Tower Semiconductor Reports 2024 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)
    
  Three months ended   
  September 30,  June 30,  September 30,
  2024  2024  2023
REVENUES $ 370,512   $ 351,181   $ 358,167 
COST OF REVENUES 277,451   264,259   271,299 
GROSS PROFIT 93,061   86,922   86,868 
OPERATING COSTS AND EXPENSES:        
Research and development 19,867   18,994   20,176 
Marketing, general and administrative 17,432   19,050   18,037 
Restructuring income, net * --   (6,270 )   --  
Merger-contract termination fee, net ** --     --     (313,501 )
  37,299     31,774     (275,288 )
                 
OPERATING PROFIT 55,762     55,148     362,156  
FINANCING AND OTHER INCOME, NET 6,104     7,710     9,975  
PROFIT BEFORE INCOME TAX 61,866     62,858     372,131  
INCOME TAX EXPENSE, NET (7,026 )   (6,108 )   (34,394 )
NET PROFIT 54,840     56,750     337,737  
Net loss (income) attributable to non-controlling interest (193 )   (3,305 )   4,318  
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 54,647     $ 53,445     $ 342,055  
BASIC EARNINGS PER SHARE $ 0.49     $ 0.48     $ 3.10  
Weighted average number of shares 111,237     111,037     110,302  
DILUTED EARNINGS PER SHARE $ 0.49     $ 0.48     $ 3.07  
Weighted average number of shares 112,474     111,979     111,242  
                   
* 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 ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:      
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 54,647     $ 53,445     $ 342,055  
Stock based compensation 8,611     7,781     7,898  
Amortization of acquired intangible assets 448     448     491  
Restructuring income, net *** --     (2,634 )   --  
Merger-contract termination fee, net **** --     --     (289,988 )
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 63,706     $ 59,040     $ 60,456  
ADJUSTED EARNINGS PER SHARE:                
Basic $ 0.57     $ 0.53     $ 0.55  
Diluted $ 0.57     $ 0.53     $ 0.54  
       
*** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
**** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.
                 

 

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