TowerJazz Reports Full Year 2019 Results with 5% Organic Revenue Growth; Expects Revenue Growth for 2020
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended | | | | | | |
December 31, | | | | | | |
2019 | |
2018 | | | | | | | | | | | |
REVENUES
|
$ |
1,234,003 | |
$ |
1,304,034 | | | | | | | | | | | | |
COST OF REVENUES
| |
1,004,332 | | |
1,011,087 | | | | | | | | | | | | | | |
GROSS PROFIT
| |
229,671 | | |
292,947 | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | |
Research and development | |
75,579 | | |
73,053 | | | | |
Marketing, general and administrative | |
67,376 | | |
64,951 | | | | | | | | | | | | | | | | |
142,955 | | |
138,004 | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
86,716 | | |
154,943 | | | | | | | | | | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
4,305 | | |
(15,626 |
) | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
91,021 | | |
139,317 | | | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(2,948 |
) | |
(5,938 |
) | | | | | | | | | | | | | |
PROFIT BEFORE NON CONTROLLING INTEREST | |
88,073 | | |
133,379 | | | | | | | | | | | | |
NON CONTROLLING INTEREST | |
1,975 | | |
2,200 | | | | | | | | | | | | | | |
NET PROFIT
|
$ |
90,048 | |
$ |
135,579 | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.85 | |
$ |
1.35 | | | | | | | | | | | | |
Weighted average number of shares | |
106,256 | | |
100,399 | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.84 | |
$ |
1.32 | | | | | | | | | | | | |
Weighted average number of shares | |
107,438 | | |
102,517 | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | |
GAAP NET PROFIT
|
$ |
90,048 | |
$ |
135,579 | | | | | |
Stock based compensation | |
14,548 | | |
12,661 | | | | | |
Amortization of acquired intangible assets | |
3,080 | | |
6,554 | | | | |
ADJUSTED NET PROFIT |
$ |
107,676 | |
$ |
154,794 | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | |
Basic
|
$ |
1.01 | |
$ |
1.54 | | | | | | | | | | | | | |
Diluted
|
$ |
1.00 | |
$ |
1.51 | | | | | | | | | | |
|
