TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million
|
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, | | | |
2019 | |
2018 | |
2018 | | | | | | | | | |
REVENUES |
$ |
310,107 | |
$ |
333,590 | |
$ |
312,710 | | | | | | | | | | |
COST OF REVENUES | |
246,956 | | |
257,957 | | |
246,545 | | | | |
| |
| |
| |
GROSS PROFIT | |
63,151 | | |
75,633 | | |
66,165 | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | |
Research and development | |
19,168 | | |
18,378 | | |
18,266 | | |
Marketing, general and administrative | |
16,641 | | |
17,016 | | |
15,994 | | | | |
| |
| |
| | | |
35,809 | | |
35,394 | | |
34,260 | | | | | | | | | | |
OPERATING PROFIT | |
27,342 | | |
40,239 | | |
31,905 | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
725 | | |
(3,907 |
) | |
(3,769 |
) | | | |
| |
| |
| |
PROFIT BEFORE INCOME TAX | |
28,067 | | |
36,332 | | |
28,136 | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(1,667 |
) | |
183 | | |
(955 |
) | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST
| |
26,400 | | |
36,515 | | |
27,181 | | | | | | | | | | |
NON CONTROLLING INTEREST | |
(184 |
) | |
1,558 | | |
(1,063 |
) | | | |
| |
| |
| |
NET PROFIT |
$ |
26,216 | |
$ |
38,073 | |
$ |
26,118 | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.25 | |
$ |
0.37 | |
$ |
0.27 | | | | | | | | | | |
Weighted average number of shares | |
105,331 | | |
103,997 | | |
98,495 | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.25 | |
$ |
0.36 | |
$ |
0.26 | | | | | | | | | | |
Net profit used for diluted earnings per share |
$ |
26,216 | |
$ |
38,073 | |
$ |
26,118 | | | | | | | | | | |
Weighted average number of shares | |
106,972 | | |
105,776 | | |
101,112 | | | | | | | | | |
|
