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)
           
         Six months ended
         June 30,
         2020   2019 
           
REVENUES   $ 610,261  $ 616,171 
           
COST OF REVENUES   500,013   499,613 
           
   GROSS PROFIT   110,248   116,558 
           
OPERATING COSTS AND EXPENSES:    
           
  Research and development  38,838   37,980 
  Marketing, general and administrative  32,845   33,479 
             
                71,683     71,459  
                     
                     
    OPERATING PROFIT   38,565     45,099  
                     
FINANCING AND OTHER INCOME (EXPENSE), NET   (282 )   1,672  
                     
    PROFIT BEFORE INCOME TAX   38,283     46,771  
                     
INCOME TAX EXPENSE, NET   (778 )   (649 )
                     
    PROFIT BEFORE NON CONTROLLING INTEREST   37,505     46,122  
                     
NON CONTROLLING INTEREST   (1,433 )   1,030  
                     
    NET PROFIT   $ 36,072   $ 47,152  
                     
                     
BASIC EARNINGS PER SHARE $ 0.34   $ 0.45  
                     
Weighted average number of shares   106,885     105,829  
                     
                     
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:    
                     
  GAAP NET PROFIT   $ 36,072   $ 47,152  
    Stock based compensation   8,338     7,707  
    Amortization of acquired intangible assets   803     2,135  
  ADJUSTED NET PROFIT $ 45,213   $ 56,994  
                     

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