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)


				Nine Months Ended
				September 30,
				2020			2019

REVENUES			$	920,473		$	928,293

COST OF REVENUES				756,764			753,454

		GROSS PROFIT		163,709			174,839

OPERATING COSTS AND EXPENSES:

	Research and development			58,407			56,702
	Marketing, general and administrative			47,648			50,319

				106,055			107,021


		OPERATING PROFIT		57,654			67,818

FINANCING AND OTHER INCOME (EXPENSE), NET				(847	)		1,247

		PROFIT BEFORE INCOME TAX		56,807			69,065

INCOME TAX EXPENSE, NET				(3,576	)		(588	)

		NET PROFIT		53,231			68,477

Net loss (income) attributable to non-controlling interest				(1,961	)		864

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	51,270		$	69,341


BASIC EARNINGS PER SHARE			$	0.48		$	0.65

Weighted average number of shares				107,083			106,103


DILUTED EARNINGS PER SHARE			$	0.47		$	0.65

Weighted average number of shares				108,311			107,252


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	51,270		$	69,341
		Stock based compensation		11,798			11,482
		Amortization of acquired intangible assets		1,293			2,627
	ADJUSTED NET PROFIT		$	64,361		$	83,450

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.60		$	0.79

	Diluted		$	0.59		$	0.78

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