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) 
             
             
          S i x   m o n t h s   e n d e d 
          June 30, 
          2018   2017  
             
  REVENUES   $ 647,848   $ 675,139   
             
  COST OF REVENUES   503,155    499,310   
               
    GROSS PROFIT   144,693    175,829   
             
  OPERATING COSTS AND EXPENSES:     
             
   Research and development  36,439    32,200   
   Marketing, general and administrative  32,109    33,475   
               
               68,548     65,675    
                         
      OPERATING PROFIT   76,145     110,154    
                         
  FINANCING EXPENSE, NET   (10,822 )   (7,352 )  
                         
  OTHER INCOME, NET     1,600     653    
                         
      PROFIT BEFORE INCOME TAX   66,923     103,455    
                         
  INCOME TAX EXPENSE, NET   (3,733 )   (4,682 )  
                         
      PROFIT BEFORE NON CONTROLLING INTEREST     63,190     98,773    
                         
  NON CONTROLLING INTEREST   670     (3,247 )  
                         
      NET PROFIT   $ 63,860   $ 95,526    
                         
                         
  BASIC EARNINGS PER SHARE $ 0.65   $ 1.00    
                         
  Weighted average number of shares     98,693       95,139    
                         
                         
  DILUTED EARNINGS PER SHARE $ 0.63   $ 0.95    
                         
  Net profit used for diluted earnings per share $ 63,860   $ 99,883    
                         
  Weighted average number of shares   101,090     105,288    
                         

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