TowerJazz Reports Full Year 2019 Results with 5% Organic Revenue Growth; Expects Revenue Growth for 2020
|
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, | | | |
2019 | |
2019 | |
2018 | | | | | | | | | | |
REVENUES
|
$ |
305,710 | |
$ |
312,122 | |
$ |
333,590 | | | | | | | | | | | |
COST OF REVENUES
| |
250,878 | | |
253,841 | | |
257,957 | | | | | | | | | | | | | | |
GROSS PROFIT | |
54,832 | | |
58,281 | | |
75,633 | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | |
Research and development | |
18,877 | | |
18,722 | | |
18,378 | | | |
Marketing, general and administrative | |
17,057 | | |
16,840 | | |
17,016 | | | | | | | | | | | | | | | | |
35,934 | | |
35,562 | | |
35,394 | | | | | | | | | | | | | | |
OPERATING PROFIT | |
18,898 | | |
22,719 | | |
40,239 | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
3,058 | | |
(426
) | | |
(3,907
) | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
21,956 | | |
22,293 | | |
36,332 | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(2,360
) | | |
61 | | |
183 | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
19,596 | | |
22,354 | | |
36,515 | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
1,111 | | |
(166
) | | |
1,558 | | | | | | | | | | | | | | |
NET PROFIT
|
$ |
20,707 | |
$ |
22,188 | |
$ |
38,073 | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.19 | |
$ |
0.21 | |
$ |
0.37 | | | | | | | | | | | | |
Weighted average number of shares | |
106,710 | | |
106,644 | | |
103,997 | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.19 | |
$ |
0.21 | |
$ |
0.36 | | | | | | | | | | | | |
Weighted average number of shares | |
107,995 | | |
107,601 | | |
105,776 | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | |
GAAP NET PROFIT
|
$ |
20,707 | |
$ |
22,188 | |
$ |
38,073 | | | | |
Stock based compensation | |
3,066 | | |
3,775 | | |
3,906 | | | | |
Amortization of acquired intangible assets | |
453 | | |
492 | | |
1,614 | | | |
ADJUSTED NET PROFIT |
$ |
24,226 | |
$ |
26,455 | |
$ |
43,593 | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | |
Basic
|
$ |
0.23 | |
$ |
0.25 | |
$ |
0.42 | | | | | | | | | | | | | |
Diluted
|
$ |
0.22 | |
$ |
0.25 | |
$ |
0.41 | | | | | | | | | | | |
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