TowerJazz Announces Second Quarter 2019 Results with Strong Organic Growth and Guides Third Quarter Revenue Increase with Continued Organic 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, | | | |
2019 | | |
2019 | | |
2018 | | | | | | | | | | | |
REVENUES |
$ |
306,064 | |
$ |
310,107 | | |
$ |
335,138 | | | | | | | | | | | | |
COST OF REVENUES | |
252,657 | | |
246,956 | | | |
256,610 | | | | |
| | |
| | |
| |
GROSS PROFIT | |
53,407 | | |
63,151 | | | |
78,528 | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | |
Research and development | |
18,812 | | |
19,168 | | | |
18,173 | | |
Marketing, general and administrative | |
16,838 | | |
16,641 | | | |
16,115 | | | | |
| | |
| | |
| | | |
35,650 | | |
35,809 | | | |
34,288 | | | | |
| | |
| | |
| | | | | | | | | | | |
OPERATING PROFIT | |
17,757 | | |
27,342 | | | |
44,240 | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
947 | | |
725 | | | |
(5,453 |
) | | | |
| | |
| | |
| |
PROFIT BEFORE INCOME TAX | |
18,704 | | |
28,067 | | | |
38,787 | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
1,018 | | |
(1,667 |
) | | |
(2,778 |
) | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
19,722 | | |
26,400 | | | |
36,009 | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
1,214 | | |
(184 |
) | | |
1,733 | | | | |
| | |
| | |
| |
NET PROFIT |
$ |
20,936 | |
$ |
26,216 | | |
$ |
37,742 | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.20 | |
$ |
0.25 | | |
$ |
0.38 | | | | | | | | | | | | |
Weighted average number of shares | |
106,321 | | |
105,331 | | | |
98,888 | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.20 | |
$ |
0.25 | | |
$ |
0.37 | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
20,936 | |
$ |
26,216 | | |
$ |
37,742 | | | | | | | | | | | | |
Weighted average number of shares | |
107,178 | | |
106,972 | | | |
101,066 | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT: |
$ |
20,936 | |
$ |
26,216 | | |
$ |
37,742 | | | | | | | | | | | | |
Stock based compensation
| |
3,884 | | |
3,823 | | | |
2,678 | | |
Amortization of acquired intangible assets
| |
494 | | |
1,641 | | | |
1,652 | | |
ADJUSTED NET PROFIT |
$ |
25,314 | |
$ |
31,680 | | |
$ |
42,072 | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | |
Basic |
$ |
0.24 | |
$ |
0.30 | | |
$ |
0.43 | | |
Diluted |
$ |
0.24 | |
$ |
0.30 | | |
$ |
0.42 | | | | | | | | | | | |
|
