TowerJazz Reports Full Year 2018 Results: Revenue of $1.3 Billion, Cash from Operations of $313 Million, Resulting in Net Profit of $136 million and EPS of $1.35
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
T h r e e m o n t h s e n d e d | | | | | | | | | | | |
December 31, | |
September 30, | |
December 31, | | | | | | | | | | | |
2018 | |
2018 | |
2017 | | | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
333,590 | |
$ |
322,596 | |
$ |
357,614 | | | | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
257,957 | | |
249,975 | | |
268,256 | | | | | | | | | | | | |
| |
| |
| | | | | |
GROSS PROFIT | | |
75,633 | | |
72,621 | | |
89,358 | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
18,378 | | |
18,236 | | |
18,370 | | | | | |
Marketing, general and administrative | |
17,016 | | |
15,826 | | |
16,502 | | | | | | | | | | | | |
| |
| |
| | | | | | | | | | | |
35,394 | | |
34,062 | | |
34,872 | | | | | | | | | | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
40,239 | | |
38,559 | | |
54,486 | | | | | | | | | | | | | | | | | | | | |
FINANCING AND OTHER EXPENSE, NET | |
(3,907 |
) | |
(2,497 |
) | |
(7,080 |
) | | | | | | | | | | | |
| |
| |
| | | | | |
PROFIT BEFORE INCOME TAX | |
36,332 | | |
36,062 | | |
47,406 | | | | | | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
183 | | |
(2,388 |
) | |
101,236 | |
(a) | | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
36,515 | | |
33,674 | | |
148,642 | |
(a) | | | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
1,558 | | |
(28 |
) | |
(1,431 |
) | | | | | | | | | | | |
| |
| |
| | | | | |
NET PROFIT | |
$ |
38,073 | |
$ |
33,646 | |
$ |
147,211 | |
(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.37 | |
$ |
0.34 | |
$ |
1.50 | |
(a) | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
103,997 | | |
100,158 | | |
98,312 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.36 | |
$ |
0.33 | |
$ |
1.40 | |
(a) | | | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
38,073 | |
$ |
33,646 | |
$ |
149,502 | |
(a) | | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
105,776 | | |
102,083 | | |
106,776 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) |
Three months ended December 31, 2017 included $82,370 Israeli deferred tax asset realization following valuation allowance release and $12,970 income tax benefit related to U.S. tax reform. | | |
|
