TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
(dollars and share count in thousands, except per share data) | |||||||
Three months ended | |||||||
September 30, | June 30, | September 30, | |||||
2023 | 2023 | 2022 | |||||
REVENUES | $ 358,167 | $ 357,191 | $ 427,087 | ||||
COST OF REVENUES | 271,299 | 270,674 | 302,576 | ||||
GROSS PROFIT | 86,868 | 86,517 | 124,511 | ||||
OPERATING COSTS AND EXPENSES: | |||||||
Research and development | 20,176 | 19,452 | 22,406 | ||||
Marketing, general and administrative | 18,037 | 17,387 | 18,864 | ||||
Restructuring cost (income, net) * | -- | (851) | 4,033 | ||||
Merger-contract termination fee, net ** | (313,501) | -- | -- | ||||
(275,288) | 35,988 | 45,303 | |||||
OPERATING PROFIT | 362,156 | 50,529 | 79,208 | ||||
FINANCING AND OTHER INCOME (EXPENSE), NET | 9,975 | 3,924 | (9,351) | ||||
PROFIT BEFORE INCOME TAX | 372,131 | 54,453 | 69,857 | ||||
INCOME TAX EXPENSE, NET | (34,394) | (5,747) | (3,175) | ||||
NET PROFIT | 337,737 | 48,706 | 66,682 | ||||
Net loss attributable to non-controlling interest | 4,318 | 2,484 | 2,453 | ||||
NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ 342,055 | $ 51,190 | $ 69,135 | ||||
BASIC EARNINGS PER SHARE | $ 3.10 | $ 0.46 | $ 0.63 | ||||
Weighted average number of shares | 110,302 | 110,088 | 109,416 | ||||
DILUTED EARNINGS PER SHARE | $ 3.07 | $ 0.46 | $ 0.62 | ||||
Weighted average number of shares | 111,242 | 111,234 | 110,825 | ||||
* Restructuring cost (income, net) resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | |||||||
** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost. | |||||||
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||
GAAP NET PROFIT | $ 342,055 | $ 51,190 | $ 69,135 | ||||
Amortization of stock based compensation | 7,898 | 6,923 | 6,526 | ||||
Amortization of acquired intangible assets | 491 | 491 | 509 | ||||
Restructuring cost (income, net) *** | -- | (250) | 1,910 | ||||
Merger-contract termination fee, net **** | (289,988) | -- | -- | ||||
ADJUSTED NET PROFIT | $ 60,456 | $ 58,354 | $ 78,080 | ||||
ADJUSTED EARNINGS PER SHARE: | |||||||
Basic | $ 0.55 | $ 0.53 | $ 0.71 | ||||
Diluted | $ 0.54 | $ 0.52 | $ 0.70 | ||||
*** Restructuring cost (income, net) resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | |||||||
**** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax. |
Tower Semiconductor Reports 2023 Third Quarter Financial Results
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