Tower Semiconductor Reports Record Revenues and Strong Margins Growth

Third quarter 2021 with 25% total and 40% organic year over year revenue growth 

Further Expansion Guided for Fourth Quarter Indicating over $1.6 Billion Annual Revenue Run Rate

MIGDAL HAEMEK, Israel, Nov. 08, 2021 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the third quarter ended September 30, 2021.

Highlights

• Third quarter revenue of $387 million, reflecting another quarter of record revenue for the company, with year over year 40% organic growth and 25% total growth.
• Significant year over year (YoY) and quarter over quarter (QoQ) dollar increases in gross profit (60% YoY, 16% QoQ), operating profit (131% YoY, 30% QoQ), and net profit (157% YoY, 27% QoQ).
• Record cash from operations of $107 million for the third quarter, demonstrating significant year over year growth of 56% and 15% quarter over quarter, with record shareholders’ equity as of September 30, 2021.
• Net profit of $39 million for the third quarter, resulting in $0.36 basic and diluted earnings per share and adjusted net profit of $45 million, resulting in adjusted basic and diluted earnings per share of $0.42 and $0.41, respectively.
• Guides mid-range revenue for 2021 fourth quarter of $410 million, demonstrating fourth quarter year over year 19% total growth and 26% organic growth.

Mr. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated: “We are pleased that our strong business planning, followed by our operational execution on capacity expansion initiatives enable us to benefit from current market conditions and to have multiple corridors for revenue and margins increases for the next years. We have strong assurance of growth continuity due to the specific high value markets we chose to participate in, where we have strong customer relationships and mutual market positioning.”

Ellwanger further commented: “We guided to end 2021 breaking $1.5 billion revenue with a fourth quarter annualized run rate greater than $1.6 billion, as compared to a $1.27 billion 2020 revenue. Our initiatives on capacity growth with a richer capability mix, combined with certain pricing initiatives, target more than 15% net profit margins in 2022. Our long-term forecast is very positive, indicating continuous growth for the foreseeable years.”

Third Quarter of 2021 Results Overview

Revenue for the third quarter of 2021 was $387 million, the highest quarterly revenue in the Company’s history, as compared to $310 million in the third quarter of 2020, reflecting 25% year over year growth. Organic revenue for the third quarter of 2021, defined as total revenue excluding revenues from Nuvoton in the Japanese fabs and from Maxim in the San Antonio fab, grew by 40% year over year.

Gross profit for the third quarter of 2021 was $85 million, 60% higher than $53 million recorded in the third quarter of 2020 and 16% higher than $74 million recorded in the second quarter of 2021.

Operating profit for the third quarter of 2021 was $44 million, more than double the $19 million recorded in the third quarter of 2020 and 30% higher than $34 million recorded in the second quarter of 2021.

Net profit for the third quarter of 2021 was $39 million, or $0.36 basic and diluted earnings per share, more than double the net profit of $15 million or $0.14 basic and diluted earnings per share recorded in the third quarter of 2020. This net profit of $39 million is 27% higher than $31 million recorded in the second quarter of 2021, which represented $0.29 basic earnings per share and $0.28 diluted earnings per share.

Adjusted Net profit for the third quarter of 2021 was $45 million (as reconciled in the tables below), resulting in adjusted basic and diluted earnings per share of $0.42 and $0.41, respectively, as compared to adjusted basic and diluted earnings per share of $0.18 and $0.18, respectively for the third quarter of 2020, and as compared to adjusted basic and diluted earnings per share of $0.35 and $0.34, respectively for the second quarter of 2021.

Cash flow generated from operating activities in the third quarter of 2021 was $107 million with investment in fixed assets of $88 million, net. In addition, in the third quarter of 2021, the company repaid $29 million of its debt. 

Business Outlook
Tower Semiconductor guides revenue for the fourth quarter of 2021 to be $410 million, with an upward or downward range of 5%. Mid-range revenue guidance represents fourth quarter year over year 19% total growth and 26% organic growth.

Teleconference and Webcast
Tower Semiconductor will host an investor conference call today, Monday, November 8, 2021, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the company’s financial results for the third quarter of 2021 and its outlook.

This call will be webcast and can be accessed via Tower Semiconductor’s website at www.towersemi.com or by calling 1-888-642-5032 (U.S. Toll-Free), 03-918-0610 (Israel), +972-3-918-0610 (International).  For those who are not available to listen to the live broadcast, the call will be archived on Tower Semiconductor’s website for 90 days.

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 in this release and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company, which we describe in this release as “adjusted” 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 one or both of 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 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 (EBITDA) consists of net profit in accordance with GAAP, excluding financing and other income (expense), net, taxes, non-controlling interest, depreciation and amortization expense and stock-based compensation expense. 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 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 used and/ or presented in this release 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 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 $107 million, $93 million and $69 million for the three months periods ended September 30, 2021, June 30, 2021 and September 30, 2020, respectively) less cash used  for investments in property and equipment, net (in the amounts of $88 million, $56 million and $67 million for the three months periods ended September 30, 2021, June 30, 2021 and September 30, 2020, 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.

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 our revenue guidance and 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 and bondholders (as of September 30, 2021 we are in compliance with all such covenants included in our banks’ agreements, bond G indenture and others), (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; (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 of 49% of TPSCo by NTCJ (previously named PSCS) from Panasonic, (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, and (xxxix) business interruption due to fire and other natural disasters, the security situation in Israel and other events beyond our control such as power interruptions.

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.

	TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
	CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
	(dollars in thousands)
								September 30,		June 30,		December 31,
								2021		2021		2020
	ASSETS
		CURRENT ASSETS
			Cash and cash equivalents				$	211,503	$	215,755	$	211,683
			Short-term deposits					315,964		323,713		310,230
			Marketable securities					190,523		189,489		188,967
			Trade accounts receivable					144,878		144,868		162,100
			Inventories					220,668		209,306		199,126
			Other current assets					43,653		39,929		30,810
				Total current assets				1,127,189		1,123,060		1,102,916
		LONG-TERM INVESTMENTS						39,157		41,453		40,699
		PROPERTY AND EQUIPMENT, NET						879,323		859,589		839,171
		GOODWILL AND INTANGIBLE ASSETS, NET						17,581		16,978		17,962
		DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET						91,786		91,312		93,401
				TOTAL ASSETS			$	2,155,036	$	2,132,392	$	2,094,149
	LIABILITIES AND SHAREHOLDERS’ EQUITY
		CURRENT LIABILITIES
			Short-term debt				$	105,414	$	104,062	$	106,513
			Trade accounts payable					92,989		100,426		96,940
			Deferred revenue and customers’ advances					31,866		19,608		10,027
			Other current liabilities					69,796		78,411		59,432
				Total current liabilities				300,065		302,507		272,912
		LONG-TERM DEBT						212,271		234,500		283,765
		LONG-TERM CUSTOMERS’ ADVANCES						39,074		32,047		25,451
		EMPLOYEE RELATED LIABILITIES						15,959		15,958		15,833
		DEFERRED TAX AND OTHER LONG-TERM LIABILITIES						28,211		29,771		41,286
				TOTAL LIABILITIES				595,580		614,783		639,247
				TOTAL SHAREHOLDERS’ EQUITY				1,559,456		1,517,609		1,454,902
					TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	2,155,036	$	2,132,392	$	2,094,149

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
								Three months ended
								September 30,		June 30,		September 30,
								2021		2021		2020
REVENUES							$	386,706	$	362,138	$	310,212
COST OF REVENUES								301,330		288,383		256,751
		GROSS PROFIT						85,376		73,755		53,461
OPERATING COSTS AND EXPENSES:
	Research and development							21,591		21,081		19,569
	Marketing, general and administrative							19,620		18,671		14,803
								41,211		39,752		34,372
		OPERATING PROFIT						44,165		34,003		19,089
FINANCING AND OTHER EXPENSE, NET								(2,714)		(484)		(565)
		PROFIT BEFORE INCOME TAX						41,451		33,519		18,524
INCOME TAX EXPENSE, NET								(1,084)		(2,202)		(2,798)
		NET PROFIT						40,367		31,317		15,726
Net income attributable to non-controlling interest								(1,282)		(451)		(528)
		NET PROFIT ATTRIBUTABLE TO THE COMPANY					$	39,085	$	30,866	$	15,198
BASIC EARNINGS PER SHARE							$	0.36	$	0.29	$	0.14
Weighted average number of shares								108,354		108,043		107,475
DILUTED EARNINGS PER SHARE							$	0.36	$	0.28	$	0.14
Weighted average number of shares								109,825		109,629		108,500
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:
	GAAP NET PROFIT						$	39,085	$	30,866	$	15,198
		Stock based compensation						5,451		5,971		3,460
		Amortization of acquired intangible assets						505		492		490
	ADJUSTED NET PROFIT						$	45,041	$	37,329	$	19,148
ADJUSTED EARNINGS PER SHARE:
	Basic						$	0.42	$	0.35	$	0.18
	Diluted						$	0.41	$	0.34	$	0.18

	TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	(dollars and share count in thousands, except per share data)
									Nine months ended
									September 30,
									2021		2020
	REVENUES							$	1,096,058	$	920,473
	COST OF REVENUES								867,113		756,764
			GROSS PROFIT						228,945		163,709
	OPERATING COSTS AND EXPENSES:
		Research and development							63,015		58,407
		Marketing, general and administrative							55,282		47,648
									118,297		106,055
			OPERATING PROFIT						110,648		57,654
	FINANCING AND OTHER EXPENSE, NET								(11,040)		(847)
			PROFIT BEFORE INCOME TAX						99,608		56,807
	INCOME TAX BENEFIT (EXPENSE), NET								2,590		(3,576)
			NET PROFIT						102,198		53,231
	Net income attributable to non-controlling interest								(3,925)		(1,961)
			NET PROFIT ATTRIBUTABLE TO THE COMPANY					$	98,273	$	51,270
	BASIC EARNINGS PER SHARE							$	0.91	$	0.48
	Weighted average number of shares								108,114		107,083
	DILUTED EARNINGS PER SHARE							$	0.90	$	0.47
	Weighted average number of shares								109,640		108,311
	RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:
		GAAP NET PROFIT						$	98,273	$	51,270
			Stock based compensation						16,328		11,798
			Amortization of acquired intangible assets						1,488		1,293
		ADJUSTED NET PROFIT						$	116,089	$	64,361
	ADJUSTED EARNINGS PER SHARE:
		Basic						$	1.07	$	0.60
		Diluted						$	1.06	$	0.59

	TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)
(dollars in thousands)
								Three months ended
								September 30,		June 30,		September 30,
								2021		2021		2020
	GAAP OPERATING PROFIT						$	44,165	$	34,003	$	19,089
		Depreciation of fixed assets						63,021		58,474		56,131
		Stock based compensation						5,452		5,971		3,460
		Amortization of acquired intangible assets						504		492		490
	EBITDA						$	113,142	$	98,940	$	79,170
								Nine months ended
								September 30,		September 30,
								2021		2020
	GAAP OPERATING PROFIT						$	110,648	$	57,654
		Depreciation of fixed assets						178,119		162,790
		Stock based compensation						16,329		11,798
		Amortization of acquired intangible assets						1,487		1,293
	EBITDA						$	306,583	$	233,535

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
			Three months ended
			September 30,		June 30,		September 30,
			2021		2021		2020
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		$	215,755	$	215,581	$	258,793
	Net cash provided by operating activities		106,974		93,250		68,612
	Investments in property and equipment, net		(87,714)		(56,184)		(66,862)
	Exercise of options		46		—		272
	Debt repaid, net		(29,211)		(19,769)		(26,355)
	Effect of Japanese Yen exchange rate change over cash balance		(597)		(68)		2,227
	Investments in short-term deposits, marketable securities and other assets, net		6,250		(17,055)		(28,983)
CASH AND CASH EQUIVALENTS – END OF PERIOD		$	211,503	$	215,755	$	207,704
			Nine months ended
			September 30,
			2021		2020
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		$	211,683	$	355,561
	Net cash provided by operating activities		287,637		203,551
	Investments in property and equipment, net		(193,313)		(192,306)
	Exercise of options		410		1,486
	Debt repaid, net		(78,355)		(55,552)
	Effect of Japanese Yen exchange rate change over cash balance		(4,143)		2,733
	Investments in short-term deposits, marketable securities and other assets, net		(12,416)		(107,769)
CASH AND CASH EQUIVALENTS – END OF PERIOD		$	211,503	$	207,704

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
								Nine months ended				Three months ended
								September 30,		September 30,		September 30,		June 30,		September 30,
								2021		2020		2021		2021		2020
CASH FLOWS – OPERATING ACTIVITIES
	Net profit for the period						$	102,198	$	53,231	$	40,367	$	31,317	$	15,726
	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				197,017		177,576		69,482		65,482		60,277
				Effect of exchange rate differences on debentures				(1,215)		(82)		779		1,798		828
				Other expense (income), net				(1,286)		(332)		1,941		1,758		558
			Changes in assets and liabilities:
				Trade accounts receivable				12,044		10,260		(678)		18,996		11,556
				Other assets				(13,169)		(2,508)		(4,186)		(16,065)		(7,630)
				Inventories				(28,037)		(10,691)		(12,553)		(12,077)		6,689
				Trade accounts payable				(16,668)		(23,249)		(2,100)		(5,302)		(10,299)
				Deferred revenue and customers’ advances				35,495		(3,094)		19,288		(3,133)		(596)
				Other current liabilities				11,609		(103)		(8,087)		12,612		(10,832)
				Long-term employee related liabilities				97		3,847		(43)		247		1,793
				Deferred tax, net and other long-term liabilities				(10,448)		(1,304)		2,764		(2,383)		542
					Net cash provided by operating activities			287,637		203,551		106,974		93,250		68,612
CASH FLOWS – INVESTING ACTIVITIES
	Investments in property and equipment, net							(193,313)		(192,306)		(87,714)		(56,184)		(66,862)
	Investments in deposits, marketable securities and other assets, net							(12,416)		(107,769)		6,250		(17,055)		(28,983)
					Net cash used in investing activities			(205,729)		(300,075)		(81,464)		(73,239)		(95,845)
CASH FLOWS – FINANCING ACTIVITIES
	Debt repaid, net							(78,355)		(55,552)		(29,211)		(19,769)		(26,355)
	Exercise of options							410		1,486		46		—		272
					Net cash used in financing activities			(77,945)		(54,066)		(29,165)		(19,769)		(26,083)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE								(4,143)		2,733		(597)		(68)		2,227
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS								(180)		(147,857)		(4,252)		174		(51,089)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD								211,683		355,561		215,755		215,581		258,793
CASH AND CASH EQUIVALENTS – END OF PERIOD							$	211,503	$	207,704	$	211,503	$	215,755	$	207,704