Tower Semiconductor Reports 2023 Third Quarter 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) | | | | |
Three months ended | | | | |
September 30, | |
June 30, | |
September 30, | | | | |
2023 | |
2023 | |
2022 | | | |
REVENUES |
$ 358,167 | |
$ 357,191 | |
$ 427,087 | | | |
COST OF REVENUES |
271,299 | |
270,674 | |
302,576 | | | |
GROSS PROFIT |
86,868 | |
86,517 | |
124,511 | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | |
Research and development |
20,176 | |
19,452 | |
22,406 | | | |
Marketing, general and administrative |
18,037 | |
17,387 | |
18,864 | | | |
Restructuring cost (income, net) * |
-- | |
(851) | |
4,033 | | | |
Merger-contract termination fee, net ** |
(313,501) | |
-- | |
-- | | | | |
(275,288) | |
35,988 | |
45,303 | | | | | | | | | | | | |
OPERATING PROFIT |
362,156 | |
50,529 | |
79,208 | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET |
9,975 | |
3,924 | |
(9,351) | | | |
PROFIT BEFORE INCOME TAX |
372,131 | |
54,453 | |
69,857 | | | |
INCOME TAX EXPENSE, NET |
(34,394) | |
(5,747) | |
(3,175) | | | |
NET PROFIT |
337,737 | |
48,706 | |
66,682 | | | |
Net loss attributable to non-controlling interest |
4,318 | |
2,484 | |
2,453 | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ 342,055 | |
$ 51,190 | |
$ 69,135 | | | |
BASIC EARNINGS PER SHARE |
$ 3.10 | |
$ 0.46 | |
$ 0.63 | | | |
Weighted average number of shares |
110,302 | |
110,088 | |
109,416 | | | |
DILUTED EARNINGS PER SHARE |
$ 3.07 | |
$ 0.46 | |
$ 0.62 | | | |
Weighted average number of shares |
111,242 | |
111,234 | |
110,825 | | | |
* Restructuring cost (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 TO ADJUSTED NET PROFIT: | | | | | |
GAAP NET PROFIT |
$ 342,055 | |
$ 51,190 | |
$ 69,135 | | | |
Amortization of stock based compensation |
7,898 | |
6,923 | |
6,526 | | | |
Amortization of acquired intangible assets |
491 | |
491 | |
509 | | | |
Restructuring cost (income, net) *** |
-- | |
(250) | |
1,910 | | | |
Merger-contract termination fee, net **** |
(289,988) | |
-- | |
-- | | | |
ADJUSTED NET PROFIT |
$ 60,456 | |
$ 58,354 | |
$ 78,080 | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | |
Basic |
$ 0.55 | |
$ 0.53 | |
$ 0.71 | | | |
Diluted |
$ 0.54 | |
$ 0.52 | |
$ 0.70 | | | |
*** Restructuring cost (income, net) resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | | |
**** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax. | | |
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