| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||
|
Three months ended
| ||||||||||
| March 31, | December 31, | March 31, | ||||||||
| 2024 | 2023 | 2023 | ||||||||
| REVENUES | $ | 327,238 | $ | 351,711 | $ | 355,611 | ||||
| COST OF REVENUES | 254,632 | 267,294 | 259,894 | |||||||
| GROSS PROFIT | 72,606 | 84,417 | 95,717 | |||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||
| Research and development | 19,951 | 20,849 | 19,331 | |||||||
| Marketing, general and administrative | 18,670 | 18,401 | 18,629 | |||||||
| Restructuring income, net * | -- | -- | (31,655 | ) | ||||||
| 38,621 | 39,250 | 6,305 | ||||||||
| OPERATING PROFIT | 33,985 | 45,167 | 89,412 | |||||||
| FINANCING AND OTHER INCOME, NET | 3,984 | 16,682 | 6,997 | |||||||
| PROFIT BEFORE INCOME TAX | 37,969 | 61,849 | 96,409 | |||||||
| INCOME TAX BENEFIT (EXPENSE), NET | 5,078 | (10,130 | ) | (15,041 | ) | |||||
| NET PROFIT | 43,047 | 51,719 | 81,368 | |||||||
| Net loss (income) attributable to non-controlling interest | 1,587 | 2,128 | (9,966 | ) | ||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 44,634 | $ | 53,847 | $ | 71,402 | ||||
| BASIC EARNINGS PER SHARE | $ | 0.40 | $ | 0.49 | $ | 0.65 | ||||
| Weighted average number of shares | 110,840 | 110,796 | 109,961 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.40 | $ | 0.48 | $ | 0.64 | ||||
| Weighted average number of shares | 111,627 | 111,308 | 111,071 | |||||||
| * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | ||||||||||
| RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | ||||||||||
| GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 44,634 | $ | 53,847 | $ | 71,402 | ||||
| Stock based compensation | 6,761 | 6,662 | 6,448 | |||||||
| Amortization of acquired intangible assets | 448 | 442 | 499 | |||||||
| Restructuring income, net ** | -- | -- | (10,974 | ) | ||||||
| ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 51,843 | $ | 60,951 | $ | 67,375 | ||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||
| Basic | $ | 0.47 | $ | 0.55 | $ | 0.61 | ||||
| Diluted | $ | 0.46 | $ | 0.55 | $ | 0.61 | ||||
| ** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | ||||||||||
Tower Semiconductor Reports 2024 First Quarter Financial Results
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