Tower Semiconductor Reports 2023 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) | | | | |
Three months ended | | | | | |
December 31, | | |
September 30, | | |
December 31, | | | |
2023 | | |
2023 | | |
2022 | | |
REVENUES |
$ |
351,711 | | |
$ |
358,167 | | |
$ |
403,227 | | |
COST OF REVENUES |
267,294 | | |
271,299 | | |
278,501 | | |
GROSS PROFIT |
84,417 | | |
86,868 | | |
124,726 | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | |
Research and development |
20,849 | | |
20,176 | | |
20,706 | | |
Marketing, general and administrative |
18,401 | | |
18,037 | | |
18,880 | | |
Restructuring income, net * |
-- | | |
-- | | |
(13,592 |
) | |
Merger-contract termination fee, net ** |
-- | | |
(313,501 |
) | |
-- | | | |
39,250 | | |
(275,288 |
) | |
25,994 | | | | | | | | | | | | |
OPERATING PROFIT |
45,167 | | |
362,156 | | |
98,732 | | |
FINANCING AND OTHER INCOME (EXPENSE), NET |
16,682 | | |
9,975 | | |
(55 |
) | |
PROFIT BEFORE INCOME TAX |
61,849 | | |
372,131 | | |
98,677 | | |
INCOME TAX EXPENSE, NET |
(10,130 |
) | |
(34,394 |
) | |
(12,835 |
) | |
NET PROFIT |
51,719 | | |
337,737 | | |
85,842 | | |
Net loss (income) attributable to non-controlling interest |
2,128 | | |
4,318 | | |
(2,518 |
) | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
53,847 | | |
$ |
342,055 | | |
$ |
83,324 | | |
BASIC EARNINGS PER SHARE |
$ |
0.49 | | |
$ |
3.10 | | |
$ |
0.76 | | |
Weighted average number of shares |
110,796 | | |
110,302 | | |
109,896 | | |
DILUTED EARNINGS PER SHARE |
$ |
0.48 | | |
$ |
3.07 | | |
$ |
0.75 | | |
Weighted average number of shares |
111,308 | | |
111,242 | | |
110,938 | | |
* 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 TO ADJUSTED NET PROFIT: | | | | | | | | |
GAAP NET PROFIT |
$ |
53,847 | | |
$ |
342,055 | | |
$ |
83,324 | | |
Stock based compensation |
6,662 | | |
7,898 | | |
6,431 | | |
Amortization of acquired intangible assets |
442 | | |
491 | | |
510 | | |
Restructuring income, net *** |
-- | | |
-- | | |
(8,966 |
) | |
Merger-contract termination fee, net **** |
-- | | |
(289,988 |
) | |
-- | | |
ADJUSTED NET PROFIT |
$ |
60,951 | | |
$ |
60,456 | | |
$ |
81,299 | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | |
Basic |
$ |
0.55 | | |
$ |
0.55 | | |
$ |
0.74 | | |
Diluted |
$ |
0.55 | | |
$ |
0.54 | | |
$ |
0.73 | | | | | | | |
*** Restructuring 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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