| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||
| T h r e e m o n t h s e n d e d | |||||||||||
|
March 31,
|
December 31,
|
March 31,
| |||||||||
|
2022
|
2021
|
2021
| |||||||||
| REVENUES | $ | 421,132 | $ | 412,108 | $ | 347,214 | |||||
| COST OF REVENUES | 316,501 | 311,935 | 277,400 | ||||||||
| GROSS PROFIT | 104,631 | 100,173 | 69,814 | ||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||
| Research and development | 20,318 | 22,371 | 20,343 | ||||||||
| Marketing, general and administrative | 21,253 | 21,939 | 16,991 | ||||||||
| 41,571 | 44,310 | 37,334 | |||||||||
| OPERATING PROFIT | 63,060 | 55,863 | 32,480 | ||||||||
| FINANCING AND OTHER EXPENSE, NET | (2,133 | ) | (372 | ) | (7,842 | ) | |||||
| PROFIT BEFORE INCOME TAX | 60,927 | 55,491 | 24,638 | ||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (5,153 | ) | (3,614 | ) | 5,876 | ||||||
| NET PROFIT | 55,774 | 51,877 | 30,514 | ||||||||
| Net income attributable to non-controlling interest | (1,741 | ) | (138 | ) | (2,192 | ) | |||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 54,033 | $ | 51,739 | $ | 28,322 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.50 | $ | 0.48 | $ | 0.26 | |||||
| Weighted average number of shares | 108,934 | 108,768 | 107,940 | ||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.49 | $ | 0.47 | $ | 0.26 | |||||
| Weighted average number of shares | 110,539 | 110,267 | 109,462 | ||||||||
Tower Semiconductor Reports First Quarter 2022 Record revenue of $421 Million, a 21 Percent Year over Year Revenue Growth
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