TowerJazz Reports Revenues of $323 million with Net Profit of $34 million for the Third Quarter of 2018
| | | | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | |
Nine months ended | | | | | |
September 30, | | | | | |
2018 | |
2017 | | | | | | | | | |
REVENUES |
$ |
970,444 | |
$ |
1,029,696 | | | | | | | | | | |
COST OF REVENUES | |
753,130 | | |
764,749 | | | | | | |
| |
| | | |
GROSS PROFIT | |
217,314 | | |
264,947 | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | |
Research and development | |
54,675 | | |
49,294 | | | |
Marketing, general and administrative | |
47,935 | | |
50,297 | | | | | | |
| |
| | | | | |
102,610 | | |
99,591 | | | | | | |
| |
| | | | | | | | | | | |
OPERATING PROFIT | |
114,704 | | |
165,356 | | | | | | | | | | |
FINANCING EXPENSE, NET | |
(13,283 |
) | |
(11,394 |
) | | | | | | | | | |
OTHER INCOME, NET | |
1,564 | | |
400 | | | | | | |
| |
| | | |
PROFIT BEFORE INCOME TAX | |
102,985 | | |
154,362 | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(6,121 |
) | |
(1,348 |
) | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
96,864 | | |
153,014 | | | | | | | | | | |
NON CONTROLLING INTEREST | |
642 | | |
(2,214 |
) | | | | | |
| |
| | | |
NET PROFIT |
$ |
97,506 | |
$ |
150,800 | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.98 | |
$ |
1.57 | | | | | | | | | | |
Weighted average number of shares | |
99,186 | | |
96,085 | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.96 | |
$ |
1.49 | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
97,506 | |
$ |
157,403 | | | | | | | | | | |
Weighted average number of shares | |
101,424 | | |
105,664 | | | | | | | | | |
|
