Tower Semiconductor Reports Record Revenues and Strong Margins Growth



  TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 
  (dollars and share count in thousands, except per share data) 
             
             
          Nine months ended 
          September 30, 
          2021  2020 
             
  REVENUES   $ 1,096,058 $ 920,473 
             
  COST OF REVENUES   867,113  756,764 
             
    GROSS PROFIT   228,945  163,709 
             
  OPERATING COSTS AND EXPENSES:     
             
   Research and development  63,015  58,407  
    Marketing, general and administrative   55,282   47,648  
                         
                  118,297   106,055  
                         
                         
      OPERATING PROFIT   110,648   57,654  
                         
  FINANCING AND OTHER EXPENSE, NET   (11,040)   (847)  
                         
      PROFIT BEFORE INCOME TAX   99,608   56,807  
                         
  INCOME TAX BENEFIT (EXPENSE), NET   2,590   (3,576)  
                         
      NET PROFIT     102,198   53,231  
                         
  Net income attributable to non-controlling interest   (3,925)   (1,961)  
                         
      NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 98,273 $ 51,270  
                         
                         
  BASIC EARNINGS PER SHARE $ 0.91 $ 0.48  
                         
  Weighted average number of shares   108,114   107,083  
                         
                         
  DILUTED EARNINGS PER SHARE $ 0.90 $ 0.47  
                         
  Weighted average number of shares   109,640   108,311  
                         
                         
  RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:      
                         
    GAAP NET PROFIT   $ 98,273 $ 51,270  
      Stock based compensation   16,328   11,798  
      Amortization of acquired intangible assets   1,488   1,293  
    ADJUSTED NET PROFIT $ 116,089 $ 64,361  
                         
  ADJUSTED EARNINGS PER SHARE:          
                         
    Basic       $ 1.07 $ 0.60  
                         
    Diluted     $ 1.06 $ 0.59  
                         

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