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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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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