Tower Semiconductor Reports Double Digit Revenue Growth for the

Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 2020

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)


				Three months ended
				December 31,		September 30,		December 31,
				2020		2020		2019

REVENUES			$	345,211	$	310,212	$	305,710

COST OF REVENUES				275,602		256,751		250,878

		GROSS PROFIT		69,609		53,461		54,832

OPERATING COSTS AND EXPENSES:

	Research and development			19,913		19,569		18,877
	Marketing, general and administrative			16,317		14,803		17,057

				36,230		34,372		35,934

		OPERATING PROFIT		33,379		19,089		18,898

FINANCING AND OTHER INCOME (EXPENSE), NET				(1,498)		(565)		3,058

		PROFIT BEFORE INCOME TAX		31,881		18,524		21,956

INCOME TAX EXPENSE, NET				(1,823)		(2,798)		(2,360)

		NET PROFIT		30,058		15,726		19,596

Net loss (income) attributable to non-controlling interest				974		(528)		1,111

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	31,032	$	15,198	$	20,707


BASIC EARNINGS PER SHARE			$	0.29	$	0.14	$	0.19

Weighted average number of shares				107,762		107,475		106,710


DILUTED EARNINGS PER SHARE			$	0.28	$	0.14	$	0.19

Weighted average number of shares				108,985		108,500		107,995


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	31,032	$	15,198	$	20,707
		Stock based compensation		5,190		3,460		3,066
		Amortization of acquired intangible assets		365		490		453
	ADJUSTED NET PROFIT		$	36,587	$	19,148	$	24,226

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.34	$	0.18	$	0.23

	Diluted		$	0.34	$	0.18	$	0.22

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