| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||
| Three months ended | ||||||||||
| June 30, | March 31, | June 30, | ||||||||
| 2024 | 2024 | 2023 | ||||||||
| REVENUES | $ | 351,181 | $ | 327,238 | $ | 357,191 | ||||
| COST OF REVENUES | 264,259 | 254,632 | 270,674 | |||||||
| GROSS PROFIT | 86,922 | 72,606 | 86,517 | |||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||
| Research and development | 18,994 | 19,951 | 19,452 | |||||||
| Marketing, general and administrative | 19,050 | 18,670 | 17,387 | |||||||
| Restructuring income, net * | (6,270 | ) | -- | (851 | ) | |||||
| 31,774 | 38,621 | 35,988 | ||||||||
| OPERATING PROFIT | 55,148 | 33,985 | 50,529 | |||||||
| FINANCING AND OTHER INCOME, NET | 7,710 | 3,984 | 3,924 | |||||||
| PROFIT BEFORE INCOME TAX | 62,858 | 37,969 | 54,453 | |||||||
| INCOME TAX BENEFIT (EXPENSE), NET | (6,108 | ) | 5,078 | (5,747 | ) | |||||
| NET PROFIT | 56,750 | 43,047 | 48,706 | |||||||
| Net loss (income) attributable to non-controlling interest | (3,305 | ) | 1,587 | 2,484 | ||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 53,445 | $ | 44,634 | $ | 51,190 | ||||
| BASIC EARNINGS PER SHARE | $ | 0.48 | $ | 0.40 | $ | 0.46 | ||||
| Weighted average number of shares | 111,037 | 110,840 | 110,088 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.48 | $ | 0.40 | $ | 0.46 | ||||
| Weighted average number of shares | 111,979 | 111,627 | 111,234 | |||||||
| * 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 | $ | 53,445 | $ | 44,634 | $ | 51,190 | ||||
| Stock based compensation | 7,781 | 6,761 | 6,923 | |||||||
| Amortization of acquired intangible assets | 448 | 448 | 491 | |||||||
| Restructuring income, net ** | (2,634 | ) | -- | (250 | ) | |||||
| ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 59,040 | $ | 51,843 | $ | 58,354 | ||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||
| Basic | $ | 0.53 | $ | 0.47 | $ | 0.53 | ||||
| Diluted | $ | 0.53 | $ | 0.46 | $ | 0.52 | ||||
| ** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | ||||||||||
Tower Semiconductor Reports 2024 Second Quarter Financial Results
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