TowerJazz Announces Second Quarter 2016 Results: Record Revenue of $305 million with Year over Year Growth of 29%, Increased Margins and Net Profit

 

  
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
(dollars in thousands) 
             
         Three months ended 
         June 30,   March 31, 
          2016     2016  
             
CASH FLOWS - OPERATING ACTIVITIES      
             
  Net profit for the period $  40,347    $  64,548  
             
  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   48,117     48,582  
     Effect of indexation, translation and fair value measurement on debt     6,700     1,401  
     Other income, net   (4,362 )    --  
     Gain from acquisition   (10,158 )    (41,140 ) 
    Changes in assets and liabilities:            
        Trade accounts receivable     (1,916 )       (8,519 )  
        Other receivables and other current assets       (5,476 )       822    
        Inventories     (6,300 )       (9,224 )  
        Trade accounts payable     130         10,145    
        Deferred revenue and customers' advances       8,294         15,030    
        Other current liabilities     11,194         (1,953 )  
        Deferred tax liability, net       (4,789 )       (2,250 )  
          Net cash provided by operating activities     81,781         77,442    
                         
CASH FLOWS - INVESTING ACTIVITIES            
                         
    Investments in property and equipment, net     (54,323 )       (57,533 )  
  Deposits and other investments, net     19,600         10,000    
          Net cash used in investing activities     (34,723 )       (47,533 )  
                         
CASH FLOWS - FINANCING ACTIVITIES            
                         
  Debt received, net of repayment     27,444         6,746    
  Exercise of warrants and options, net     360         5,881    
  Di vidend payment to Panasonic       --         (2,563 )  
          Net cash provided by financing activities     27,804         10,064    
                         
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE     11,623         9,029    
                         
I NCREASE IN CASH AND CASH EQUIVALENTS       86,485         49,002    
C ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD       224,577         175,575    
CASH AND CASH EQUIVALENTS - END OF PERIOD     311,062         224,577    
                         
  SHORT TERM DEPOSITS     --         20,000    
C ASH AND SHORT TERM DEPOSITS - END OF PERIOD   $   311,062     $   244,577    
                         



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