Tower Semiconductor Reports 2023 Second Quarter Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
   
   Three months ended
   June 30,  March 31,  June 30,
   2023  2023  2022
REVENUES  $ 357,191   $ 355,611   $ 426,168 
COST OF REVENUES  270,674   259,894   313,728 
GROSS PROFIT  86,517   95,717   112,440 
OPERATING COSTS AND EXPENSES:         
Research and development  19,452   19,331   20,481 
Marketing, general and administrative  17,387   18,629   21,285 
Restructuring income, net *   (851 )   (31,655 )   --  
    35,988     6,305     41,766  
                   
OPERATING PROFIT   50,529     89,412     70,674  
FINANCING AND OTHER INCOME (EXPENSE), NET   3,924     6,997     (8,162 )
PROFIT BEFORE INCOME TAX   54,453     96,409     62,512  
INCOME TAX EXPENSE, NET   (5,747 )   (15,041 )   (4,339 )
NET PROFIT   48,706     81,368     58,173  
Net loss (income) attributable to non-controlling interest   2,484     (9,966 )   (96 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY   $ 51,190     $ 71,402     $ 58,077  
BASIC EARNINGS PER SHARE   $ 0.46     $ 0.65     $ 0.53  
Weighted average number of shares   110,088     109,961     109,138  
DILUTED EARNINGS PER SHARE   $ 0.46     $ 0.64     $ 0.53  
Weighted average number of shares   111,234     111,071     110,561  
                   
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.

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