TowerJazz Reports Results for the Second Quarter of 2018: Revenue of $335 million with Strong Increases in Net Profit and Profit Margins over Prior Quarter

 

 

 

 
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
  June 30,  March 31,  June 30,
   2018
  2018
  2017
       
  REVENUES
$ 335,138   $ 312,710   $ 345,059  
       
  COST OF REVENUES
  256,610    246,545    253,998  
          
    GROSS PROFIT
  78,528    66,165    91,061  
       
  OPERATING COSTS AND EXPENSES:      
       
   Research and development  18,173    18,266    16,432  
   Marketing, general and administrative  16,115    15,994    17,238  
          
   34,288    34,260    33,670  
       
    OPERATING PROFIT  44,240    31,905    57,391  
       
  FINANCING EXPENSES, NET  (7,031 )  (3,791 )  (3,123 )
           
  OTHER INCOME, NET
  1,578     22     142  
             
      PROFIT BEFORE INCOME TAX   38,787     28,136     54,410  
             
  INCOME TAX EXPENSE, NET   (2,778 )   (955 )   (2,683 )
             
      PROFIT BEFORE NON CONTROLLING INTEREST     36,009     27,181     51,727  
             
  NON CONTROLLING INTEREST   1,733     (1,063 )   (1,710 )
             
      NET PROFIT
$ 37,742   $ 26,118   $ 50,017  
             
             
  BASIC EARNINGS PER SHARE $ 0.38   $ 0.27   $ 0.52  
             
  Weighted average number of shares     98,888       98,495       96,365  
             
             
  DILUTED EARNINGS PER SHARE $ 0.37   $ 0.26   $ 0.49  
             
  Net profit used for diluted earnings per share $ 37,742   $ 26,118   $ 52,217  
             
  Weighted average number of shares   101,066     101,112     105,648  
             

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