Tower Semiconductor Reports Second Quarter 2021 Record Revenues; Guides Third Quarter Further Strong Revenue Growth
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended | | | | | | |
June 30, | | | | | | |
2021 | |
2020 | | | | | | | | | | | |
REVENUES |
$ |
709,352 |
$ |
610,261 | | | | | | | | | | | |
COST OF REVENUES | |
565,783 | |
500,013 | | | | | | | | | | | | | |
GROSS PROFIT | |
143,569 | |
110,248 | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | |
Research and development | |
41,424 | |
38,838 | | | |
Marketing, general and administrative | |
35,662 | |
32,845 | | | | | | | | | | | | | | | |
77,086 | |
71,683 | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
66,483 | |
38,565 | | | | | | | | | | | |
FINANCING AND OTHER EXPENSE, NET | |
(8,326) | |
(282) | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
58,157 | |
38,283 | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
3,674 | |
(778) | | | | | | | | | | | | | |
NET PROFIT | |
61,831 | |
37,505 | | | | | | | | | | | |
Net income attributable to non-controlling interest | |
(2,643) | |
(1,433) | | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
59,188 |
$ |
36,072 | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.55 |
$ |
0.34 | | | | | | | | | | | |
Weighted average number of shares | |
107,992 | |
106,885 | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.54 |
$ |
0.33 | | | | | | | | | | | |
Weighted average number of shares | |
109,545 | |
108,213 | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | |
GAAP NET PROFIT |
$ |
59,188 |
$ |
36,072 | | | | |
Stock based compensation | |
10,877 | |
8,338 | | | | |
Amortization of acquired intangible assets | |
983 | |
803 | | | |
ADJUSTED NET PROFIT |
$ |
71,048 |
$ |
45,213 | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | |
Basic |
$ |
0.66 |
$ |
0.42 | | | | | | | | | | | | |
Diluted |
$ |
0.65 |
$ |
0.42 | | | | | | | | | |
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