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