TowerJazz Announces First Quarter 2019 Results: Revenues of $310 million, Cash from Operations of $75 million and Net Profit of $26 million
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | |
T h r e e
m o n t h s
e n d e d | | | | |
March 31, | |
December 31, | |
March 31, | | | | |
2019 | | |
2018 | | |
2018 | | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD |
$ |
385,091 | |
$ |
464,446 | |
$ |
445,961 | | | | | | | | | | | | |
Net cash provided by operating activities | |
74,868 | | |
91,496 | | |
75,001 | | | |
Investments in property and equipment, net | |
(41,718 |
) | |
(48,654 |
) | |
(40,047 |
) | | |
Exercise of options, net | |
397 | | |
9 | | |
658 | | | |
Debt repaid, net | |
(3,074 |
) | |
(2,924 |
) | |
(6,656 |
) | | |
Effect of Japanese Yen exchange rate change over cash balance | |
(740 |
) | |
3,844 | | |
4,707 | | | |
Investments in short-term deposits, marketable securities and other assets, n
et |
(6,726 |
) | |
(123,126 |
) | |
(14,963 |
) | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
408,098 | |
$ |
385,091 | |
$ |
464,661 | | | | | | | | | | | |
FREE CASH FLOW |
$ |
33,150 | |
$ |
42,842 | |
$ |
34,954 | | | | | | | | | | |
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |
(dollars in thousands) | | | | | | | | | | | |
Three months ended | | | |
March 31, | |
December 31, | |
March 31, | | | |
2019 | |
2018 | |
2018 | | | | | | | | | |
CASH FLOWS - OPERATING ACTIVITIES | | | | | | | | | | | | | | | |
Net profit for the period |
$ |
26,400 | |
$ |
36,515 | |
$ |
27,181 | | |
| | | | | | | |
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 | |
52,014 | | |
54,157 | | |
53,977 | | |
Effect of indexation, translation and fair value measurement on debt | |
4,001 | | |
(4,042 |
) | |
(1,740 |
) | |
Other expense (income), net | |
(17 |
) | |
4,006 | | |
(22 |
) | |
Changes in assets and liabilities: | | | | | | | |
Trade accounts receivable | |
18,606 | | |
10,933 | | |
8,089 | | |
Other assets | |
(3,705 |
) | |
3,096 | | |
3,370 | | |
Inventories | |
(3,395 |
) | |
(9,702 |
) | |
(2,692 |
) | |
Trade accounts payable | |
(2,651 |
) | |
(4,783 |
) | |
(6,313 |
) | |
Deferred revenue and customers' advances | |
(10,685 |
) | |
8,768 | | |
(712 |
) | |
Other current liabilities | |
(4,803 |
) | |
(7,239 |
) | |
(4,219 |
) | |
Long-term employee related liabilities | |
68 | | |
(361 |
) | |
(387 |
) | |
Deferred tax, net and other long-term liabilities | |
(965 |
) | |
148 | | |
(1,531 |
) | |
Net cash provided by operating activities | |
74,868 | | |
91,496 | | |
75,001 | | |
| | | | | | | |
CASH FLOWS - INVESTING ACTIVITIES | | | | | | | |
Investments in property and equipment, net | |
(41,718 |
) | |
(48,654 |
) | |
(40,047 |
) | |
Investments in deposits, marketable securities and other assets, net | |
(6,726 |
) | |
(123,126 |
) | |
(14,963 |
) | |
Net cash used in investing activities | |
(48,444 |
) | |
(171,780 |
) | |
(55,010 |
) | |
| | | | | | | |
CASH FLOWS - FINANCING ACTIVITIES | | | | | | | |
| | | | | | | |
Debt repaid, net | |
(3,074 |
) | |
(2,924 |
) | |
(6,656 |
) | |
Exercise of options | |
397 | | |
9 | | |
658 | | |
Net cash used in financing activities | |
(2,677 |
) | |
(2,915 |
) | |
(5,998 |
) | | | | | | | | | |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | |
(740 |
) | |
3,844 | | |
4,707 | | | | | | | | | | |
INC
REASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
23,007 | | |
(79,355 |
) | |
18,700 | | |
CAS
H AND CASH EQUIVALENTS - BEGINNING OF PERIOD | |
385,091 | | |
464,446 | | |
445,961 | | | | | | | | | | |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
408,098 | |
$ |
385,091 | |
$ |
464,661 | | | | | | | | | |
|
