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) | | | | |
Nine months ended | | | | |
September 30, | | | | |
2023 | |
2022 | | | |
REVENUES |
$ 1,070,969 | |
$ 1,274,387 | | | |
COST OF REVENUES |
801,867 | |
932,805 | | | |
GROSS PROFIT |
269,102 | |
341,582 | | | |
OPERATING COSTS AND EXPENSES: | | | | | | |
Research and development |
58,959 | |
63,205 | | | |
Marketing, general and administrative |
54,053 | |
61,402 | | | |
Restructuring cost (income, net) * |
(32,506) | |
4,033 | | | |
Merger-contract termination fee, net ** |
(313,501) | |
-- | | | | | | | | | | | |
(232,995) | |
128,640 | | | | | | | | | | |
OPERATING PROFIT |
502,097 | |
212,942 | | | |
FINANCING AND OTHER INCOME (EXPENSE), NET |
20,896 | |
(19,646) | | | |
PROFIT BEFORE INCOME TAX |
522,993 | |
193,296 | | | |
INCOME TAX EXPENSE, NET |
(55,182) | |
(12,667) | | | |
NET PROFIT |
467,811 | |
180,629 | | | |
Net loss (income) attributable to non-controlling interest |
(3,164) | |
616 | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ 464,647 | |
$ 181,245 | | | |
BASIC EARNINGS PER SHARE |
$ 4.22 | |
$ 1.66 | | | |
Weighted average number of shares |
110,118 | |
109,165 | | | |
DILUTED EARNINGS PER SHARE |
$ 4.18 | |
$ 1.64 | | | |
Weighted average number of shares |
111,184 | |
110,691 | | | |
* 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 |
$ 464,647 | |
$ 181,245 | | | |
Amortization of stock based compensation |
21,269 | |
17,784 | | | |
Amortization of acquired intangible assets |
1,481 | |
1,523 | | | |
Restructuring cost (income, net) *** |
(11,224) | |
1,910 | | | |
Merger-contract termination fee, net **** |
(289,988) | |
-- | | | |
ADJUSTED NET PROFIT |
$ 186,185 | |
$ 202,462 | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | |
Basic |
$ 1.69 | |
$ 1.85 | | | |
Diluted |
$ 1.67 | |
$ 1.83 | | | |
*** 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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