TowerJazz Reports Full Year 2019 Results with 5% Organic

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)


					Year ended
					December 31,
					2019			2018

	REVENUES			$	1,234,003		$	1,304,034

	COST OF REVENUES				1,004,332			1,011,087

			GROSS PROFIT		229,671			292,947

	OPERATING COSTS AND EXPENSES:

		Research and development			75,579			73,053
		Marketing, general and administrative			67,376			64,951

					142,955			138,004


			OPERATING PROFIT		86,716			154,943

	FINANCING AND OTHER INCOME (EXPENSE), NET				4,305			(15,626	)

			PROFIT BEFORE INCOME TAX		91,021			139,317

	INCOME TAX EXPENSE, NET				(2,948	)		(5,938	)

			PROFIT BEFORE NON CONTROLLING INTEREST		88,073			133,379

	NON CONTROLLING INTEREST				1,975			2,200

			NET PROFIT	$	90,048		$	135,579


	BASIC EARNINGS PER SHARE			$	0.85		$	1.35

	Weighted average number of shares				106,256			100,399


	DILUTED EARNINGS PER SHARE			$	0.84		$	1.32

	Weighted average number of shares				107,438			102,517


	RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

		GAAP NET PROFIT		$	90,048		$	135,579
			Stock based compensation		14,548			12,661
			Amortization of acquired intangible assets		3,080			6,554
		ADJUSTED NET PROFIT		$	107,676		$	154,794

	ADJUSTED EARNINGS PER SHARE:

		Basic		$	1.01		$	1.54

		Diluted		$	1.00		$	1.51

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