|
ORBOTECH LTD. | |||||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
U.S. dollars in thousands | |||||||
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|
(Unaudited) | ||||||
|
|
|
|
3 months ended |
|
12 months ended | ||
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|
|
|
March 31 |
|
December | ||
|
|
|
|
2016 |
|
2015 |
|
2015 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
Net income |
$15,693 |
|
$11,955 |
|
$56,716 | ||
|
Adjustment to reconcile net income to net cash |
|
|
|
|
| ||
|
|
provided by operating activities: |
|
|
|
|
| |
|
|
Depreciation and amortization |
10,251 |
|
12,660 |
|
45,282 | |
|
|
Compensation relating to equity awards granted to |
|
|
|
|
| |
|
|
|
employees and others - net |
1,680 |
|
889 |
|
3,816 |
|
|
Decrease (increase) in liability for employee rights upon retirement, net |
247 |
|
176 |
|
(113) | |
|
|
Long- term loans discount amortization |
300 |
|
120 |
|
897 | |
|
|
Deferred financing costs amortization |
798 |
|
312 |
|
2,010 | |
|
|
Deferred income taxes |
(1,214) |
|
2,334 |
|
(2,024) | |
|
|
Amortization of premium and accretion of discount on marketable |
|
|
|
|
| |
|
|
|
Securities, net |
66 |
|
50 |
|
145 |
|
|
Equity in earnings of Frontline, net of dividend received |
189 |
|
636 |
|
(540) | |
|
|
Other |
150 |
|
499 |
|
1,014 | |
|
|
Gain from the sale of the Thermal activity |
|
|
|
|
(628) | |
|
|
Decrease (increase) in accounts receivable: |
|
|
|
|
| |
|
|
|
Trade |
(4,325) |
|
(1,668) |
|
(37,067) |
|
|
|
Other |
(2,717) |
|
3,093 |
|
(5,507) |
|
|
Increase (decrease) in accounts payable and accruals: |
|
|
|
|
| |
|
|
|
Trade |
1,638 |
|
2,311 |
|
353 |
|
|
|
Deferred income |
850 |
|
(846) |
|
(7,770) |
|
|
|
Other |
(5,744) |
|
(9,908) |
|
13,915 |
|
|
Decrease (increase) in inventories |
(2,130) |
|
(972) |
|
18,765 | |
|
Net cash provided by operating activities |
15,732 |
|
21,641 |
|
89,264 | ||
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(5,757) |
|
(3,182) |
|
(19,348) | ||
|
Consideration received for the sale of the Thermal activity |
|
|
|
|
10,000 | ||
|
Withdraw of (investment in) bank deposits |
6,507 |
|
2,976 |
|
450 | ||
|
Purchase of marketable securities |
(1,268) |
|
|
|
(1,099) | ||
|
Redemption of marketable securities |
1,157 |
|
|
|
821 | ||
|
Investment in equity method investee |
(1,000) |
|
(1,500) |
|
(1,500) | ||
|
Decrease (increase) in restricted cash |
2,243 |
|
(3,244) |
|
(3,617) | ||
|
Increase in funds in respect of employee |
|
|
|
|
| ||
|
|
rights upon retirement |
60 |
|
|
|
510 | |
|
Net cash provided by (used in) investing activities |
1,942 |
|
(4,950) |
|
(13,783) | ||
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
| ||
|
Repayment of long-term loan |
(25,607) |
|
(750) |
|
(59,615) | ||
|
Employee stock options exercised |
2,075 |
|
2,152 |
|
9,869 | ||
|
Net cash provided by (used in) financing activities |
(23,532) |
|
1,402 |
|
(49,746) | ||
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(5,858) |
|
18,093 |
|
25,735 | ||
|
Cash and cash equivalents at beginning of period |
162,102 |
|
136,367 |
|
136,367 | ||
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$156,244 |
|
$154,460 |
|
$162,102 | ||
|
|
|
|
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|
|
|
|
Orbotech Reports First Quarter 2016 Results
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