TowerJazz Reports Results for the First Quarter of 2018 and Second Quarter Guidance Growth

 

 
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
       
   Three months ended
   March 31,   December 31,   March 31,
   2018
  2017
  2017
       
CASH FLOWS - OPERATING ACTIVITIES      
       
  Net profit for the period $ 27,181  $ 148,642  $ 47,046 
       
  Adjustments to reconcile net profit for the period      
   to net cash provided by operating activities:      
    Income and expense items not involving cash flows:      
     Depreciation and amortization  53,977   51,310   49,698 
     Effect of indexation, translation and fair value measurement on debt  (1,740 )  2,281   6,888 
     Other expense (income), net  (22 )  3,027   (511 )
    Changes in assets and liabilities:      
     Trade accounts receivable  8,089   788   9,529 
     O ther current assets
  3,370   445   (4,439 )
     Inventories  (2,692 )  92   (1,421 )
     Trade accounts payable   (6,313 )   (2,786 )   (4,128 )
        Deferred revenue and customers' advances     (712 )   (17,882 )   (8,735 )
        Other current liabilities   (4,219 )   1,765     (9,090 )
        Long-term employee related liabilities   (387 )   (2,482 )   (257 )
        Deferred tax, net     (1,531 )   (99,915 )   (2,440 )
          Net cash provided by operating activities   75,001     85,285     82,140  
             
CASH FLOWS - INVESTING ACTIVITIES            
  Investments in property and equipment, net   (40,047 )   (41,349 )   (40,348 )
  Investments in marketable securities and others, net   (14,963 )   (64,867 )   (5,118 )
          Net cash used in investing activities   (55,010 )   (106,216 )   (45,466 )
             
CASH FLOWS - FINANCING ACTIVITIES            
             
  Debt repaid   (6,656 )   (16,863 )   (11,805 )
  Exercise of warrants and options, net   658     3,278     12,756  
  Dividend payment to Panasonic
  --       --       (4,378 )
          Net cash used in financing activities   (5,998 )   (13,585 )   (3,427 )
             
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   4,707     70     4,371  
             
             
INC REASE (DECREASE) IN CASH AND CASH EQUIVALENTS
  18,700     (34,446 )   37,618  
CAS H AND CASH EQUIVALENTS - BEGINNING OF PERIOD
  445,961     480,407     355,284  
             
CASH AND CASH EQUIVALENTS - END OF PERIOD   464,661     445,961     392,902  
             
  Short-term deposits   --       --       39,211  
             
CAS H, CASH EQUIVALENTS AND SHORT-TERM DEPOSITS - END OF PERIOD
$ 464,661   $ 445,961   $ 432,113  
             



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