PROFIT		73,755		69,814		57,705

OPERATING COSTS AND EXPENSES:

	Research and development			21,081		20,343		19,424
	Marketing, general and administrative			18,671		16,991		16,154

				39,752		37,334		35,578


		OPERATING PROFIT		34,003		32,480		22,127

FINANCING AND OTHER INCOME (EXPENSE), NET				(484)		(7,842)		1,831

		PROFIT BEFORE INCOME TAX		33,519		24,638		23,958

INCOME TAX BENEFIT (EXPENSE), NET				(2,202)		5,876		(2,484)

		NET PROFIT		31,317		30,514		21,474

Net income attributable to non-controlling interest				(451)		(2,192)		(2,422)

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	30,866	$	28,322	$	19,052


BASIC EARNINGS PER SHARE			$	0.29	$	0.26	$	0.18

Weighted average number of shares				108,043		107,940		106,956


DILUTED EARNINGS PER SHARE			$	0.28	$	0.26	$	0.18

Weighted average number of shares				109,629		109,462		108,277


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	30,866	$	28,322	$	19,052
		Stock based compensation		5,971		4,906		3,795
		Amortization of acquired intangible assets		492		491		493
	ADJUSTED NET PROFIT		$	37,329	$	33,719	$	23,340

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.35	$	0.31	$	0.22

	Diluted		$	0.34	$	0.31	$	0.22

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