Tower Semiconductor Reports First Quarter 2021 Double Digit Year

Tower Semiconductor Reports First Quarter 2021 Double Digit Year over Year Revenue 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
				March 31,		December 31,		March 31,
				2021		2020		2020

REVENUES			$	347,214	$	345,211	$	300,171

COST OF REVENUES				277,400		275,602		247,628

		GROSS PROFIT		69,814		69,609		52,543

OPERATING COSTS AND EXPENSES:

	Research and development			20,343		19,913		19,414
	Marketing, general and administrative			16,991		16,317		16,691

				37,334		36,230		36,105


		OPERATING PROFIT		32,480		33,379		16,438

FINANCING AND OTHER EXPENSE, NET				(7,842)		(1,498)		(2,113)

		PROFIT BEFORE INCOME TAX		24,638		31,881		14,325

INCOME TAX BENEFIT (EXPENSE), NET				5,876		(1,823)		1,706

		NET PROFIT		30,514		30,058		16,031

Net loss (income) attributable to non-controlling interest				(2,192)		974		989

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	28,322	$	31,032	$	17,020


BASIC EARNINGS PER SHARE			$	0.26	$	0.29	$	0.16

Weighted average number of shares				107,940		107,762		106,814


DILUTED EARNINGS PER SHARE			$	0.26	$	0.28	$	0.16

Weighted average number of shares				109,462		108,985		108,149


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	28,322	$	31,032	$	17,020
		Stock based compensation		4,906		5,190		4,543
		Amortization of acquired intangible assets		491		365		310
	ADJUSTED NET PROFIT		$	33,719	$	36,587	$	21,873

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.31	$	0.34	$	0.20

	Diluted		$	0.31	$	0.34	$	0.20

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