Tower Semiconductor Reports Double Digit Revenue Growth for the

Tower Semiconductor Reports Double Digit Revenue Growth for the Fourth Quarter of 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,
				2020		2019

REVENUES			$	1,265,684	$	1,234,003

COST OF REVENUES				1,032,366		1,004,332

		GROSS PROFIT		233,318		229,671

OPERATING COSTS AND EXPENSES:

	Research and development			78,320		75,579
	Marketing, general and administrative			63,965		67,376

				142,285		142,955

		OPERATING PROFIT		91,033		86,716

FINANCING AND OTHER INCOME (EXPENSE), NET				(2,345)		4,305

		PROFIT BEFORE INCOME TAX		88,688		91,021

INCOME TAX EXPENSE, NET				(5,399)		(2,948)

		NET PROFIT		83,289		88,073

Net loss (income) attributable to non-controlling interest				(987)		1,975

		NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	82,302	$	90,048


BASIC EARNINGS PER SHARE			$	0.77	$	0.85

Weighted average number of shares				107,254		106,256


DILUTED EARNINGS PER SHARE			$	0.76	$	0.84

Weighted average number of shares				108,480		107,438


RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

	GAAP NET PROFIT		$	82,302	$	90,048
		Stock based compensation		16,988		14,548
		Amortization of acquired intangible assets		1,658		3,080
	ADJUSTED NET PROFIT		$	100,948	$	107,676

ADJUSTED EARNINGS PER SHARE:

	Basic		$	0.94	$	1.01

	Diluted		$	0.93	$	1.00

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