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 | | | | | | | | | |
|
QuickLogic's Amazon-Qualified Reference Design Brings Alexa to Hearables
