Tower Semiconductor Reports 2023 Fourth Quarter and Full Year Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
 
  Year ended 
  December 31, 
  2023   2022 
REVENUES $ 1,422,680   $ 1,677,614 
COST OF REVENUES 1,069,161   1,211,306 
GROSS PROFIT 353,519   466,308 
OPERATING COSTS AND EXPENSES:     
Research and development 79,808   83,911 
Marketing, general and administrative 72,454   80,282 
Restructuring income, net * (32,506 )  (9,559 ) 
Merger-contract termination fee, net ** (313,501 )  -- 
      
  (193,745 )  154,634 
      
OPERATING PROFIT 547,264   311,674 
FINANCING AND OTHER INCOME (EXPENSE), NET 37,578   (19,701 ) 
PROFIT BEFORE INCOME TAX 584,842   291,973 
INCOME TAX EXPENSE, NET (65,312 )   (25,502 )  
NET PROFIT 519,530     266,471  
Net income attributable to non-controlling interest (1,036 )   (1,902
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 518,494     $ 264,569  
BASIC EARNINGS PER SHARE $ 4.70     $ 2.42  
Weighted average number of shares 110,289     109,349  
DILUTED EARNINGS PER SHARE $ 4.66     $ 2.39  
Weighted average number of shares 111,216     110,754  
* 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 $ 518,494     $ 264,569  
Stock based compensation 27,931     24,215  
Amortization of acquired intangible assets 1,923     2,033  
 Restructuring income, net *** (11,224 )   (7,056
Merger-contract termination fee, net **** (289,988 )   --  
ADJUSTED NET PROFIT $ 247,136     $ 283,761  
ADJUSTED EARNINGS PER SHARE:          
Basic $ 2.24     $ 2.60  
Diluted $ 2.22     $ 2.56  
   
*** 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.  
           

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