Tower Semiconductor Reports First Quarter 2020 with Year over Year Organic Revenue Growth 



TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
       
       
   T h r e e  m o n t h s  e n d e d
   March 31,  December 31,  March 31,
   2020  2019  2019
       
REVENUES $ 300,171  $ 305,710  $ 310,107 
       
COST OF REVENUES  247,628   250,878   246,956 
       
   GROSS PROFIT  52,543   54,832   63,151 
       
OPERATING COSTS AND EXPENSES:      
       
  Research and development  19,414   18,877     19,168  
  Marketing, general and administrative   16,691     17,057     16,641  
             
    36,105     35,934     35,809  
             
             
    OPERATING PROFIT   16,438     18,898     27,342  
             
FINANCING AND OTHER INCOME (EXPENSE), NET   (2,113 )   3,058     725  
             
    PROFIT BEFORE INCOME TAX   14,325     21,956     28,067  
             
INCOME TAX BENEFIT (EXPENSE), NET   1,706     (2,360 )   (1,667 )
             
    PROFIT BEFORE NON CONTROLLING INTEREST   16,031     19,596     26,400  
             
NON CONTROLLING INTEREST   989     1,111     (184 )
             
    NET PROFIT $ 17,020   $ 20,707   $ 26,216  
             
             
BASIC EARNINGS PER SHARE $ 0.16   $ 0.19   $ 0.25  
             
Weighted average number of shares   106,814     106,710     105,331  
             
             
DILUTED EARNINGS PER SHARE $ 0.16   $ 0.19   $ 0.25  
             
Weighted average number of shares   108,149     107,995     106,972  
             
             
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:        
             
  GAAP NET PROFIT $ 17,020   $ 20,707   $ 26,216  
    Stock based compensation   4,543     3,066     3,823  
    Amortization of acquired intangible assets   310     453     1,641  
  ADJUSTED NET PROFIT $ 21,873   $ 24,226   $ 31,680  
             
ADJUSTED EARNINGS PER SHARE:            
             
  Basic $ 0.20   $ 0.23   $ 0.30  
             
  Diluted $ 0.20   $ 0.22   $ 0.30  
             

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