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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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(dollars and share count in thousands, except per share data)
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| Three months ended | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| REVENUES | $ | 370,512 | $ | 351,181 | $ | 358,167 | |||||
| COST OF REVENUES | 277,451 | 264,259 | 271,299 | ||||||||
| GROSS PROFIT | 93,061 | 86,922 | 86,868 | ||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||
| Research and development | 19,867 | 18,994 | 20,176 | ||||||||
| Marketing, general and administrative | 17,432 | 19,050 | 18,037 | ||||||||
| Restructuring income, net * | -- | (6,270 | ) | -- | |||||||
| Merger-contract termination fee, net ** | -- | -- | (313,501 | ) | |||||||
| 37,299 | 31,774 | (275,288 | ) | ||||||||
| OPERATING PROFIT | 55,762 | 55,148 | 362,156 | ||||||||
| FINANCING AND OTHER INCOME, NET | 6,104 | 7,710 | 9,975 | ||||||||
| PROFIT BEFORE INCOME TAX | 61,866 | 62,858 | 372,131 | ||||||||
| INCOME TAX EXPENSE, NET | (7,026 | ) | (6,108 | ) | (34,394 | ) | |||||
| NET PROFIT | 54,840 | 56,750 | 337,737 | ||||||||
| Net loss (income) attributable to non-controlling interest | (193 | ) | (3,305 | ) | 4,318 | ||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 54,647 | $ | 53,445 | $ | 342,055 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.49 | $ | 0.48 | $ | 3.10 | |||||
| Weighted average number of shares | 111,237 | 111,037 | 110,302 | ||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.49 | $ | 0.48 | $ | 3.07 | |||||
| Weighted average number of shares | 112,474 | 111,979 | 111,242 | ||||||||
| * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | |||||||||||
| ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost. | |||||||||||
| RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | |||||||||||
| GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 54,647 | $ | 53,445 | $ | 342,055 | |||||
| Stock based compensation | 8,611 | 7,781 | 7,898 | ||||||||
| Amortization of acquired intangible assets | 448 | 448 | 491 | ||||||||
| Restructuring income, net *** | -- | (2,634 | ) | -- | |||||||
| Merger-contract termination fee, net **** | -- | -- | (289,988 | ) | |||||||
| ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 63,706 | $ | 59,040 | $ | 60,456 | |||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||
| Basic | $ | 0.57 | $ | 0.53 | $ | 0.55 | |||||
| Diluted | $ | 0.57 | $ | 0.53 | $ | 0.54 | |||||
| *** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax. | |||||||||||
| **** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax. | |||||||||||
