Tower Semiconductor Reports 2023 Third Quarter Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
(dollars and share count in thousands, except per share data)  
  Nine months ended  
  September 30,  
  2023  2022  
REVENUES $ 1,070,969  $ 1,274,387  
COST OF REVENUES 801,867  932,805  
GROSS PROFIT 269,102  341,582  
OPERATING COSTS AND EXPENSES:     
Research and development 58,959  63,205  
Marketing, general and administrative 54,053  61,402  
Restructuring cost (income, net) * (32,506)  4,033  
Merger-contract termination fee, net ** (313,501)  --  
      
  (232,995)  128,640  
      
OPERATING PROFIT 502,097  212,942  
FINANCING AND OTHER INCOME (EXPENSE), NET 20,896  (19,646)  
PROFIT BEFORE INCOME TAX 522,993  193,296  
INCOME TAX EXPENSE, NET (55,182)  (12,667)  
NET PROFIT 467,811  180,629    
Net loss (income) attributable to non-controlling interest (3,164)   616    
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 464,647   $ 181,245    
BASIC EARNINGS PER SHARE $ 4.22   $ 1.66    
Weighted average number of shares 110,118   109,165    
DILUTED EARNINGS PER SHARE $ 4.18   $ 1.64    
Weighted average number of shares 111,184   110,691    
* 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 $ 464,647   $ 181,245    
Amortization of stock based compensation 21,269   17,784    
Amortization of acquired intangible assets 1,481   1,523    
Restructuring cost (income, net) *** (11,224)   1,910    
Merger-contract termination fee, net **** (289,988)   --    
ADJUSTED NET PROFIT $ 186,185   $ 202,462    
ADJUSTED EARNINGS PER SHARE:          
Basic $ 1.69   $ 1.85    
Diluted $ 1.67   $ 1.83    
*** 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.    

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