Tower Semiconductor Reports 2023 First Quarter Financial Results
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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 | | | | |
March 31, | |
December 31, | |
March 31, | | | | |
2023 | |
2022 | |
2022 | | |
REVENUES | |
$ 355,611 | |
$ 403,227 | |
$ 421,132 | | |
COST OF REVENUES | |
259,894 | |
278,501 | |
316,501 | | |
GROSS PROFIT | |
95,717 | |
124,726 | |
104,631 | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | |
Research and development | |
19,331 | |
20,706 | |
20,318 | | |
Marketing, general and administrative | |
18,629 | |
18,880 | |
21,253 | | |
Restructuring income, net * | |
(31,655 | ) |
(13,592 | ) |
-- | | | | |
6,305 | |
25,994 | |
41,571 | | | | | | | | | | | |
OPERATING PROFIT | |
89,412 | |
98,732 | |
63,060 | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
6,997 | |
(55 | ) |
(2,133 | ) | |
PROFIT BEFORE INCOME TAX | |
96,409 | |
98,677 | |
60,927 | | |
INCOME TAX EXPENSE, NET | |
(15,041 | ) |
(12,835 | ) |
(5,153 | ) | |
NET PROFIT | |
81,368 | |
85,842 | |
55,774 | | |
Net income attributable to non-controlling interest | |
(9,966 | ) |
(2,518 | ) |
(1,741 | ) | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY | |
$ 71,402 | |
$ 83,324 | |
$ 54,033 | | |
BASIC EARNINGS PER SHARE | |
$ 0.65 | |
$ 0.76 | |
$ 0.50 | | |
Weighted average number of shares | |
109,961 | |
109,896 | |
108,934 | | |
DILUTED EARNINGS PER SHARE | |
$ 0.64 | |
$ 0.75 | |
$ 0.49 | | |
Weighted average number of shares | |
111,071 | |
110,938 | |
110,539 | | | | | | | | | | | | | | | | | | | |
* Restructuring income, net resulted from the previously disclosed Arai cessation of operations which occurred during 2022 as part of Japan operations reorganization and restructuring.
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