Tower Semiconductor Reports Second Quarter 2020 with Quarter over Quarter Revenues and Margins Growth
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | |
Six months ended
| | | | | | | | | |
June 30, | | | | | | | | | |
2020 | | |
2019 | | | | | | | | | | | | | | |
REVENUES | | |
$ |
610,261 | |
$ |
616,171 | | | | | | | | | | | | | | |
COST OF REVENUES | | |
500,013 | | |
499,613 | | | | | | | | | | | | | | | | |
GROSS PROFIT | | |
110,248 | | |
116,558 | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | |
Research and development | |
38,838 | | |
37,980 | | | |
Marketing, general and administrative | |
32,845 | | |
33,479 | | | | | | | | | | | | | | | | | | | | | | |
71,683 | | |
71,459 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
38,565 | | |
45,099 | | | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(282 |
) | |
1,672 | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
38,283 | | |
46,771 | | | | | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(778 |
) | |
(649 |
) | | | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
37,505 | | |
46,122 | | | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(1,433 |
) | |
1,030 | | | | | | | | | | | | | | | | |
NET PROFIT | |
$ |
36,072 | |
$ |
47,152 | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.34 | |
$ |
0.45 | | | | | | | | | | | | | | |
Weighted average number of shares | |
106,885 | | |
105,829 | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
36,072 | |
$ |
47,152 | | | | |
Stock based compensation | |
8,338 | | |
7,707 | | | | |
Amortization of acquired intangible assets | |
803 | | |
2,135 | | | |
ADJUSTED NET PROFIT |
$ |
45,213 | |
$ |
56,994 | | | | | | | | | | | | | |
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