| 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, | ||||||||
| 2023 |
2022
| |||||||
| REVENUES | $ | 712,802 | $ | 847,300 | ||||
| COST OF REVENUES | 530,568 | 630,229 | ||||||
| GROSS PROFIT | 182,234 | 217,071 | ||||||
| OPERATING COSTS AND EXPENSES: | ||||||||
| Research and development | 38,783 | 40,799 | ||||||
| Marketing, general and administrative | 36,016 | 42,538 | ||||||
| Restructuring income, net * | (32,506 | ) | -- | |||||
| 42,293 | 83,337 | |||||||
| OPERATING PROFIT | 139,941 | 133,734 | ||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 10,921 | (10,295 | ) | |||||
| PROFIT BEFORE INCOME TAX | 150,862 | 123,439 | ||||||
| INCOME TAX EXPENSE, NET | (20,788 | ) | (9,492 | ) | ||||
| NET PROFIT | 130,074 | 113,947 | ||||||
| Net income attributable to non-controlling interest | (7,482 | ) | (1,837) | |||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 122,592 | $ | 112,110 | ||||
| BASIC EARNINGS PER SHARE | $ | 1.11 | $ | 1.03 | ||||
| Weighted average number of shares | 110,025 | 109,037 | ||||||
| DILUTED EARNINGS PER SHARE | $ | 1.10 | $ | 1.01 | ||||
| Weighted average number of shares | 111,153 | 110,561 | ||||||
|
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.
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Tower Semiconductor Reports 2023 Second Quarter Financial Results
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