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)
 
   Six months ended
   June 30,   June 30,
   2018  2017
     
CASH FLOWS - OPERATING ACTIVITIES    
     
  Net profit for the period $ 63,190  $ 98,773 
     
  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  107,470   102,087 
     Effect of indexation, translation and fair value measurement on debt  (6,537 )  11,761 
     Other income, net  (1,600 )  (653 )
    Changes in assets and liabilities:    
     Trade accounts receivable  (10,262 )  (7,713 )
     Other current assets  9,083   (11,746 )
     Inventories  (9,405 )  267 
     Trade accounts payable  3,909   (10,658 )
     Deferred revenue and customers' advances    (6,178 )  (13,299 )
     Other current liabilities  9,136   3,776 
     Long-term employee related liabilities  (194 )  (491 )
     Deferred tax, net     (6,682 )   (5,670 )
          Net cash provided by operating activities   151,930     166,434  
         
C ASH FLOWS - INVESTING ACTIVITIES        
  Investments i n property and equipment, net   (80,195 )   (81,660 )
  Investments i n marketable securities and other assets, net   (30,451 )   --    
          Net cash used in investing activities   (110,646 )   (81,660 )
         
C ASH FLOWS - FINANCING ACTIVITIES        
         
  Debt repaid, net   (2,847 )   (17,460 )
  Exercise of w arrants and options, net   684     27,010  
  Dividend paid to Panasonic   --       (4,378 )
          Net cash provided by (used in) financing activities   (2,163 )   5,172  
         
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   1,798     4,280  
INCREASE IN CASH AND CASH EQUIVALENTS   40,919     94,226  
C ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   445,961     389,377  
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 486,880   $ 483,603  
         



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