TowerJazz Reports Increase in Revenue, EBITDA and Net Profit for the First Quarter of 2016

 

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
             
         Three months ended
         March 31,  December 31,  March 31,
          2016    2015    2015 
             
CASH FLOWS - OPERATING ACTIVITIES      
             
Net profit (loss) for the period
$  64,548  $  24,071  $  (75,350 )
             
Adjustments to reconcile net profit (loss) for the period
      
t o net cash provided by operating activities:
      
Income and expense items not involving cash flows:
      
Depreciation and amortization
   48,544    43,663    47,968 
Financing expense associated with debentures series F
   38    7,998    75,334 
Effect of indexation, translation and fair value measurement on debt
   1,401    3,804    7,809 
Other expense (income), net
    --    (70 )   9 
Gain from acquisition, net
    (41,140 )     --       --  
Changes in assets and liabilities:
           
Trade accounts receivable
    (8,519 )     11,795       (6,327 )
Other receivables and other current assets
      822       (4,463 )     (7,154 )
Inventories
    (9,224 )     (1,302 )     1,643  
Trade accounts payable
    10,145       (18,979 )     (1,591 )
Deferred revenue and customers' advances  
    15,030       8,613       2,704  
Other current liabilities
    (1,953 )     (16,413 )     8,022  
Deferred tax liability, net  
    (2,173 )     (4,612 )     551  
Other long-term liabilities
    (77 )     (925 )     (13,328 )
Nishiwaki's employees termination payments
    --       --       (24,907 )
Net cash provided by operating activities
    77,442       53,180       15,383  
                         
CASH FLOWS - INVESTING ACTIVITIES            
                         
Investments in property and equipment, net
    (57,533 )     (58,291 )     (27,944 )
Decrease (increase) in deposits
    10,000       (30,000 )     --  
Net cash used in investing activities
    (47,533 )     (88,291 )     (27,944 )
                         
CASH FLOWS - FINANCING ACTIVITIES            
                         
Proceeds on account of shareholders' equity , net
    5,881       4,168       6,471  
Proceeds from loans
    17,000       70,592       --  
D ebt repayment       (10,254 )     (18,006 )     (46,683 )
Di vidend payment to Panasonic       (2,563 )     (1,570 )     --  
Net cash provided by (used in) financing activities
    10,064       55,184       (40,212 )
                         
Effect of foreign exchange rate change
    9,029       154       (178 )
                         
                         
I NCREASE (DECREASE) IN CASH                 49,002       20,227       (52,951 )
C ASH   - BEGINNING OF PERIOD                 175,575       155,348       187,167  
                         
CASH - END OF PERIOD     224,577       175,575       134,216  
                         
Short term deposits
    20,000       30,000       --  
                         
C ASH AND SHORT TERM DEPOSITS - END OF PERIOD             $   244,577   $   205,575   $   134,216  
                         

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