TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | | | | |
March 31, | |
December 31, | |
March 31, | | | | | | | | | | |
2016 | | | |
2015 | | | |
2015 | | | | | | | | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Net profit (loss) for the period
|
$ | |
64,548 | |
$ | |
24,071 | |
$ | |
(75,350 |
) | | | | | | | | | | | | | | |
Adjustments to reconcile net profit (loss) for the period
| | | | | | | t
o net cash provided by operating activities:
| | | | | | |
Income and expense items not involving cash flows:
| | | | | | |
Depreciation and amortization
| | |
48,544 | | | |
43,663 | | | |
47,968 | |
Financing expense associated with debentures series F
| | |
38 | | | |
7,998 | | | |
75,334 | |
Effect of indexation, translation and fair value measurement on debt
| | |
1,401 | | | |
3,804 | | | |
7,809 | |
Other expense (income), net
| |
|
-- | | | |
(70 |
) | | |
9 | |
Gain from acquisition, net
| | |
(41,140 |
) | |
|
-- | | |
|
-- | |
Changes in assets and liabilities:
| | | | | | |
Trade accounts receivable
| | |
(8,519 |
) | | |
11,795 | | | |
(6,327 |
) |
Other
receivables and other current assets
| | | |
822 | | | |
(4,463 |
) | | |
(7,154 |
) |
Inventories
| | |
(9,224 |
) | | |
(1,302 |
) | | |
1,643 | |
Trade accounts payable
| | |
10,145 | | | |
(18,979 |
) | | |
(1,591 |
) |
Deferred revenue and customers' advances
| | |
15,030 | | | |
8,613 | | | |
2,704 | |
Other current liabilities
| | |
(1,953 |
) | | |
(16,413 |
) | | |
8,022 | |
Deferred tax liability, net
| | |
(2,173 |
) | | |
(4,612 |
) | | |
551 | |
Other long-term liabilities
| | |
(77 |
) | | |
(925 |
) | | |
(13,328 |
) |
Nishiwaki's employees termination payments
| | |
-- | | | |
-- | | | |
(24,907 |
) |
Net cash provided by operating activities
| | |
77,442 | | | |
53,180 | | | |
15,383 | | | | | | | | | | | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Investments in property and equipment, net
| | |
(57,533 |
) | | |
(58,291 |
) | | |
(27,944 |
) |
Decrease (increase) in deposits
| | |
10,000 | | | |
(30,000 |
) | |
|
-- | |
Net cash used in investing activities
| | |
(47,533 |
) | | |
(88,291 |
) | | |
(27,944 |
) | | | | | | | | | | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Proceeds on account of shareholders' equity , net
| | |
5,881 | | | |
4,168 | | | |
6,471 | |
Proceeds from loans
| | |
17,000 | | | |
70,592 | | |
|
-- | | |
D
ebt repayment | | |
(10,254 |
) | | |
(18,006 |
) | | |
(46,683 |
) | |
Di
vidend payment to Panasonic | | |
(2,563 |
) | | |
(1,570 |
) | |
|
-- | |
Net cash provided by (used in) financing activities
| | |
10,064 | | | |
55,184 | | | |
(40,212 |
) | | | | | | | | | | | | | | |
Effect of foreign exchange rate change
| | |
9,029 | | | |
154 | | | |
(178 |
) | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | |
I
NCREASE (DECREASE) IN CASH | | | | | | | | |
49,002 | | | |
20,227 | | | |
(52,951 |
) | |
C
ASH
- BEGINNING OF PERIOD | | | | | | | | |
175,575 | | | |
155,348 | | | |
187,167 | | | | | | | | | | | | | | | | |
CASH - END OF PERIOD | | |
224,577 | | | |
175,575 | | | |
134,216 | | | | | | | | | | | | | | | |
Short term deposits
| | |
20,000 | | | |
30,000 | | |
|
-- | | | | | | | | | | | | | | | | |
C
ASH AND SHORT TERM DEPOSITS - END OF PERIOD | | | | | | |
$ | |
244,577 | |
$ | |
205,575 | |
$ | |
134,216 | | | | | | | | | | | | | | | |
|
