Tower Semiconductor Reports Record Revenues and Strong Margins 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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended
| | | | | | | | | | |
September 30, |
June 30, | |
September 30, | | | | | | | | | | |
2021 | |
2021 | |
2020 | | | | | | | | | | | | | | | | | |
REVENUES | | |
$ |
386,706 |
$ |
362,138 |
$ |
310,212 | | | | | | | | | | | | | | | | | |
COST OF REVENUES | | |
301,330 | |
288,383 | |
256,751 | | | | | | | | | | | | | | | | | | | |
GROSS PROFIT | | |
85,376 | |
73,755 | |
53,461 | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
21,591 | |
21,081 | |
19,569 | | | |
Marketing, general and administrative | |
19,620 | |
18,671 | |
14,803 | | | | | | | | | | | | | | | | | | | | | | | | | |
41,211 | |
39,752 | |
34,372 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
44,165 | |
34,003 | |
19,089 | | | | | | | | | | | | | | | | | |
FINANCING AND OTHER EXPENSE, NET | |
(2,714) | |
(484) | |
(565) | | | | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
41,451 | |
33,519 | |
18,524 | | | | | | | | | | | | | | | | | |
INCOME TAX EXPENSE, NET | |
(1,084) | |
(2,202) | |
(2,798) | | | | | | | | | | | | | | | | | | | |
NET PROFIT | | |
40,367 | |
31,317 | |
15,726 | | | | | | | | | | | | | | | | | |
Net income attributable to non-controlling interest | |
(1,282) | |
(451) | |
(528) | | | | | | | | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
39,085 |
$ |
30,866 |
$ |
15,198 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.36 |
$ |
0.29 |
$ |
0.14 | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
108,354 | |
108,043 | |
107,475 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.36 |
$ |
0.28 |
$ |
0.14 | | | | | | | | | | | | | | | | | |
Weighted average number of shares | |
109,825 | |
109,629 | |
108,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT | |
$ |
39,085 |
$ |
30,866 |
$ |
15,198 | | | | |
Stock based compensation | |
5,451 | |
5,971 | |
3,460 | | | | |
Amortization of acquired intangible assets | |
505 | |
492 | |
490 | | | |
ADJUSTED NET PROFIT |
$ |
45,041 |
$ |
37,329 |
$ |
19,148 | | | | | | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | |
$ |
0.42 |
$ |
0.35 |
$ |
0.18 | | | | | | | | | | | | | | | | | | |
Diluted | | |
$ |
0.41 |
$ |
0.34 |
$ |
0.18 | | | | | | | | | | | | | | | | |
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