TowerJazz Announces Third Quarter 2019 Results
| | |
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | | | |
September 30, |
June 30, | |
September 30, | | | | | | | | | |
2019 | |
2019 | |
2018 | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
312,122 | |
$ |
306,064 |
$ |
322,596 | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
253,841 | | |
252,657 | |
249,975 | | | | | | | | | | | | | | | | | | |
GROSS PROFIT | | |
58,281 | | |
53,407 | |
72,621 | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
18,722 | | |
18,812 | |
18,236 | | | |
Marketing, general and administrative | |
16,840 | | |
16,838 | |
15,826 | | | | | | | | | | | | | | | | | | | | | | | | |
35,562 | | |
35,650 | |
34,062 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
22,719 | | |
17,757 | |
38,559 | | | | | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(426 |
) | |
947 | |
(2,497 |
) | | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
22,293 | | |
18,704 | |
36,062 | | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
61 | | |
1,018 | |
(2,388 |
) | | | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
22,354 | | |
19,722 | |
33,674 | | | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(166 |
) | |
1,214 | |
(28 |
) | | | | | | | | | | | | | | | | | |
NET PROFIT | |
$ |
22,188 | |
$ |
20,936 |
$ |
33,646 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.21 | |
$ |
0.20 |
$ |
0.34 | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
106,644 | | |
106,321 | |
100,158 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.21 | |
$ |
0.20 |
$ |
0.33 | | | | | | | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
22,188 | |
$ |
20,936 |
$ |
33,646 | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
107,601 | | |
107,178 | |
102,083 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
22,188 | |
$ |
20,936 |
$ |
33,646 | | | | |
Stock based compensation | |
3,775 | | |
3,884 | |
2,710 | | | | |
Amortization of acquired intangible assets | |
492 | | |
494 | |
1,627 | | | |
ADJUSTED NET PROFIT |
$ |
26,455 | |
$ |
25,314 |
$ |
37,983 | | | | | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | |
$ |
0.25 | |
$ |
0.24 |
$ |
0.38 | | | | | | | | | | | | | | | | | | |
Diluted | | |
$ |
0.25 | |
$ |
0.24 |
$ |
0.37 | | | | | | | | | | | | | | | |
|
