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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
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| 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. | ||||||||||||
Tower Semiconductor Reports 2023 Second Quarter Financial Results
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