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)


				Six months ended
				June 30,
				2021		2020

REVENUES			$	709,352	$	610,261

COST OF REVENUES				565,783		500,013

		GROSS PROFIT		143,569		110,248

OPERATING COSTS AND EXPENSES:

	Research and development			41,424		38,838
	Marketing, general and administrative			35,662		32,845

				77,086		71,683


		OPERATING PROFIT		66,483		38,565

FINANCING AND OTHER EXPENSE, NET				(8,326)		(282)

		PROFIT BEFORE INCOME TAX		58,157		38,283

INCOME TAX BENEFIT (EXPENSE), NET				3,674		(778)

		NET PROFIT		61,831		37,505

Net income attributable to non-controlling interest				(2,643)		(1,433)

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	59,188	$	36,072


BASIC EARNINGS PER SHARE			$	0.55	$	0.34

Weighted average number of shares				107,992		106,885


DILUTED EARNINGS PER SHARE			$	0.54	$	0.33

Weighted average number of shares				109,545		108,213


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	59,188	$	36,072
		Stock based compensation		10,877		8,338
		Amortization of acquired intangible assets		983		803
	ADJUSTED NET PROFIT		$	71,048	$	45,213

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.66	$	0.42

	Diluted		$	0.65	$	0.42

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 Next Page »