TowerJazz Reports Revenues of $323 million with Net Profit of $34 million for the Third Quarter of 2018

 

(c) Net cash provided by operating activities for the three months ended September 30, 2017 included $18,000 received from Tacoma as announced on August 21, 2017.
  


  
  
  
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
(dollars in thousands) 
          
       Nine months ended 
       September 30, 
       2018   2017  
          
CASH FLOWS - OPERATING ACTIVITIES     
          
  Net profit for the period
$ 96,864  $ 153,014  
          
  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  160,234   157,101  
    Effect of indexation, translation and fair value measurement on debt (5,749 )  10,584  
    Other expense, net  (1,564 )  (400 ) 
   Changes in assets and liabilities:     
    Trade accounts receivable  (14,029 )  (7,352 ) 
      O ther assets   8,164     (8,766 )  
      Inventories   (16,642 )   (4,369 )  
      Trade accounts payable   1,221     (5,863 )  
      Deferred revenue and customers' advances     (6,143 )   (3,921 )  
      Other current liabilities   6,372     (9,984 )  
      Long-term employee related liabilities   (434 )   (765 )  
      Deferred tax, net     (6,893 )   (8,929 )  
        Net cash provided by operating activities   221,401     270,350   (d)
                   
CASH FLOWS - INVESTING ACTIVITIES          
  Investments in property and equipment, net   (121,087 )   (123,368 )  
  Investments in marketable securities and other assets, net   (35,350 )   (49,869 )  
        Net cash used in investing activities   (156,437 )   (173,237 )  
                   
CASH FLOWS - FINANCING ACTIVITIES          
                   
  Debt repaid, net   (45,925 )   (33,392 )  
  Exercise of warrants and options, net   705     28,037    
  Dividend paid to Panasonic    --       (4,378 )  
        Net cash used in financing activities   (45,220 )   (9,733 )  
                   
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (1,259 )   3,650    
                   
                   
INC REASE IN CASH AND SHORT-TERM DEPOSITS     18,485     91,030    
CAS H AND SHORT-TERM DEPOSITS - BEGINNING OF PERIOD     445,961     389,377    
                   
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 464,446   $ 480,407    

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