TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
(dollars and share count in thousands, except per share data) | |||||||
Nine months ended | |||||||
September 30, | |||||||
2024 | 2023 | ||||||
REVENUES | $ | 1,048,931 | $ | 1,070,969 | |||
COST OF REVENUES | 796,342 | 801,867 | |||||
GROSS PROFIT | 252,589 | 269,102 | |||||
OPERATING COSTS AND EXPENSES: | |||||||
Research and development | 58,812 | 58,959 | |||||
Marketing, general and administrative | 55,152 | 54,053 | |||||
Restructuring income, net * | (6,270 | ) | (32,506 | ) | |||
Merger-contract termination fee, net ** | -- | (313,501 | ) | ||||
107,694 | (232,995 | ) | |||||
OPERATING PROFIT | 144,895 | 502,097 | |||||
FINANCING AND OTHER INCOME, NET | 17,798 | 20,896 | |||||
PROFIT BEFORE INCOME TAX | 162,693 | 522,993 | |||||
INCOME TAX EXPENSE, NET | (8,056 | ) | (55,182 | ) | |||
NET PROFIT | 154,637 | 467,811 | |||||
Net income attributable to non-controlling interest | (1,911 | ) | (3,164 | ) | |||
NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 152,726 | $ | 464,647 | |||
BASIC EARNINGS PER SHARE | $ | 1.38 | $ | 4.22 | |||
Weighted average number of shares | 111,039 | 110,118 | |||||
DILUTED EARNINGS PER SHARE | $ | 1.36 | $ | 4.18 | |||
Weighted average number of shares | 112,135 | 111,184 | |||||
* 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.
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RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | |||||||
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 152,726 | $ | 464,647 | |||
Stock based compensation | 23,153 | 21,269 | |||||
Amortization of acquired intangible assets | 1,344 | 1,481 | |||||
Restructuring income, net *** | (2,634 | ) | (11,224 | ) | |||
Merger-contract termination fee, net **** | -- | (289,988 | ) | ||||
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 174,589 | $ | 186,185 | |||
ADJUSTED EARNINGS PER SHARE: | |||||||
Basic | $ | 1.57 | $ | 1.69 | |||
Diluted | $ | 1.56 | $ | 1.67 | |||
*** 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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