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 | | | | | | | | | | | |
|
