Consolidated Statements of Operations

(in thousands, except share data)

Nine Months ended 
 September 30,

Three Months
ended September 30,

Year ended
December 31,

2020

2019

2020

2019

2019

U.S. dollars

U.S. dollars

U.S. dollars

Revenues

107,240

100,818

40,061

32,470

134,019

Cost of revenues

57,315

51,875

20,636

17,252

69,235

Gross profit

49,925

48,943

19,425

15,218

64,784

Research and development costs

13,952

11,891

5,068

4,164

16,331

Selling, general and administrative expenses

21,374

19,668

8,036

6,681

26,481

35,326

31,559

13,104

10,845

42,812

Operating income

14,599

17,384

6,321

4,373

21,972

Financial income, net

958

340

307

188

801

Income from continuing operations

 before income taxes

15,557

17,724

6,628

4,561

22,773

Income tax expense

(1,445)

(1,508)

(604)

(398)

(1,950)

Net income from continuing operations

14,112

16,216

6,024

4,163

20,823

Discontinued operations *

Income from discontinued operations

Income before tax expense

-

1,257

-

-

1,257

Income tax expense

-

(94)

-

-

(94)

Net income from discontinued operations

-

1,163

-

-

1,163

Net income

14,112

17,379

6,024

4,163

21,986

*Relates to the earn-out payment received from the sale of the PCB business.