Tower Semiconductor Reports First Quarter 2020 with Year over Year Organic Revenue Growth
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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 | | | |
March 31, | |
December 31, | |
March 31, | | | |
2020 | |
2019 | |
2019 | | | | | | | | | |
REVENUES |
$ |
300,171 | |
$ |
305,710 | |
$ |
310,107 | | | | | | | | | | |
COST OF REVENUES | |
247,628 | | |
250,878 | | |
246,956 | | | | | | | | | | | | |
GROSS PROFIT | |
52,543 | | |
54,832 | | |
63,151 | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | |
Research and development | |
19,414 | | |
18,877 | | |
19,168 | | | |
Marketing, general and administrative | |
16,691 | | |
17,057 | | |
16,641 | | | | | | | | | | | | |
36,105 | | |
35,934 | | |
35,809 | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
16,438 | | |
18,898 | | |
27,342 | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(2,113 |
) | |
3,058 | | |
725 | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
14,325 | | |
21,956 | | |
28,067 | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
1,706 | | |
(2,360 |
) | |
(1,667 |
) | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
16,031 | | |
19,596 | | |
26,400 | | | | | | | | | | |
NON CONTROLLING INTEREST | |
989 | | |
1,111 | | |
(184 |
) | | | | | | | | | | | |
NET PROFIT |
$ |
17,020 | |
$ |
20,707 | |
$ |
26,216 | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.16 | |
$ |
0.19 | |
$ |
0.25 | | | | | | | | | | |
Weighted average number of shares | |
106,814 | | |
106,710 | | |
105,331 | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.16 | |
$ |
0.19 | |
$ |
0.25 | | | | | | | | | | |
Weighted average number of shares | |
108,149 | | |
107,995 | | |
106,972 | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | |
GAAP NET PROFIT |
$ |
17,020 | |
$ |
20,707 | |
$ |
26,216 | | | | |
Stock based compensation | |
4,543 | | |
3,066 | | |
3,823 | | | | |
Amortization of acquired intangible assets | |
310 | | |
453 | | |
1,641 | | | |
ADJUSTED NET PROFIT |
$ |
21,873 | |
$ |
24,226 | |
$ |
31,680 | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | |
Basic |
$ |
0.20 | |
$ |
0.23 | |
$ |
0.30 | | | | | | | | | | | |
Diluted |
$ |
0.20 | |
$ |
0.22 | |
$ |
0.30 | | | | | | | | | |
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