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ORBOTECH LTD. | ||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
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U.S. dollars in thousands | ||||||||
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(Unaudited) |
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3 m o n t h s e n d e d |
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12 months ended |
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March 3 1 |
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December 31 |
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2015 |
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2014 |
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2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$11,955 |
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$6,352 |
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$35,264 |
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Adjustment to reconcile net income to net cash |
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|
|
|
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provided by operating activities: |
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|
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Depreciation and amortization |
12,660 |
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3,471 |
|
30,333 |
| |
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Compensation relating to equity awards granted to |
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|
| |
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employees and others - net |
889 |
|
816 |
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3,192 |
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Increase (decrease) in liability for employee rights upon retirement, net |
176 |
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(890) |
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(1,553) |
| |
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Long- term loans discount amortization |
120 |
|
257 |
|
237 |
| |
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Deferred financing costs amortization |
312 |
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|
612 |
| |
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Deferred income taxes |
2,334 |
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1,253 |
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Amortization of premium and accretion of discount on marketable |
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| |
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Securities, net |
50 |
|
157 |
|
656 |
|
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Equity in earnings of Frontline, net of dividend received |
636 |
|
(195) |
|
468 |
| |
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Other |
499 |
|
207 |
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1,242 |
| |
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Loss from sales of marketable securities |
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|
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|
339 |
| |
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Decrease (increase) in accounts receivable: |
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| |
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Trade |
(1,668) |
|
8,177 |
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(17,440) |
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Other |
3,093 |
|
606 |
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(2,075) |
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Increase (decrease) in accounts payable and accruals: |
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Trade |
2,311 |
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(3,152) |
|
2,140 |
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Deferred income and other |
(10,754) |
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(10,718) |
|
10,672 |
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Decrease (increase) in inventories |
(972) |
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(7,055) |
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(13,984) |
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Net cash provided by (used in) operating activities |
21,641 |
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(1,967) |
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51,356 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchase of property, plant and equipment |
(3,182) |
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(3,574) |
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(12,500) |
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Withdraw (placement) of bank deposits |
2,976 |
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(3,524) |
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28,650 |
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Purchase of marketable securities |
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(2,490) |
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(15,152) |
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Redemption of marketable securities |
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2,755 |
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26,586 |
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SPTS net of cash acquired |
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|
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(375,061) |
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Investment in equity method investee |
(1,500) |
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(250) |
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Proceeds from disposal of property, plant and equipment |
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|
9 |
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15 |
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Increase in restricted cash |
(3,244) |
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(10,000) |
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Increase in funds in respect of employee |
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rights upon retirement |
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(71) |
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(260) |
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Net cash used in investing activities |
(4,950) |
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(6,895) |
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(357,972) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Long term loan, net of $8 millions financing costs |
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288,918 |
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Repayment of long-term bank loan |
(750) |
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(750) |
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Short term bank loan |
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Employee stock options exercised |
2,152 |
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3,523 |
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8,253 |
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Acquisition of treasury shares |
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(4,174) |
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(14,593) |
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Net cash provided by (used in) financing activities |
1,402 |
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(651) |
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281,828 |
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Net increase (decrease) in cash and cash equivalents |
18,093 |
|
(9,513) |
|
(24,788) |
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Cash and cash equivalents at beginning of period |
136,367 |
|
161,155 |
|
161,155 |
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CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$154,460 |
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$151,642 |
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$136,367 |
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