Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 2020
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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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | |
December 31, | |
September 30, | |
December 31, | | | | | | |
2020 | |
2020 | |
2019 | | | | | | | | | | | | |
REVENUES | |
$ |
345,211 |
$ |
310,212 |
$ |
305,710 | | | | | | | | | | | | |
COST OF REVENUES | | |
275,602 | |
256,751 | |
250,878 | | | | | | | | | | | | | | |
GROSS PROFIT | | |
69,609 | |
53,461 | |
54,832 | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | |
Research and development | |
19,913 | |
19,569 | |
18,877 | | |
Marketing, general and administrative | |
16,317 | |
14,803 | |
17,057 | | | | | | | | | | | | | | | | | |
36,230 | |
34,372 | |
35,934 | | | | | | | | | | | | | | |
OPERATING PROFIT | |
33,379 | |
19,089 | |
18,898 | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(1,498) | |
(565) | |
3,058 | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
31,881 | |
18,524 | |
21,956 | | | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(1,823) | |
(2,798) | |
(2,360) | | | | | | | | | | | | | | |
NET PROFIT | | |
30,058 | |
15,726 | |
19,596 | | | | | | | | | | | | |
Net loss (income) attributable to non-controlling interest | |
974 | |
(528) | |
1,111 | | | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
31,032 |
$ |
15,198 |
$ |
20,707 | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.29 |
$ |
0.14 |
$ |
0.19 | | | | | | | | | | | | |
Weighted average number of shares | |
107,762 | |
107,475 | |
106,710 | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.28 |
$ |
0.14 |
$ |
0.19 | | | | | | | | | | | | |
Weighted average number of shares | |
108,985 | |
108,500 | |
107,995 | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
31,032 |
$ |
15,198 |
$ |
20,707 | | | |
Stock based compensation | |
5,190 | |
3,460 | |
3,066 | | | |
Amortization of acquired intangible assets | |
365 | |
490 | |
453 | | |
ADJUSTED NET PROFIT |
$ |
36,587 |
$ |
19,148 |
$ |
24,226 | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | |
Basic | |
$ |
0.34 |
$ |
0.18 |
$ |
0.23 | | | | | | | | | | | | | |
Diluted | |
$ |
0.34 |
$ |
0.18 |
$ |
0.22 | | | | | | | | | | | |
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