Tower Semiconductor Reports Second Quarter 2022 Record Revenue of $426 Million Year over Year Revenue Growth of 18% Total and 30% Organic


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 
(dollars and share count in thousands, except per share data) 
  Six months ended 
  June 30, 
  2022  2021 
REVENUES $ 847,300  $ 709,352 
COST OF REVENUES 630,229  565,783 
GROSS PROFIT 217,071  143,569 
OPERATING COSTS AND EXPENSES:    
Research and development 40,799  41,424 
Marketing, general and administrative 42,538  35,662 
  83,337  77,086 
     
OPERATING PROFIT 133,734  66,483 
FINANCING AND OTHER EXPENSE, NET (10,295)  (8,326) 
PROFIT BEFORE INCOME TAX 123,439  58,157 
INCOME TAX BENEFIT (EXPENSE), NET (9,492)  3,674 
NET PROFIT 113,947  61,831 
Net income attributable to non-controlling interest (1,837)  (2,643) 
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 112,110  $ 59,188 
BASIC EARNINGS PER SHARE $ 1.03  $ 0.55 
Weighted average number of shares 109,037  107,992 
DILUTED EARNINGS PER SHARE $ 1.01   $ 0.54  
Weighted average number of shares 110,561   109,545  
         

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