TowerJazz Reports Results for the Second Quarter of 2018: Revenue of $335 million with Strong Increases in Net Profit and Profit Margins over Prior Quarter

 

 
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
       
   Three months ended
    June 30,   March 31,   June 30,
   2018
  2018
  2017
       
CASH FLOWS - OPERATING ACTIVITIES      
       
  Net profit for the period $ 36,009  $ 27,181  $ 51,727 
       
  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  53,493   53,977   52,389 
     Effect of indexation, translation and fair value measurement on debt  (4,797 )  (1,740 )  4,873 
     Other income, net  (1,578 )  (22 )  (142 )
    Changes in assets and liabilities:      
     Trade accounts receivable  (18,351 )  8,089   (17,242 )
     Other current assets
  5,713   3,370   (7,307 )
     Inventories  (6,713 )  (2,692 )  1,688 
        Trade accounts payable   10,222     (6,313 )   (6,530 )
        Deferred revenue and customers' advances     (5,466 )   (712 )   (4,564 )
        Other current liabilities   13,355     (4,219 )   12,866  
        Long-term employee related liabilities   193     (387 )   (234 )
        Deferred tax, net     (5,151 )   (1,531 )   (3,230 )
          Net cash provided by operating activities   76,929     75,001     84,294  
             
C ASH FLOWS - INVESTING ACTIVITIES
           
  Investments i n property and equipment, net
  (40,148 )   (40,047 )   (41,312 )
  Investments i n marketable securities and other assets, net
  (15,488 )   (14,963 )   --    
          Net cash used in investing activities   (55,636 )   (55,010 )   (41,312 )
             
C ASH FLOWS - FINANCING ACTIVITIES
           
             
  Debt receive d (repaid), net
  3,809     (6,656 )   (5,655 )
  Exercise of w arrants and options, net
  26     658     14,254  
          Net cash provided by (used in) financing activities   3,835     (5,998 )   8,599  
             
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   (2,909 )   4,707     (91 )
INCREASE IN CASH AND CASH EQUIVALENTS   22,219     18,700     51,490  
C ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
  464,661     445,961     432,113  
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 486,880   $ 464,661   $ 483,603  
             

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