Chip Tower (Wikipedia photo)
Moments after the impressive sale of Tower to Intel, the company publishes its financial statements for the fourth quarter of the year and as expected these are not bad financial statements at all. The company data shows that it ended the quarter with sales of $ 412 million, compared to sales of $ 345 million and sales of $ 387 million in the fourth quarter of 2020 and the third quarter of 2021, respectively, reflecting growth of 19% and 7%, respectively.
Organic sales in the fourth quarter of 2021 (defined as sales to all of the Company’s customers after neutralizing sales to Novoton from the plants in Japan and neutralizing sales to Maxim from the plant in San Antonio) grew by 28% compared to the corresponding quarter last year.
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Gross profit in the fourth quarter of 2021 totaled $ 100 million, an increase of 44% compared to a gross profit of $ 70 million in the fourth quarter of 2020 and a 17% increase compared to a gross profit of $ 85 million in the third quarter of 2021.
Operating profit in the fourth quarter of 2021 totaled $ 56 million, an increase of 67% compared to operating profit of $ 33 million in the fourth quarter of 2020 and a 26% increase compared to operating profit of $ 44 million in the third quarter of 2021.
Net income for the fourth quarter of this year amounted to about $ 52 million which is 48 cents per share and 47 cents diluted per share, an increase of 67% compared to net income of $ 31 million, which is a diluted earnings per share of 28 cents in the fourth quarter of 2020.
Cash flow from operating activities in the fourth quarter of 2021 in the amount of $ 134 million and investments in fixed assets in the amount of $ 86 million, net. During the fourth quarter of 2021, the Company invested $ 47 million in short-term deposits and marketable securities.
In annual terms, the company’s sales totaled $ 1.5 billion compared to $ 1.26 billion in 2020 reflecting 19% overall growth and 29% organic growth. Gross profit for 2021 totaled $ 329 million, an increase of 41% compared to gross profit of $ 233 million in 2020.
Operating profit for 2021 of $ 167 million, an increase of 83% compared to operating profit of $ 91 million in 2020. Net income in 2021 amounted to $ 150 million which is $ 1.39 per share.
Cash flow from operating activities in 2021 amounted to approximately $ 421 million and investments in fixed assets amounted to $ 279 million, net. During 2021, the Company repaid liabilities of $ 77 million, net and invested $ 60 million in short-term deposits, marketable securities and other, net assets.
During the fourth quarter of 2021, TPSCo signed refinancing contracts for a loan it had from a consortium of lenders headed by JA Mitsui (a financial institution in Japan), resulting in a new 11 billion Japanese yen loan, redeployed and repaid in seven half-yearly installments. Until 2027 and will bear a fixed annual interest rate of 1.95%.
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