Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and 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 | | | | | | | | | | |
June 30, | |
March 31, | |
June 30, | | | | | | | | | | |
2020 | | |
2020 | | |
2019 | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
310,090 | |
$ |
300,171 | |
$ |
306,064 | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
252,385 | | |
247,628 | | |
252,657 | | | | | | | | | | | | | | | | | | | |
GROSS PROFIT | | |
57,705 | | |
52,543 | | |
53,407 | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
19,424 | | |
19,414 | | |
18,812 | | | |
Marketing, general and administrative | |
16,154 | | |
16,691 | | |
16,838 | | | | | | | | | | | | | | | | | | | | | | | | | |
35,578 | | |
36,105 | | |
35,650 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
22,127 | | |
16,438 | | |
17,757 | | | | | | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
1,831 | | |
(2,113 |
) | |
947 | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
23,958 | | |
14,325 | | |
18,704 | | | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(2,484 |
) | |
1,706 | | |
1,018 | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
21,474 | | |
16,031 | | |
19,722 | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(2,422 |
) | |
989 | | |
1,214 | | | | | | | | | | | | | | | | | | | |
NET PROFIT | |
$ |
19,052 | |
$ |
17,020 | |
$ |
20,936 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.18 | |
$ |
0.16 | |
$ |
0.20 | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
106,956 | | |
106,814 | | |
106,321 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.18 | |
$ |
0.16 | |
$ |
0.20 | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
108,277 | | |
108,149 | | |
107,178 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
19,052 | |
$ |
17,020 | |
$ |
20,936 | | | | |
Stock based compensation | |
3,795 | | |
4,543 | | |
3,884 | | | | |
Amortization of acquired intangible assets | |
493 | | |
310 | | |
494 | | | |
ADJUSTED NET PROFIT |
$ |
23,340 | |
$ |
21,873 | |
$ |
25,314 | | | | | | | | | | | | | | | | | |
ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE |
$ |
0.22 | |
$ |
0.20 | |
$ |
0.24 | | | | | | | | | | | | | | | | |
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