| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| Three months ended | ||||||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||||||
| 2016 | 2015 | 2015 | ||||||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||||||
|
Net profit (loss) for the period
| $ | 64,548 | $ | 24,071 | $ | (75,350 | ) | |||||||||||
|
Adjustments to reconcile net profit (loss) for the period
| ||||||||||||||||||
| t
o net cash provided by operating activities:
| ||||||||||||||||||
|
Income and expense items not involving cash flows:
| ||||||||||||||||||
|
Depreciation and amortization
| 48,544 | 43,663 | 47,968 | |||||||||||||||
|
Financing expense associated with debentures series F
| 38 | 7,998 | 75,334 | |||||||||||||||
|
Effect of indexation, translation and fair value measurement on debt
| 1,401 | 3,804 | 7,809 | |||||||||||||||
|
Other expense (income), net
| -- | (70 | ) | 9 | ||||||||||||||
|
Gain from acquisition, net
| (41,140 | ) | -- | -- | ||||||||||||||
|
Changes in assets and liabilities:
| ||||||||||||||||||
|
Trade accounts receivable
| (8,519 | ) | 11,795 | (6,327 | ) | |||||||||||||
|
Other
receivables and other current assets
| 822 | (4,463 | ) | (7,154 | ) | |||||||||||||
|
Inventories
| (9,224 | ) | (1,302 | ) | 1,643 | |||||||||||||
|
Trade accounts payable
| 10,145 | (18,979 | ) | (1,591 | ) | |||||||||||||
|
Deferred revenue and customers' advances
| 15,030 | 8,613 | 2,704 | |||||||||||||||
|
Other current liabilities
| (1,953 | ) | (16,413 | ) | 8,022 | |||||||||||||
|
Deferred tax liability, net
| (2,173 | ) | (4,612 | ) | 551 | |||||||||||||
|
Other long-term liabilities
| (77 | ) | (925 | ) | (13,328 | ) | ||||||||||||
|
Nishiwaki's employees termination payments
| -- | -- | (24,907 | ) | ||||||||||||||
|
Net cash provided by operating activities
| 77,442 | 53,180 | 15,383 | |||||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||||||
|
Investments in property and equipment, net
| (57,533 | ) | (58,291 | ) | (27,944 | ) | ||||||||||||
|
Decrease (increase) in deposits
| 10,000 | (30,000 | ) | -- | ||||||||||||||
|
Net cash used in investing activities
| (47,533 | ) | (88,291 | ) | (27,944 | ) | ||||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||||||
|
Proceeds on account of shareholders' equity , net
| 5,881 | 4,168 | 6,471 | |||||||||||||||
|
Proceeds from loans
| 17,000 | 70,592 | -- | |||||||||||||||
| D ebt repayment | (10,254 | ) | (18,006 | ) | (46,683 | ) | ||||||||||||
| Di vidend payment to Panasonic | (2,563 | ) | (1,570 | ) | -- | |||||||||||||
|
Net cash provided by (used in) financing activities
| 10,064 | 55,184 | (40,212 | ) | ||||||||||||||
|
Effect of foreign exchange rate change
| 9,029 | 154 | (178 | ) | ||||||||||||||
| I NCREASE (DECREASE) IN CASH | 49,002 | 20,227 | (52,951 | ) | ||||||||||||||
| C ASH - BEGINNING OF PERIOD | 175,575 | 155,348 | 187,167 | |||||||||||||||
| CASH - END OF PERIOD | 224,577 | 175,575 | 134,216 | |||||||||||||||
|
Short term deposits
| 20,000 | 30,000 | -- | |||||||||||||||
| C ASH AND SHORT TERM DEPOSITS - END OF PERIOD | $ | 244,577 | $ | 205,575 | $ | 134,216 | ||||||||||||
TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016
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