Orbotech Reports Fourth Quarter and Full Year 2015 Results

 

ORBOTECH LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands


 (Unaudited)

 

 




12 months ended


3 months ended




December 31


December 31




2015


2014


2015


2014

CASH FLOWS FROM OPERATING ACTIVITIES:


















Net income

$       56,716


$       35,264


$            15,810


$              12,955

Adjustment to reconcile net income to net cash 









provided by operating activities:









Depreciation and amortization

45,282


30,333


10,544


12,616


Compensation relating to equity awards granted to 










employees and others - net

3,816


3,192


1,219


822


Decrease (increase) in liability for employee rights upon retirement, net

(113)


(1,553)


(268)


694


Long- term loans discount amortization

897


237


325


119


Deferred financing costs amortization

2,010


612


479


308


Capital loss from disposal of property, plant and equipment 



645




645


Deferred income taxes

(2,024)


1,253


(2,472)


(961)


Amortization of premium and accretion of discount on marketable










Securities, net

145


656


14


84


Equity in earnings of Frontline, net of dividend received 

(540)


468


(730)


572


Other

1,014


597


310


(723)


Loss from sales of marketable securities 



339






Gain from the sale of the Thermal activity 

(628)








Increase (decrease) in accounts receivable:










Trade

(37,067)


(17,440)


(5,280)


(9,643)



Other

(5,507)


(2,075)


(1,408)


484


Increase (decrease) in accounts payable and accruals:










Trade

353


2,140


6,182


(10,042)



Deferred income

(7,770)


1,346


519


4,305



Other

13,915


9,326


7,835


9,579


Decrease (increase) in inventories

18,765


(13,984)


1,455


1,546

Net cash provided by operating activities 

89,264


51,356


34,533


23,360











CASH FLOWS FROM INVESTING ACTIVITIES:


















Purchase of property, plant and equipment

(19,348)


(12,500)


(7,992)


(3,754)

Consideration received for the sale of the Thermal activity 

10,000






0

Withdraw of (investment in) bank deposits

3,955


28,650


(2,011)


4,000

Purchase of marketable securities

(1,099)


(15,152)


(945)


(66)

Redemption of marketable securities

821


26,586


821


0

Acquisition of SPTS net of cash acquired 



(375,061)




0

Investment in equity method investee 

(1,500)


(250)




0

Proceeds from disposal of property, plant and equipment 



15




0

Decrease in restricted cash 

(3,617)


(10,000)


(3,542)


(10,000)

Increase (decrease) in funds in respect of employee







0


rights upon retirement

510


(260)


65


(193)

Net cash used in investing activities

(10,278)


(357,972)


(13,604)


(10,013)











CASH FLOWS FROM FINANCING ACTIVITIES:








Long term loan, net of $8 millions financing costs



288,918





Repayment of long-term loan 

(59,615)


(750)


(30,683)


(750)

Short term bank loan







(6,000)

Employee stock options exercised

9,869


8,253


2,284


1,251

Acquisition of treasury shares 



(14,593)




0

Net cash provided by (used in) financing activities

(49,746)


281,828


(28,399)


(5,499)











Net increase (decrease) in cash and cash equivalents

29,240


(24,788)


(7,470)


7,848

Cash and cash equivalents at beginning of period

136,367


161,155


173,077


128,519











CASH AND CASH EQUIVALENTS AT END OF PERIOD

$     165,607


$     136,367


$          165,607


$            136,367

Company Contact:
Anat Earon-Heilborn
Director of Investor Relations
Orbotech Ltd
Tel: +972-8-942-3582
Email Contact

Tally Kaplan Porat
Head of Corporate Marketing
Orbotech Ltd
Tel: +972-8-942-3603
Email Contact


 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/orbotech-reports-fourth-quarter-and-full-year-2015-results-300217989.html

SOURCE Orbotech Ltd.

Contact:
Orbotech Ltd.



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