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)

Nine months ended

September 30,

2021

2020

REVENUES

1,096,058

920,473

COST OF REVENUES

867,113

756,764

GROSS PROFIT

228,945

163,709

OPERATING COSTS AND EXPENSES:

Research and development

63,015

58,407

Marketing, general and administrative

55,282

47,648

118,297

106,055

OPERATING PROFIT

110,648

57,654

FINANCING AND OTHER EXPENSE, NET

(11,040)

(847)

PROFIT BEFORE INCOME TAX

99,608

56,807

INCOME TAX BENEFIT (EXPENSE), NET

2,590

(3,576)

NET PROFIT

102,198

53,231

Net income attributable to non-controlling interest

(3,925)

(1,961)

NET PROFIT ATTRIBUTABLE TO THE COMPANY

98,273

51,270

BASIC EARNINGS PER SHARE

0.91

0.48

Weighted average number of shares

108,114

107,083

DILUTED EARNINGS PER SHARE

0.90

0.47

Weighted average number of shares

109,640

108,311

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT

98,273

51,270

Stock based compensation

16,328

11,798

Amortization of acquired intangible assets

1,488

1,293

ADJUSTED NET PROFIT

116,089

64,361

ADJUSTED EARNINGS PER SHARE:

Basic

1.07

0.60

Diluted

1.06

0.59

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