Tower Semiconductor Reports 2022 Fourth Quarter and Full Year Financial Results
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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, | | | | |
2022 | | |
2021 | | |
REVENUES |
$ |
1,677,614 | | |
$ |
1,508,166 | | |
COST OF REVENUES |
1,211,306 | | |
1,179,048 | | |
GROSS PROFIT |
466,308 | | |
329,118 | | |
OPERATING COSTS AND EXPENSES: | | | | | | |
Research and development |
83,911 | | |
85,386 | | |
Marketing, general and administrative |
80,282 | | |
77,221 | | |
Restructuring income, net * |
(9,559 |
) | |
-- | | | | | | | | | | |
154,634 | | |
162,607 | | | | | | | | | |
OPERATING PROFIT |
311,674 | | |
166,511 | | |
FINANCING AND OTHER EXPENSE, NET |
(19,701 |
) | |
(11,412 |
) | |
PROFIT BEFORE INCOME TAX |
291,973 | | |
155,099 | | |
INCOME TAX EXPENSE, NET |
(25,502 |
) | |
(1,024 |
) | |
NET PROFIT |
266,471 | | |
154,075 | | |
Net income attributable to non-controlling interest |
(1,902 |
) | |
(4,063 |
) | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
264,569 | | |
$ |
150,012 | | |
BASIC EARNINGS PER SHARE |
$ |
2.42 | | |
$ |
1.39 | | |
Weighted average number of shares |
109,349 | | |
108,279 | | |
DILUTED EARNINGS PER SHARE |
$ |
2.39 | | |
$ |
1.37 | | |
Weighted average number of shares |
110,754 | | |
109,798 | | | | | | | | | | | | | | | |
* Restructuring income, net for the year ended December 31, 2022 resulted from the previously disclosed Arai cessation of operations which occurred during 2022 as part of Japan operations reorganization and restructuring.
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