Tower Semiconductor Reports Record Revenues and Strong Margins

Tower Semiconductor Reports Record Revenues and Strong Margins Growth

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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,

2021

2020

REVENUES

386,706

362,138

310,212

COST OF REVENUES

301,330

288,383

256,751

GROSS PROFIT

85,376

73,755

53,461

OPERATING COSTS AND EXPENSES:

Research and development

21,591

21,081

19,569

Marketing, general and administrative

19,620

18,671

14,803

41,211

39,752

34,372

OPERATING PROFIT

44,165

34,003

19,089

FINANCING AND OTHER EXPENSE, NET

(2,714)

(484)

(565)

PROFIT BEFORE INCOME TAX

41,451

33,519

18,524

INCOME TAX EXPENSE, NET

(1,084)

(2,202)

(2,798)

NET PROFIT

40,367

31,317

15,726

Net income attributable to non-controlling interest

(1,282)

(451)

(528)

NET PROFIT ATTRIBUTABLE TO THE COMPANY

39,085

30,866

15,198

BASIC EARNINGS PER SHARE

0.36

0.29

0.14

Weighted average number of shares

108,354

108,043

107,475

DILUTED EARNINGS PER SHARE

0.36

0.28

0.14

Weighted average number of shares

109,825

109,629

108,500

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT

39,085

30,866

15,198

Stock based compensation

5,451

5,971

3,460

Amortization of acquired intangible assets

505

492

490

ADJUSTED NET PROFIT

45,041

37,329

19,148

ADJUSTED EARNINGS PER SHARE:

Basic

0.42

0.35

0.18

Diluted

0.41

0.34

0.18

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