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)
        
        
      Six months ended
      June 30,
      2021  2020
        
  REVENUES $ 709,352 $ 610,261
        
  COST OF REVENUES  565,783  500,013
        
    GROSS PROFIT  143,569  110,248
        
  OPERATING COSTS AND EXPENSES:    
        
   Research and development  41,424  38,838
   Marketing, general and administrative  35,662  32,845
        
      77,086  71,683
        
        
    OPERATING PROFIT  66,483  38,565
               
  FINANCING AND OTHER EXPENSE, NET   (8,326)   (282)
               
      PROFIT BEFORE INCOME TAX   58,157   38,283
               
  INCOME TAX BENEFIT (EXPENSE), NET   3,674   (778)
               
      NET PROFIT   61,831   37,505
               
  Net income attributable to non-controlling interest   (2,643)   (1,433)
               
      NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 59,188 $ 36,072
               
               
  BASIC EARNINGS PER SHARE $ 0.55 $ 0.34
               
  Weighted average number of shares   107,992   106,885
               
               
  DILUTED EARNINGS PER SHARE $ 0.54 $ 0.33
               
  Weighted average number of shares   109,545   108,213
               
               
  RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:    
               
    GAAP NET PROFIT $ 59,188 $ 36,072
      Stock based compensation   10,877   8,338
      Amortization of acquired intangible assets   983   803
    ADJUSTED NET PROFIT $ 71,048 $ 45,213
               
  ADJUSTED EARNINGS PER SHARE:        
               
    Basic $ 0.66 $ 0.42
               
    Diluted $ 0.65 $ 0.42
               

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