Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins 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 
         June 30,  March 31,  June 30, 
         2020   2020   2019 
              
REVENUES   $ 310,090  $ 300,171  $ 306,064 
              
COST OF REVENUES   252,385   247,628   252,657 
              
   GROSS PROFIT   57,705   52,543   53,407 
              
OPERATING COSTS AND EXPENSES:         
                           
  Research and development   19,424     19,414     18,812  
  Marketing, general and administrative   16,154     16,691     16,838  
                           
                35,578     36,105     35,650  
                           
                           
    OPERATING PROFIT   22,127     16,438     17,757  
                           
FINANCING AND OTHER INCOME (EXPENSE), NET   1,831     (2,113 )   947  
                           
    PROFIT BEFORE INCOME TAX   23,958     14,325     18,704  
                           
INCOME TAX BENEFIT (EXPENSE), NET   (2,484 )   1,706     1,018  
                           
    PROFIT BEFORE NON CONTROLLING INTEREST   21,474     16,031     19,722  
                           
NON CONTROLLING INTEREST   (2,422 )   989     1,214  
                           
    NET PROFIT   $ 19,052   $ 17,020   $ 20,936  
                           
                           
BASIC EARNINGS PER SHARE $ 0.18   $ 0.16   $ 0.20  
                           
Weighted average number of shares   106,956     106,814     106,321  
                           
                           
DILUTED EARNINGS PER SHARE $ 0.18   $ 0.16   $ 0.20  
                           
Weighted average number of shares   108,277     108,149     107,178  
                           
                           
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:          
                           
  GAAP NET PROFIT   $ 19,052   $ 17,020   $ 20,936  
    Stock based compensation   3,795     4,543     3,884  
    Amortization of acquired intangible assets   493     310     494  
  ADJUSTED NET PROFIT $ 23,340   $ 21,873   $ 25,314  
                           
ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE $ 0.22   $ 0.20   $ 0.24  
                           

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