Tower Semiconductor Reports Third Quarter 2020 Results and

Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase

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,
				2020			2020			2019

REVENUES			$	310,212		$	310,090		$	312,122

COST OF REVENUES				256,751			252,385			253,841

		GROSS PROFIT		53,461			57,705			58,281

OPERATING COSTS AND EXPENSES:

	Research and development			19,569			19,424			18,722
	Marketing, general and administrative			14,803			16,154			16,840

				34,372			35,578			35,562


		OPERATING PROFIT		19,089			22,127			22,719

FINANCING AND OTHER INCOME (EXPENSE), NET				(565	)		1,831			(426	)

		PROFIT BEFORE INCOME TAX		18,524			23,958			22,293

INCOME TAX BENEFIT (EXPENSE), NET				(2,798	)		(2,484	)		61

		NET PROFIT		15,726			21,474			22,354

Net income attributable to non-controlling interest				(528	)		(2,422	)		(166	)

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	15,198		$	19,052		$	22,188


BASIC EARNINGS PER SHARE			$	0.14		$	0.18		$	0.21

Weighted average number of shares				107,475			106,956			106,644


DILUTED EARNINGS PER SHARE			$	0.14		$	0.18		$	0.21

Weighted average number of shares				108,500			108,277			107,601


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	15,198		$	19,052		$	22,188
		Stock based compensation		3,460			3,795			3,775
		Amortization of acquired intangible assets		490			493			492
	ADJUSTED NET PROFIT		$	19,148		$	23,340		$	26,455

ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE			$	0.18		$	0.22		$	0.25

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