Tower Semiconductor Reports First Quarter 2022 Record revenue of $421 Million, a 21 Percent Year over Year Revenue Growth


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
  T h r e e m o n t h s e n d e d
  March 31,
  December 31,
  March 31,
  2022
  2021
  2021
REVENUES $ 421,132   $ 412,108   $ 347,214 
COST OF REVENUES 316,501   311,935   277,400 
GROSS PROFIT 104,631   100,173   69,814 
OPERATING COSTS AND EXPENSES:        
Research and development 20,318   22,371   20,343 
Marketing, general and administrative 21,253   21,939   16,991 
  41,571   44,310   37,334 
                 
OPERATING PROFIT 63,060     55,863     32,480  
FINANCING AND OTHER EXPENSE, NET (2,133 )   (372 )   (7,842 )
PROFIT BEFORE INCOME TAX 60,927     55,491     24,638  
INCOME TAX BENEFIT (EXPENSE), NET (5,153 )   (3,614 )   5,876  
NET PROFIT 55,774     51,877     30,514  
Net income attributable to non-controlling interest (1,741 )   (138 )   (2,192 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 54,033     $ 51,739     $ 28,322  
BASIC EARNINGS PER SHARE $ 0.50     $ 0.48     $ 0.26  
Weighted average number of shares 108,934     108,768     107,940  
DILUTED EARNINGS PER SHARE $ 0.49     $ 0.47     $ 0.26  
Weighted average number of shares 110,539     110,267     109,462  
                 

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