| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||
| (dollars in thousands) | ||||||||||
| Three months ended | ||||||||||
| September 30, | June 30, | September 30, | ||||||||
| 2018 | 2018 | 2017 | ||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||
| Net profit for the period | $ | 33,674 | $ | 36,009 | $ | 54,241 | ||||
| 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 | 52,764 | 53,493 | 55,014 | |||||||
| Effect of indexation, translation and fair value measurement on debt | 788 | (4,797 | ) | (1,177 | ) | |||||
| Other expense (income), net | -- | (1,578 | ) | 253 | ||||||
| Changes in assets and liabilities: | ||||||||||
| Trade accounts receivable | (3,767 | ) | (18,351 | ) | 361 | |||||
| O ther assets | (919 | ) | 5,713 | 2,980 | ||||||
| Inventories | (7,237 | ) | (6,713 | ) | (4,636 | ) | ||||
| Trade accounts payable | (2,652 | ) | 10,222 | 4,795 | ||||||
| Deferred revenue and customers' advances | 35 | (5,466 | ) | 9,378 | ||||||
| Other current liabilities | (2,764 | ) | 13,355 | (13,760 | ) | |||||
| Long-term employee related liabilities | (240 | ) | 193 | (274 | ) | |||||
| Deferred tax, net | (211 | ) | (5,151 | ) | (3,259 | ) | ||||
| Net cash provided by operating activities | 69,471 | 76,929 | 103,916 | (c) | ||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||
| Investments in property and equipment, net | (40,892 | ) | (40,148 | ) | (41,708 | ) | ||||
| Investments in marketable securities and other assets, net | (4,899 | ) | (15,488 | ) | (49,869 | ) | ||||
| Net cash used in investing activities | (45,791 | ) | (55,636 | ) | (91,577 | ) | ||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||
| Debt received (repaid), net | (43,078 | ) | 3,809 | (15,932 | ) | |||||
| Exercise of options, net | 21 | 26 | 1,027 | |||||||
| Net cash provided by (used in) financing activities | (43,057 | ) | 3,835 | (14,905 | ) | |||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | (3,057 | ) | (2,909 | ) | (630 | ) | ||||
| INC REASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (22,434 | ) | 22,219 | (3,196 | ) | |||||
| CAS H AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 486,880 | 464,661 | 483,603 | |||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 464,446 | $ | 486,880 | $ | 480,407 | ||||
TowerJazz Reports Revenues of $323 million with Net Profit of $34 million for the Third Quarter of 2018
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