Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong 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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | |
June 30, | |
March 31, | |
June 30, | | | | | | | |
2021 | |
2021 | |
2020 | | | | | | | | | | | | | | | |
REVENUES |
$ |
362,138 |
$ |
347,214 |
$ |
310,090 | | | | | | | | | | | | | | | |
COST OF REVENUES | |
288,383 | |
277,400 | |
252,385 | | | | | | | | | | | | | | | | | |
GROSS PROFIT | |
73,755 | |
69,814 | |
57,705 | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
21,081 | |
20,343 | |
19,424 | | | | |
Marketing, general and administrative | |
18,671 | |
16,991 | |
16,154 | | | | | | | | | | | | | | | | | | | |
39,752 | |
37,334 | |
35,578 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
34,003 | |
32,480 | |
22,127 | | | | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
(484) | |
(7,842) | |
1,831 | | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
33,519 | |
24,638 | |
23,958 | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(2,202) | |
5,876 | |
(2,484) | | | | | | | | | | | | | | | | | |
NET PROFIT | |
31,317 | |
30,514 | |
21,474 | | | | | | | | | | | | | | | |
Net income attributable to non-controlling interest | |
(451) | |
(2,192) | |
(2,422) | | | | | | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
30,866 |
$ |
28,322 |
$ |
19,052 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.29 |
$ |
0.26 |
$ |
0.18 | | | | | | | | | | | | | | | |
Weighted average number of shares | |
108,043 | |
107,940 | |
106,956 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.28 |
$ |
0.26 |
$ |
0.18 | | | | | | | | | | | | | | | |
Weighted average number of shares | |
109,629 | |
109,462 | |
108,277 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT |
$ |
30,866 |
$ |
28,322 |
$ |
19,052 | | | | | |
Stock based compensation | |
5,971 | |
4,906 | |
3,795 | | | | | |
Amortization of acquired intangible assets | |
492 | |
491 | |
493 | | | | |
ADJUSTED NET PROFIT |
$ |
37,329 |
$ |
33,719 |
$ |
23,340 | | | | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | | | | |
Basic |
$ |
0.35 |
$ |
0.31 |
$ |
0.22 | | | | | | | | | | | | | | | | |
Diluted |
$ |
0.34 |
$ |
0.31 |
$ |
0.22 | | | | | | | | | | | | | |
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