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 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2008
Commission File Number 000-22286
Taro Pharmaceutical Industries Ltd.
(Translation of registrant's name into English)
14 Hakitor Street, Haifa Bay 26110, Israel
(Address of principal executive office)
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 |X| 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): _____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-_____.
The Company is filing the attached Statement of Cash Flows to supplement its
form 6-K report filed on February 20, 2008. This information was not included in
the form 6-K filed on February 20th, because it was not available at that time.
The Company cautions that the Statement of Cash Flows is both unaudited and
subject to further review and possible change. Additionally, this Statement of
Cash Flows does not provide complete financial information and is subject to
audit by the Company's outside auditors. This Statement of Cash Flows has not
been and will not be subject to quarterly review procedures.
- Statement of Cash Flows to follow -
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENT OF CASHFLOWS
(US dollars in thousands)
Unaudited
and
Unreviewed
Year Ended
December 31,
2007
---------------------
Operating Activities:
Net income $21,139
Adjustments required to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 26,094
Stock based compensation 357
Gain on sales of property, plant and equipment (3,844)
Increase in fair value of derivative instruments (6,776)
Increase in long-term debt due to currency fluctuations 7,714
Amortization of deferred revenue (5,894)
Increase in trade receivables (26,775)
Increase in other receivables and prepaid tax (305)
Increase in inventories (3,175)
Foreign exchange effect on intercompany balances 6,959
Decrease in trade and other payables and accruals (10,798)
---------------------
Net cash provided by operating activities 4,696
Investing Activities:
Purchase of property plant & equipment, net of related grants
(4,453)
Investment in other intangible assets
(271)
Proceeds from sale of marketable securities
114
Proceeds from sales of property, plant and equipment
10,321
---------------------
Net cash provided by investing activities
5,711
Financing Activities:
Proceeds from issuance of shares, net
56,417
Repayments of long term debt
(31,965)
Repayments of short-term bank debt, net
(6,754)
---------------------
Net cash provided by financing activities
17,698
Effect of exchange rate changes
162
---------------------
Net increase in cash
28,267
Cash at beginning of period
16,911
---------------------
Cash at end of period $45,178
=====================
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.
Date: April 10, 2008
TARO PHARMACEUTICAL INDUSTRIES LTD.
By: /s/ Tal Levitt
--------------
Name: Tal Levitt
Title: Director and Secretary