UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2022 No.4
Commission File Number 0-24790
TOWER SEMICONDUCTOR LTD.
(Translation of registrant's name into English)
Ramat Gavriel Industrial Park
P.O. Box 619, Migdal Haemek, Israel 2310502
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
On May 16, 2022, the Registrant announced its financial results for the three months ended March 31, 2022. Attached hereto is the following exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TOWER SEMICONDUCTOR LTD. | |||
| Date: May 16, 2022 |
By:
|
/s/ Nati Somekh | |
| Name: Nati Somekh | |||
| Title: Corporate Secretary | |||
Exhibit 99.1
Tower Semiconductor Reports First Quarter 2022
Record revenue of $421 Million,
a 21 Percent Year over Year Revenue Growth
MIGDAL HAEMEK, ISRAEL – May 16, 2022– Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the first quarter ended March 31,
2022.
First Quarter of 2022 Results Overview
Revenue for the first quarter of 2022 was $421 million, as compared to $347 million in the first quarter of 2021, reflecting 21% revenue growth. Organic
revenue for the first quarter of 2022, defined as total revenue excluding revenues from Nuvoton in the Japanese fabs and from Maxim in the San Antonio fab, grew by 29% year over year. Revenue for the fourth quarter of 2021 was $412 million.
Gross profit for the first quarter of 2022 was $105 million, 50% higher than $70 million recorded in the first quarter of 2021. Gross profit in the fourth
quarter of 2021 was $100 million.
Operating profit for the first quarter of 2022 was $63 million, 94% higher than the $32 million recorded in the first quarter of 2021. Operating profit in
the fourth quarter of 2021 was $56 million.
Net profit for the first quarter of 2022 was $54 million, or $0.50 basic and $0.49 diluted earnings per share, 91% higher than $28 million recorded in the
first quarter of 2021, which represented $0.26 basic and diluted earnings per share.
Net profit for the fourth quarter of 2021 was $52 million, representing $0.48 basic and $0.47 diluted earnings per share.
Cash flow generated from operating activities in the first quarter of 2022 was $137 million and investment in fixed assets was $81 million, net. During the
first quarter of 2022, the company repaid $31 million of its debt.
Corporate Credit Rating
In May 2022, Standard & Poor’s Ma’alot (an Israeli rating company that is fully owned by S&P Global Ratings) completed its annual rating review for the Company and decided to increase the
corporate credit rating and bonds series G rating from “ilAA- “to “ilAA“, with a stable horizon.
Guidance and Conference Call
In light of the Company’s definitive agreement with Intel Corporation, as announced on February 15, 2022, the Company is not providing herewith revenue guidance for the second quarter 2022 and will
not host an earnings conference call.
The Company presents its financial statements in accordance with U.S. GAAP. The financial information included in the tables below includes unaudited condensed financial data.
Some of the financial information, which may be used and/ or presented in this release and/ or prior earnings related filings and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company,
which we describe as “adjusted” financial measures and/ or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they
apply to our Company. These adjusted financial measures are calculated excluding the following: (1) amortization of acquired intangible assets and (2) compensation expenses in respect of equity grants to directors, officers, and employees. These
adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures, as well
as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/ or presented in this release and/ or prior earnings related filings and/ or in related public disclosures or filings with respect
to the financial statements and/ or results of the Company, as well as calculated in the tables herein, the term Earnings Before Interest Tax Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with
GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g, research and development related equipment and/ or fixed other assets depreciation), (ii) stock-based
compensation expense and (iii) amortization of acquired intangible assets. EBITDA is reconciled in the tables below from GAAP operating profit. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure
employed by other companies. EBITDA and the adjusted financial information presented herein and/ or prior earnings related filings and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the
Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in
accordance with GAAP. The term Net Cash, as may be used and/ or presented in this release and/ or prior earnings related filings and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the
Company, is comprised of cash, cash equivalents, short-term deposits and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable
to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per
share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/ or presented in this release and/ or prior earnings related filings and/ or in related public disclosures or filings with
respect to the financial statements and/ or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $137 million, $134 million and $87 million for the three months periods ended March 31, 2022,
December 31, 2021 and March 31, 2021, respectively) less cash used for investments in property and equipment, net (in the amounts of $81 million, $86 million and $49 million for the three months periods ended March 31, 2022, December 31, 2021 and
March 31, 2021, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for
operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.
2
About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the leading foundry of high value analog semiconductor solutions, provides technology and manufacturing platforms for integrated circuits (ICs)
in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating positive and sustainable impact on the world through long term partnerships and its
advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, integrated power management (BCD and 700V),
and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide
multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm), three facilities in Japan (two 200mm and one 300mm) which it owns through its
51% holdings in TPSCo and is sharing a 300mm manufacturing facility being established in Italy by STMicroelectronics. For more information, please visit: www.towersemi.com
CONTACTS:
Noit Levy | Investor Relations | +972 74 737 7556 | noitle@towersemi.com
This press release, including other projections with respect to our business and activities, includes forward-looking statements, which are subject to
risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without
limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) over demand for our foundry services and/or products that exceeds our capacity, (iii) maintaining existing customers and attracting additional
customers, (iv) high utilization and its effect on cycle time, yield and on schedule delivery which may cause customers to transfer their product(s) to other fabs, (v) operating results fluctuate from quarter to quarter making it difficult to
predict future performance, (vi) impact of our debt and other liabilities on our financial position and operations, (vii) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find
new business, (viii) fluctuations in cash flow, (ix) our ability to satisfy the covenants stipulated in our agreements with our lender banks, (x) pending litigation, (xi) new customer engagements, qualification and production ramp-up at our
facilities,(xii) meeting the conditions set in the approval certificates received from the Israeli Investment Center under which we received a significant amount of grants in past years, (xiii) receipt of orders that are lower than the customer
purchase commitments, (xiv) failure to receive orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) effect of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to
accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we manufacture products before
receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) the execution of debt re-financing
and/or other fundraising activities to enable the service of our debt and/or other liabilities and/or for strategic opportunities, including to fund Agrate fab’s significant 300mm capacity investments, in addition to other previously announced
capacity expansion plans , and the possible unavailability of such financing and/ or the availability of such financing on unfavorable terms, (xxi) operating our facilities at high utilization rates which is critical in order to cover a portion
or all of the high level of fixed costs associated with operating a foundry, and our debt, in order to improve our results, (xxii) the purchase of equipment to increase capacity, the timely completion of the equipment installation, technology
transfer and raising the funds therefor, (xxiii) the concentration of our business in the semiconductor industry, (xxiv) product returns, (xxv) our ability to maintain and develop our technology processes and services to keep pace with new
technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxvi) competing effectively, (xxvii) use of outsourced foundry services by both fabless semiconductor companies
and integrated device manufacturers, (xxviii) achieving acceptable device yields, product performance and delivery times, (xxix) our dependence on intellectual property rights of others, our ability to operate our business without infringing
others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxx) our fab3 landlord’s construction project adjacent to our fabrication facility, including possible temporary reductions or
interruptions in the supply of utilities and/ or fab manufacturing, as well as claims that our noise abatement efforts are not adequate under the terms of the amended lease that caused him to request a judicial declaration that there was a
material non-curable breach of the lease and that he would be entitled to terminate the lease (we do not agree and are disputing these claims), (xxxi) retention of key employees and recruitment and retention of skilled qualified personnel,
(xxxii) exposure to inflation, currency rates (mainly the Israeli Shekel and Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well fluctuations in the market price of our traded
securities, (xxxiii) issuance of ordinary shares as a result of conversion and/or exercise of any of our convertible securities, as well as any sale of shares by any of our shareholders, or any market expectation thereof, which may depress the
market price of our ordinary shares and may impair our ability to raise future capital, (xxxiv) meeting regulatory requirements worldwide, including environmental and governmental regulations, (xxxv) potential engagement for fab establishment,
joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with Agrate fab establishment project, its qualification schedule, technology, equipment and process
qualification and production facility ramp-up, customer engagements, cost structure and investment amounts and other terms, which may require additional funding to cover its significant capacity investment needs and other payments, the
availability of which funding cannot be assured on favorable terms, if at all, (xxxvi) potential impact on TPSCo and the Company due to the purchase in 2020 of 49% of TPSCo by NTCJ (previously named PSCS) from Panasonic and due to the planned
cessation of operations of Arai manufacturing factory in Japan, which is currently manufacturing products solely for NTCJ and is not serving Tower’s or TPSCo’s foundry customers, (xxxvii) industry and market impact due to the coronavirus and its
potential impact on our business, operational continuity, supply chain, revenue and profitability, (xxxviii) potential security, cyber and privacy breaches, (xxxix) our ability to satisfy the covenants stipulated in our agreements with the series
G bondholders (as of March 31, 2022, we are in compliance with this indenture’s covenants), (xxxx) risks associated with the transaction announced on February 15, 2022 under which Intel Corporation is to acquire the Company, including the timely
receipt of certain governmental and other regulatory approvals, the potential for regulatory authorities to require divestitures, behavioral remedies or other concessions in order to obtain their approval of the proposed transaction, the
occurrence of any event, change or other circumstance that could give rise to a termination of the merger agreement, the effect of the announcement or pendency of the transaction on business relationships, operating results and business
generally, delays, disruptions or increased costs due to the integration process with the acquirer, litigation related to or resulting from the transaction, difficulties to retain key personnel and customers, diverting management’s attention
from the ongoing business operations, potential negative reactions or changes to business relationships resulting from the announcement or completion of the transaction, and (xxxxi) business interruption due to fire, earthquake and other natural
disasters, the security situation in Israel, global trade “war”, COVID-19 pandemic, including its impact on global supply chain to the fabs and from the fabs, power interruptions and other events beyond our control.
A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our
business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ
materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.
# # #
(Financial tables follow)
3
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|||
|
(dollars in thousands)
|
|
March 31,
|
December 31,
|
|||||||
|
2022
|
2021
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS
|
||||||||
|
Cash and cash equivalents
|
$
|
203,484
|
$
|
210,930
|
||||
|
Short-term deposits
|
402,873
|
363,648
|
||||||
|
Marketable securities
|
184,539
|
190,068
|
||||||
|
Trade accounts receivable
|
176,443
|
142,228
|
||||||
|
Inventories
|
247,826
|
234,512
|
||||||
|
Other current assets
|
41,629
|
54,817
|
||||||
|
Total current assets
|
1,256,794
|
1,196,203
|
||||||
|
LONG-TERM INVESTMENTS
|
27,235
|
39,597
|
||||||
|
PROPERTY AND EQUIPMENT, NET
|
879,781
|
876,683
|
||||||
|
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
|
16,665
|
18,820
|
||||||
|
DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET
|
89,677
|
99,938
|
||||||
|
TOTAL ASSETS
|
$
|
2,270,152
|
$
|
2,231,241
|
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES
|
||||||||
|
Short-term debt
|
$
|
78,165
|
$
|
83,868
|
||||
|
Trade accounts payable
|
109,077
|
78,712
|
||||||
|
Deferred revenue and customers' advances
|
49,444
|
39,992
|
||||||
|
Other current liabilities
|
87,258
|
73,756
|
||||||
|
Total current liabilities
|
323,944
|
276,328
|
||||||
|
LONG-TERM DEBT
|
190,383
|
230,972
|
||||||
|
LONG-TERM CUSTOMERS' ADVANCES
|
63,872
|
69,968
|
||||||
|
EMPLOYEE RELATED LIABILITIES
|
14,626
|
14,622
|
||||||
|
DEFERRED TAX AND OTHER LONG-TERM LIABILITIES
|
19,670
|
23,962
|
||||||
|
TOTAL LIABILITIES
|
612,495
|
615,852
|
||||||
|
TOTAL SHAREHOLDERS' EQUITY
|
1,657,657
|
1,615,389
|
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
2,270,152
|
$
|
2,231,241
|
||||
4
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|||||
|
(dollars and share count in thousands, except per share data)
|
|
T h r e e m o n t h s e n d e d
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2022
|
2021
|
2021
|
||||||||||
|
REVENUES
|
$
|
421,132
|
$
|
412,108
|
$
|
347,214
|
||||||
|
COST OF REVENUES
|
316,501
|
311,935
|
277,400
|
|||||||||
|
GROSS PROFIT
|
104,631
|
100,173
|
69,814
|
|||||||||
|
OPERATING COSTS AND EXPENSES:
|
||||||||||||
|
Research and development
|
20,318
|
22,371
|
20,343
|
|||||||||
|
Marketing, general and administrative
|
21,253
|
21,939
|
16,991
|
|||||||||
|
41,571
|
44,310
|
37,334
|
||||||||||
|
OPERATING PROFIT
|
63,060
|
55,863
|
32,480
|
|||||||||
|
FINANCING AND OTHER EXPENSE, NET
|
(2,133
|
)
|
(372
|
)
|
(7,842
|
)
|
||||||
|
PROFIT BEFORE INCOME TAX
|
60,927
|
55,491
|
24,638
|
|||||||||
|
INCOME TAX BENEFIT (EXPENSE), NET
|
(5,153
|
)
|
(3,614
|
)
|
5,876
|
|||||||
|
NET PROFIT
|
55,774
|
51,877
|
30,514
|
|||||||||
|
Net income attributable to non-controlling interest
|
(1,741
|
)
|
(138
|
)
|
(2,192
|
)
|
||||||
|
NET PROFIT ATTRIBUTABLE TO THE COMPANY
|
$
|
54,033
|
$
|
51,739
|
$
|
28,322
|
||||||
|
BASIC EARNINGS PER SHARE
|
$
|
0.50
|
$
|
0.48
|
$
|
0.26
|
||||||
|
Weighted average number of shares
|
108,934
|
108,768
|
107,940
|
|||||||||
|
DILUTED EARNINGS PER SHARE
|
$
|
0.49
|
$
|
0.47
|
$
|
0.26
|
||||||
|
Weighted average number of shares
|
110,539
|
110,267
|
109,462
|
|||||||||
5
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
||||||||||
|
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)
|
||||||||||
|
(dollars in thousands)
|
|
T h r e e m o n t h s e n d e d
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2022
|
2021
|
2021
|
||||||||||
|
GAAP OPERATING PROFIT
|
$
|
63,060
|
$
|
55,863
|
$
|
32,480
|
||||||
|
Depreciation
|
64,368
|
64,692
|
56,624
|
|||||||||
|
Stock based compensation
|
5,715
|
8,815
|
4,906
|
|||||||||
|
Amortization of acquired intangible assets
|
506
|
506
|
491
|
|||||||||
|
EBITDA
|
$
|
133,649
|
$
|
129,876
|
$
|
94,501
|
||||||
6
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||||
|
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
|
|||||
|
(dollars in thousands)
|
|
T h r e e m o n t h s e n d e d
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2022
|
2021
|
2021
|
||||||||||
|
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
$
|
210,930
|
$
|
211,503
|
$
|
211,683
|
||||||
|
Net cash provided by operating activities
|
136,571
|
133,656
|
87,413
|
|||||||||
|
Investments in property and equipment, net
|
(80,840
|
)
|
(85,947
|
)
|
(49,415
|
)
|
||||||
|
Exercise of options
|
44
|
48
|
364
|
|||||||||
|
Debt recevied (repaid), net
|
(30,539
|
)
|
1,040
|
(29,375
|
)
|
|||||||
|
Effect of Japanese Yen exchange rate change over cash balance
|
(3,071
|
)
|
(2,102
|
)
|
(3,478
|
)
|
||||||
|
Investments in short-term deposits, marketable securities and other assets, net
|
(29,611
|
)
|
(47,268
|
)
|
(1,611
|
)
|
||||||
|
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$
|
203,484
|
$
|
210,930
|
$
|
215,581
|
||||||
7
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
|
|||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|||||
|
(dollars in thousands)
|
|
T h r e e m o n t h s e n d e d
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2022
|
2021
|
2021
|
||||||||||
|
CASH FLOWS - OPERATING ACTIVITIES
|
||||||||||||
|
Net profit for the period
|
$
|
55,774
|
$
|
51,877
|
$
|
30,514
|
||||||
|
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
|
70,780
|
73,693
|
62,053
|
|||||||||
|
Effect of exchange rate differences on debentures
|
(1,330
|
)
|
2,353
|
(3,792
|
)
|
|||||||
|
Other expense (income), net
|
1,347
|
(175
|
)
|
(4,985
|
)
|
|||||||
|
Changes in assets and liabilities:
|
||||||||||||
|
Trade accounts receivable
|
(35,181
|
)
|
2,291
|
(6,274
|
)
|
|||||||
|
Other assets
|
13,874
|
(12,927
|
)
|
7,082
|
||||||||
|
Inventories
|
(18,328
|
)
|
(16,155
|
)
|
(3,407
|
)
|
||||||
|
Trade accounts payable
|
30,595
|
(8,971
|
)
|
(9,266
|
)
|
|||||||
|
Deferred revenue and customers' advances
|
3,385
|
39,029
|
19,340
|
|||||||||
|
Other current liabilities
|
15,103
|
5,242
|
7,084
|
|||||||||
|
Long-term employee related liabilities
|
331
|
(2,778
|
)
|
(107
|
)
|
|||||||
|
Deferred tax, net and other long-term liabilities
|
221
|
177
|
(10,829
|
)
|
||||||||
|
Net cash provided by operating activities
|
136,571
|
133,656
|
87,413
|
|||||||||
|
CASH FLOWS - INVESTING ACTIVITIES
|
||||||||||||
|
Investments in property and equipment, net
|
(80,840
|
)
|
(85,947
|
)
|
(49,415
|
)
|
||||||
|
Investments in deposits, marketable securities and other assets, net
|
(29,611
|
)
|
(47,268
|
)
|
(1,611
|
)
|
||||||
|
Net cash used in investing activities
|
(110,451
|
)
|
(133,215
|
)
|
(51,026
|
)
|
||||||
|
CASH FLOWS - FINANCING ACTIVITIES
|
||||||||||||
|
Debt received (repaid), net
|
(30,539
|
)
|
1,040
|
(29,375
|
)
|
|||||||
|
Exercise of options
|
44
|
48
|
364
|
|||||||||
|
Net cash provided by (used in) financing activities
|
(30,495
|
)
|
1,088
|
(29,011
|
)
|
|||||||
|
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE
|
(3,071
|
)
|
(2,102
|
)
|
(3,478
|
)
|
||||||
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(7,446
|
)
|
(573
|
)
|
3,898
|
|||||||
|
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
210,930
|
211,503
|
211,683
|
|||||||||
|
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$
|
203,484
|
$
|
210,930
|
$
|
215,581
|
||||||
8