| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||
| Three months ended | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2023 | 2023 | 2022 | |||||||||
| REVENUES | $ | 351,711 | $ | 358,167 | $ | 403,227 | |||||
| COST OF REVENUES | 267,294 | 271,299 | 278,501 | ||||||||
| GROSS PROFIT | 84,417 | 86,868 | 124,726 | ||||||||
| OPERATING COSTS AND EXPENSES: | |||||||||||
| Research and development | 20,849 | 20,176 | 20,706 | ||||||||
| Marketing, general and administrative | 18,401 | 18,037 | 18,880 | ||||||||
| Restructuring income, net * | -- | -- | (13,592 | ) | |||||||
| Merger-contract termination fee, net ** | -- | (313,501 | ) | -- | |||||||
| 39,250 | (275,288 | ) | 25,994 | ||||||||
| OPERATING PROFIT | 45,167 | 362,156 | 98,732 | ||||||||
| FINANCING AND OTHER INCOME (EXPENSE), NET | 16,682 | 9,975 | (55 | ) | |||||||
| PROFIT BEFORE INCOME TAX | 61,849 | 372,131 | 98,677 | ||||||||
| INCOME TAX EXPENSE, NET | (10,130 | ) | (34,394 | ) | (12,835 | ) | |||||
| NET PROFIT | 51,719 | 337,737 | 85,842 | ||||||||
| Net loss (income) attributable to non-controlling interest | 2,128 | 4,318 | (2,518 | ) | |||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 53,847 | $ | 342,055 | $ | 83,324 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.49 | $ | 3.10 | $ | 0.76 | |||||
| Weighted average number of shares | 110,796 | 110,302 | 109,896 | ||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.48 | $ | 3.07 | $ | 0.75 | |||||
| Weighted average number of shares | 111,308 | 111,242 | 110,938 | ||||||||
| * Restructuring 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 | $ | 53,847 | $ | 342,055 | $ | 83,324 | |||||
| Stock based compensation | 6,662 | 7,898 | 6,431 | ||||||||
| Amortization of acquired intangible assets | 442 | 491 | 510 | ||||||||
| Restructuring income, net *** | -- | -- | (8,966 | ) | |||||||
| Merger-contract termination fee, net **** | -- | (289,988 | ) | -- | |||||||
| ADJUSTED NET PROFIT | $ | 60,951 | $ | 60,456 | $ | 81,299 | |||||
| ADJUSTED EARNINGS PER SHARE: | |||||||||||
| Basic | $ | 0.55 | $ | 0.55 | $ | 0.74 | |||||
| Diluted | $ | 0.55 | $ | 0.54 | $ | 0.73 | |||||
| *** Restructuring 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 Fourth Quarter and Full Year Financial Results
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