TowerJazz Announces Third Quarter 2019 Results


 
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
            
        Three months ended
        September 30, June 30,  September 30,
        2019   2019   2018 
            
CASH FLOWS - OPERATING ACTIVITIES      
            
  Net profit for the period $ 22,354  $ 19,722  $ 33,674 
            
  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   53,203     52,853     52,764  
        Effect of exchange rate differences on debentures   3,095     2,204     788  
        Other income, net   (266 )   (428 )   --  
      Changes in assets and liabilities:            
        Trade accounts receivable   (496
  12,665     (3,767 )
        Other assets   (1,978 )   (2,050 )   (919 )
        Inventories   (13,276 )   378     (7,237 )
        Trade accounts payable   12,110
    (12,553 )   (2,652 )
        Deferred revenue and customers' advances   4,178     (2,964 )   35  
        Other current liabilities   (6,494 )   2,957     (2,764 )
        Long-term employee related liabilities   (32 )   (29 )   (240 )
        Deferred tax, net and other long-term liabilities   337     (599 )   (211 )
          Net cash provided by operating activities   72,735     72,156     69,471  
                       
CASH FLOWS - INVESTING ACTIVITIES            
  Investments in property and equipment, net   (43,017 )   (43,727 )   (40,892 )
  Investments in deposits, marketable securities and other assets, net   (11,573 )   (27,099 )   (4,899 )
          Net cash used in investing activities   (54,590 )   (70,826 )   (45,791 )
                       
CASH FLOWS - FINANCING ACTIVITIES            
                       
  Debt repaid, net   (5,606 )   (7,475 )   (43,078 )
  Exercise of options   43     --     21  
          Net cash used in financing activities   (5,563 )   (7,475 )   (43,057 )
                       
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (104 )   3,205     (3,057 )
                       
                       
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   12,478     (2,940 )   (22,434 )
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   405,158     408,098     486,880  
                       
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 417,636   $ 405,158   $ 464,446  


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