Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong Revenue Growth



  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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