Tower Semiconductor Reports 2022 Fourth Quarter and Full Year Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
(dollars and share count in thousands, except per share data)  
  Year ended  
  December 31,  
  2022   2021 
REVENUES $ 1,677,614   $ 1,508,166 
COST OF REVENUES 1,211,306   1,179,048 
GROSS PROFIT 466,308   329,118 
OPERATING COSTS AND EXPENSES:     
Research and development 83,911   85,386 
Marketing, general and administrative 80,282   77,221 
Restructuring income, net * (9,559 )  -- 
      
  154,634   162,607 
      
OPERATING PROFIT 311,674     166,511  
FINANCING AND OTHER EXPENSE, NET (19,701 )   (11,412 )
PROFIT BEFORE INCOME TAX 291,973     155,099  
INCOME TAX EXPENSE, NET (25,502 )   (1,024 )
NET PROFIT 266,471     154,075  
Net income attributable to non-controlling interest (1,902 )   (4,063 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 264,569     $ 150,012  
BASIC EARNINGS PER SHARE $ 2.42     $ 1.39  
Weighted average number of shares 109,349     108,279  
DILUTED EARNINGS PER SHARE $ 2.39     $ 1.37  
Weighted average number of shares 110,754     109,798  
           
           
* Restructuring income, net for the year ended December 31, 2022 resulted from the previously disclosed Arai cessation of operations which occurred during 2022 as part of Japan operations reorganization and restructuring.
 
     

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