Orbotech Reports First Quarter 2015 Results

 

 

ORBOTECH LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands


 (Unaudited)





3    m o n t h s   e n d e d 


12 months ended





  March   3 1


  December 31





2015


2014


2014


CASH FLOWS FROM OPERATING ACTIVITIES:
















Net income

$11,955


$6,352


$35,264


Adjustment to reconcile net income to net cash 








provided by operating activities:








Depreciation and amortization

12,660


3,471


30,333



Compensation relating to equity awards granted to 









employees and others - net

889


816


3,192



Increase (decrease) in liability for employee rights upon retirement, net

176


(890)


(1,553)



Long- term loans discount amortization

120


257


237



Deferred financing costs amortization

312




612



Deferred income taxes

2,334




1,253



Amortization of premium and accretion of discount on marketable









Securities, net

50


157


656



Equity in earnings of Frontline, net of dividend received 

636


(195)


468



Other

499


207


1,242



Loss from sales of marketable securities





339



Decrease (increase) in accounts receivable:









Trade

(1,668)


8,177


(17,440)




Other

3,093


606


(2,075)



Increase (decrease) in accounts payable and accruals:









Trade

2,311


(3,152)


2,140




Deferred income and other

(10,754)


(10,718)


10,672



Decrease (increase) in inventories

(972)


(7,055)


(13,984)


Net cash provided by (used in) operating activities 

21,641


(1,967)


51,356











CASH FLOWS FROM INVESTING ACTIVITIES:
















Purchase of property, plant and equipment

(3,182)


(3,574)


(12,500)


Withdraw (placement) of bank deposits

2,976


(3,524)


28,650


Purchase of marketable securities



(2,490)


(15,152)


Redemption of marketable securities



2,755


26,586


SPTS net of cash acquired





(375,061)


Investment in equity method investee 

(1,500)




(250)


Proceeds from disposal of property, plant and equipment 



9


15


Increase in restricted cash 

(3,244)




(10,000)


Increase in funds in respect of employee








rights upon retirement



(71)


(260)


Net cash used in investing activities

(4,950)


(6,895)


(357,972)











CASH FLOWS FROM FINANCING ACTIVITIES:
















Long term loan, net of $8 millions financing costs 





288,918


Repayment of long-term bank loan 

(750)




(750)


Short term bank loan







Employee stock options exercised

2,152


3,523


8,253


Acquisition of treasury shares 



(4,174)


(14,593)


Net cash provided by (used in) financing activities

1,402


(651)


281,828











Net increase (decrease) in cash and cash equivalents

18,093


(9,513)


(24,788)


Cash and cash equivalents at beginning of period

136,367


161,155


161,155











CASH AND CASH EQUIVALENTS AT END OF PERIOD

$154,460


$151,642


$136,367












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