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