| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
| (dollars and share count in thousands, except per share data) | |||||||
| Three months ended | |||||||
| March 31, | December 31, | March 31, | |||||
| 2023 | 2022 | 2022 | |||||
| REVENUES | $ 355,611 | $ 403,227 | $ 421,132 | ||||
| COST OF REVENUES | 259,894 | 278,501 | 316,501 | ||||
| GROSS PROFIT | 95,717 | 124,726 | 104,631 | ||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Research and development | 19,331 | 20,706 | 20,318 | ||||
| Marketing, general and administrative | 18,629 | 18,880 | 21,253 | ||||
| Restructuring income, net * | (31,655 | ) | (13,592 | ) | -- | ||
| 6,305 | 25,994 | 41,571 | |||||
| OPERATING PROFIT | 89,412 | 98,732 | 63,060 | ||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 6,997 | (55 | ) | (2,133 | ) | ||
| PROFIT BEFORE INCOME TAX | 96,409 | 98,677 | 60,927 | ||||
| INCOME TAX EXPENSE, NET | (15,041 | ) | (12,835 | ) | (5,153 | ) | |
| NET PROFIT | 81,368 | 85,842 | 55,774 | ||||
| Net income attributable to non-controlling interest | (9,966 | ) | (2,518 | ) | (1,741 | ) | |
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ 71,402 | $ 83,324 | $ 54,033 | ||||
| BASIC EARNINGS PER SHARE | $ 0.65 | $ 0.76 | $ 0.50 | ||||
| Weighted average number of shares | 109,961 | 109,896 | 108,934 | ||||
| DILUTED EARNINGS PER SHARE | $ 0.64 | $ 0.75 | $ 0.49 | ||||
| Weighted average number of shares | 111,071 | 110,938 | 110,539 | ||||
|
* Restructuring income, net 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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Tower Semiconductor Reports 2023 First Quarter Financial Results
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