Tower Semiconductor Reports 2023 Second Quarter Financial Results
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
| |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | | | |
Three months ended | | | |
June 30, | |
March 31, | |
June 30, | | | |
2023 | |
2023 | |
2022 | |
REVENUES | |
$ |
357,191 | | |
$ |
355,611 | | |
$ |
426,168 | | |
COST OF REVENUES | |
270,674 | | |
259,894 | | |
313,728 | | |
GROSS PROFIT | |
86,517 | | |
95,717 | | |
112,440 | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | |
Research and development | |
19,452 | | |
19,331 | | |
20,481 | | |
Marketing, general and administrative | |
17,387 | | |
18,629 | | |
21,285 | | |
Restructuring income, net * | |
(851 |
) | |
(31,655 |
) | |
-- | | | | |
35,988 | | |
6,305 | | |
41,766 | | | | | | | | | | | | | |
OPERATING PROFIT | |
50,529 | | |
89,412 | | |
70,674 | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
3,924 | | |
6,997 | | |
(8,162 |
) | |
PROFIT BEFORE INCOME TAX | |
54,453 | | |
96,409 | | |
62,512 | | |
INCOME TAX EXPENSE, NET | |
(5,747 |
) | |
(15,041 |
) | |
(4,339 |
) | |
NET PROFIT | |
48,706 | | |
81,368 | | |
58,173 | | |
Net loss (income) attributable to non-controlling interest | |
2,484 | | |
(9,966 |
) | |
(96 |
) | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY | |
$ |
51,190 | | |
$ |
71,402 | | |
$ |
58,077 | | |
BASIC EARNINGS PER SHARE | |
$ |
0.46 | | |
$ |
0.65 | | |
$ |
0.53 | | |
Weighted average number of shares | |
110,088 | | |
109,961 | | |
109,138 | | |
DILUTED EARNINGS PER SHARE | |
$ |
0.46 | | |
$ |
0.64 | | |
$ |
0.53 | | |
Weighted average number of shares | |
111,234 | | |
111,071 | | |
110,561 | | | | | | | | | | | | | |
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. |
|
