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 February, 2008

 TEFRON LTD.
 (Translation of registrant's name into English)

 IND. CENTER TERADYON, P.O. BOX 1365, MISGAV 20179, ISRAEL
 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

 Form 20-F [X] Form 40-F [_]

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- N/A





Attached hereto and incorporated by reference herein is a copy of a press
release issued by Tefron, dated February 28, 2008, announcing full year 2007
results.

The press release contains non-GAAP financial measures. In this regard, GAAP
refers to generally accepted accounting principles in the United States.
Pursuant to regulations promulgated by the Securities and Exchange Commission,
the Company has provided reconciliations within the press release of the
non-GAAP financial measures to the most directly comparable GAAP financial
measures.

EBITDA represents earnings (loss) before interest, taxes, depreciation and
amortization and other income (expenses). EBITDA is presented in the earnings
release because management believes that it enhances the understanding of our
operating results and is of interest to our investors and lenders in relation to
our debt covenants, as certain of the debt covenants include adjusted EBITDA as
a performance measure. EBITDA, however, should not be considered as an
alternative to operating income or income for the period as an indicator of our
operating performance. Similarly, EBITDA should not be considered as an
alternative to cash flows form operating activities as a measure of liquidity.
EBITDA is not a measure of financial performance under generally accepted
accounting principles and may not be comparable to other similarly titled
measures for other companies.

This Form 6-K is hereby incorporated by reference into Tefron Ltd.'s
Registration Statement on Form F-3 (Registration No. 333-128847) and its
Registration Statements on Form S-8 (Registration Nos. 333-139021 and
333-111932).


 2



 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.

 TEFRON LTD.
 (Registrant)


 By: /s/ Asaf Alperovitz
 -----------------------
 Asaf Alperovitz
 Chief Financial Officer

 By: /s/ Hanoch Zlotnik
 ----------------------
 Hanoch Zlotnik
 Treasurer

Date: February 28, 2008


 3



 TEFRON REPORTS FOURTH QUARTER AND FULL YEAR 2007 RESULTS

FULL YEAR 2007 SUMMARY

o ANNUAL REVENUES OF $158.6 MILLION, 15.7% BELOW REVENUES OF LAST YEAR.

o OPERATING CASH FLOW OF $3.0 MILLION COMPARED WITH $27.8 MILLION IN 2006.

o OPERATING INCOME OF $1.8 MILLION, COMPARED WITH $25.9 MILLION IN 2006.

o EBITDA OF $10.9 MILLION COMPARED WITH $35.2 MILLION IN 2006.

o NET INCOME OF $0.5 MILLION; FULLY DILUTED EPS OF $0.02 COMPARED WITH $18.4
 MILLION OR $0.89 PER DILUTED SHARE IN 2006.

FOURTH QUARTER SUMMARY

o QUARTERLY REVENUES OF $38.9 MILLION, 22.2% BELOW REVENUES OF THE FOURTH
 QUARTER OF LAST YEAR.

o NET LOSS OF $2.4 MILLION; FULLY DILUTED LOSS PER SHARE OF $0.11 COMPARED
 WITH NET INCOME OF $4.7 MILLION OR $0.22 PER DILUTED SHARE IN THE FOURTH
 QUARTER OF LAST YEAR.

MISGAV, ISRAEL, FEBRUARY 28, 2008 - TEFRON LTD. (NYSE:TFR; TASE:TFRN), a leading
producer of seamless intimate apparel and engineered-for-performance (EFPTM)
active wear, today announced financial results for the fourth quarter and full
year 2007.

FOURTH QUARTER 2007 RESULTS

Fourth quarter revenues were $38.9 million, representing a 22.2% decrease from
fourth quarter of 2006 revenues of $50.0 million. The decrease in revenues in
the quarter was due to a reduction in sales of active-wear products, primarily
to Nike, a reduction in sales of intimate apparel, mainly to Victoria's Secret
for older Cut & Sew collections and lower sales of swimwear, mainly due to
the delay of some swimwear revenues to the first quarter of 2008.

Fourth quarter gross margin was 5.4% compared with a gross margin of 22.2% in
the fourth quarter of 2006. Operating loss for the quarter was $2.8 million, as
compared with an operating income of $6.4 million (12.9% of revenues) in the
fourth quarter of 2006. Net loss for the quarter was $2.4 million, or $0.11 per
diluted share as compared with net income of $4.7 million (9.3% of revenues), or
$0.22 per diluted share, in the fourth quarter of 2006.

The decline in gross margin and the operating loss in the quarter were primarily
due to the lower revenue and manufacturing levels, increased costs due to
factors described below and a one-time inventory write-off of approximately $0.7
million related to obsolete inventory.

The significant devaluation of the US Dollar versus the New Israeli Shekel, as
well as the previously identified price reductions in older collections of
Tefron's intimate apparel product line also continued to impact margins.
Additionally, the higher proportion of Cut & Sew 'new generation' products
in the sales mix for Nike, which have a lower profitability than those of the
Seamless products, also reduced profitability. Finally, the short-term
manufacturing challenges faced in the Hi-Tex division continued into the fourth
quarter. As discussed in the prior quarter, these challenges are mainly due to
the learning curve required for the manufacture of various new and complex
products, which are technologically advanced and have been ordered in short
production runs for a larger number of apparel categories.


 4



RESULTS FOR FULL YEAR 2007

Full year 2007 revenues were $158.6 million, representing a 15.7% decrease from
2006 revenues of $188.1 million. The decline in revenue was primarily due to a
reduction in sales of active-wear products, primarily to Nike, reduced sales of
intimate apparel, mainly to Victoria's Secret for older Cut & Sew
collections, and a slight decline in sales of swimwear.

Full year 2007 gross margin decreased to 12.3%, compared with 22.8% as reported
in 2006. Operating income was $1.8 million (1.1% of revenues) compared with an
operating income of $25.9 million (13.8% of revenues) as reported in 2006. Net
income was $483 thousand (0.3% of revenues), or $0.02 per diluted share,
compared with $18.4 million (9.8% of revenues) or $0.89 per diluted share, as
reported in 2006.

MANAGEMENT COMMENTS

Mr. Yos Shiran, Chief Executive Officer of Tefron, commented, "We faced a tough
fourth quarter, particularly from a profitability standpoint. The primary cause
was the weak US dollar, coupled with our Hi-Tex division manufacturing hurdles.
While we are improving our ability to overcome these hurdles, we do expect them
to continue into the early part of 2008."

"We are currently working diligently to formulate a strategic and operational
plan, together with the support of our new chairman, Mr. Yaacov Gelbard,
intended to grow our revenue base, improve our operating efficiencies, while
reducing our costs," continued Mr. Shiran. "In the short term, we will focus our
efforts on solving the manufacturing challenges in our Hi-Tex division and aim
to reduce operational costs. At the same time, we will continue our efforts to
broaden our customer base."

Mr. Shiran continued, "On the positive side, we saw a sequential growth in
active-wear revenues following a few quarters of slower sales. This was
primarily due to increased orders from Nike for their 'New Generation' products.
Continuing this trend, from a revenue standpoint our first quarter looks strong.
This is primarily due to continued growth in sales to Nike in both our Cut and
Sew and Hi-Tex divisions, as well as a growth in sales to lululemon. In fact,
supporting our long-term goals, we see this trend of strong growth in
active-wear sales continuing throughout the first half of 2008, driving a growth
in our overall sales. We also expect a strong increase in first quarter sales of
swimwear."

Mr. Shiran concluded, "Based on our current orders, we currently expect first
quarter 2008 revenues of around $50 million. However, we believe that the
continued weakening of the US Dollar, in addition to the temporary manufacturing
hurdles of our Hi-Tex division, will continue to significantly affect our
profitability in the first quarter of 2008. Accordingly, we expect to breakeven
at the operating level in the first quarter of 2008."


 5



CONFERENCE CALL
--------------------------------------------------------------------------------

The Company will be hosting a conference call today, February 28, 2008 at
10:00am EST. On the call, management will review and discuss the results, and
will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers.
Please begin placing your calls at least 5 minutes before the conference call
commences. If you are unable to connect using the toll-free numbers, please try
the international dial-in number.

US DIAL-IN NUMBER: 1 888 668 9141
UK DIAL-IN NUMBER: 0 800 917 5108
ISRAEL DIAL-IN NUMBER: 03 918 0609
INTERNATIONAL DIAL-IN NUMBER: +972 3 918 0609

For those unable to listen to the live call, a replay of the call will be
available for three months from the day after the call in the investor relations
section of Tefron's website, at: www.tefron.com

ABOUT TEFRON
--------------------------------------------------------------------------------

TEFRON MANUFACTURES BOUTIQUE-QUALITY EVERYDAY SEAMLESS INTIMATE APPAREL, ACTIVE
WEAR AND SWIM WEAR SOLD THROUGHOUT THE WORLD BY SUCH NAME-BRAND MARKETERS AS
VICTORIA'S SECRET, NIKE, TARGET, THE GAP, BANANA REPUBLIC, J. C. PENNEY,
LULULEMON ATHLETICA WARNACO/CALVIN KLEIN, PATAGONIA, REEBOK, DOLCE AND GABBANA,
AND EL CORTE ENGLESE, AS WELL AS OTHER WELL KNOWN RETAILERS AND DESIGNER LABELS.
THE COMPANY'S PRODUCT LINE INCLUDES KNITTED BRIEFS, BRAS, TANK TOPS, BOXERS,
LEGGINGS, CROP, T-SHIRTS, NIGHTWEAR, BODYSUITS, SWIM WEAR, BEACH WEAR AND
ACTIVE-WEAR.

THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS, WITHIN THE
MEANING OF SECTION 27A OF THE US SECURITIES ACT OF 1933, AS AMENDED, SECTION 21E
OF THE US SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND THE SAFE HARBOR
PROVISIONS OF THE US PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, WITH
RESPECT TO THE COMPANY'S BUSINESS, FINANCIAL CONDITION AND RESULTS OF
OPERATIONS. WE HAVE BASED THESE FORWARD-LOOKING STATEMENTS ON OUR CURRENT
EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS.

WORDS SUCH AS "BELIEVE," "ANTICIPATE," "EXPECT," "INTEND," "WILL," "PLAN,"
"COULD," "MAY," "PROJECT," "GOAL," "TARGET," AND SIMILAR EXPRESSIONS OFTEN
IDENTIFY FORWARD-LOOKING STATEMENTS BUT ARE NOT THE ONLY WAY WE IDENTIFY THESE
STATEMENTS. EXCEPT FOR STATEMENTS OF HISTORICAL FACT CONTAINED HEREIN, THE
MATTERS SET FORTH IN THIS PRESS RELEASE REGARDING OUR FUTURE PERFORMANCE, PLANS
TO INCREASE REVENUES OR MARGINS AND ANY STATEMENTS REGARDING OTHER FUTURE EVENTS
OR FUTURE PROSPECTS ARE FORWARD-LOOKING STATEMENTS.

THESE FORWARD LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTEMPLATED IN SUCH
FORWARD-LOOKING STATEMENTS, INCLUDING, BUT NOT LIMITED TO:

 o OUR CUSTOMERS' CONTINUED PURCHASE OF OUR PRODUCTS IN THE SAME VOLUMES
 OR ON THE SAME TERMS;

 o THE CYCLICAL NATURE OF THE CLOTHING RETAIL INDUSTRY AND THE ONGOING
 CHANGES IN FASHION PREFERENCES;

 o THE COMPETITIVE NATURE OF THE MARKETS IN WHICH WE OPERATE, INCLUDING
 THE ABILITY OF OUR COMPETITORS TO ENTER INTO AND COMPETE IN THE
 SEAMLESS MARKET IN WHICH WE OPERATE;

 o THE POTENTIAL ADVERSE EFFECT ON OUR BUSINESS RESULTING FROM OUR
 INTERNATIONAL OPERATIONS, INCLUDING INCREASED CUSTOM DUTIES AND IMPORT
 QUOTAS (E.G., IN CHINA, WHERE WE MANUFACTURE FOR OUR SWIMWEAR
 DIVISION).

 o THE POTENTIAL ADVERSE EFFECT ON OUR FUTURE OPERATING EFFICIENCY
 RESULTING FROM OUR EXPANSION INTO NEW PRODUCT LINES WITH MORE
 COMPLICATED PRODUCTS AND DIFFERENT RAW MATERIALS;

 o THE PURCHASE OF NEW EQUIPMENT THAT MAY BE NECESSARY AS A RESULT OF OUR
 EXPANSION INTO NEW PRODUCT LINES;

 o OUR DEPENDENCE ON OUR SUPPLIERS FOR OUR MACHINERY AND THE MAINTENANCE
 OF OUR MACHINERY;


 6



 o THE FLUCTUATIONS COSTS OF RAW MATERIALS; OUR DEPENDENCE ON
 SUBCONTRACTORS IN CONNECTION WITH OUR MANUFACTURING PROCESS;

 o OUR FAILURE TO GENERATE SUFFICIENT CASH FROM OUR OPERATIONS TO PAY OUR
 DEBT;

 o FLUCTUATIONS IN INFLATION AND CURRENCY; AND

 o POLITICAL, ECONOMIC, SOCIAL, CLIMATIC RISKS, ASSOCIATED WITH
 INTERNATIONAL BUSINESS AND RELATING TO OPERATIONS IN ISRAEL;

AS WELL AS CERTAIN OTHER RISKS DETAILED FROM TIME TO TIME IN THE COMPANY'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO
OBLIGATION TO PUBLICLY RELEASE ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS
TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE
OCCURRENCE OF UNANTICIPATED EVENTS.



CONTACTS

COMPANY CONTACT: IR CONTACT:
ASAF ALPEROVITZ EHUD HELFT / KENNY GREEN
CHIEF FINANCIAL OFFICER G.K. INVESTOR RELATIONS
+972-4-9900803 1 646 201 9246
Aasaf@Tefron.com info@gkir.com



 7





TABLE 1: SALES BY SEGEMENT
------------------------------------------------------------------------------------------------------

 Year ended Year ended Three months ended Three months ended
 December 31, 2007 December 31, 2006 December 31, 2007 December 31, 2006
 ------------------- ------------------- ------------------- -------------------
 USD USD USD USD
Segments Thousands % of total Thousands % of total Thousands % of total Thousands % of total
-------- ------- ------- ------- ------- ------- ------- ------- -------

Cut & sew 77,020 48.6% 85,951 45.7% 23,047 59.3% 25,159 50.3%
Seamless 81,594 51.4% 102,153 54.3% 15,846 40.7% 24,848 49.7%
Total 158,614 100.0% 188,104 100.0% 38,893 100.0% 50,007 100.0%




TABLE 2: SALES BY PRODUCT LINE
--------------------------------------------------------------------------------

 Year ended Year ended Three months ended Three months ended
 December 31, 2007 December 31, 2006 December 31, 2007 December 31, 2006
 ------------------- ------------------- ------------------- -------------------
 USD USD USD USD
Product line Thousands % of total Thousands % of total Thousands % of total Thousands % of total
------------ ------- ------- ------- ------- ------- ------- ------- -------

Intimate Apparel 89,877 56.7% 100,890 53.6% 21,010 54.0% 26,209 52.4%
Active wear 42,047 26.5% 59,406 31.6% 11,284 29.0% 13,618 27.2%
Swimwear 26,690 16.8% 27,808 14.8% 6,599 17.0% 10,180 20.4%
Total 158,614 100.0% 188,104 100.0% 38,893 100.0% 50,007 100.0%



 8





CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS

 DECEMBER 31,
 ---------------------
 2007 2006
 -------- --------

 ASSETS

CURRENT ASSETS:
 Cash and cash equivalents $ 2,384 $ 3,966
 Short - term deposits 7,063 10,089
 Marketable securities 5,668 4,975
 Trade receivables, net 29,033 30,655
 Other accounts receivable and prepaid expenses 5,404 4,166
 Inventories 32,577 28,912
 -------- --------

TOTAL current assets 82,129 82,763
 -------- --------

LONG TERM INVESTMENTS:

Marketable securities and bank deposit 1,284 1,029
Severance pay fund 1,288 778
Subordinated note 3,000 3,000
 -------- --------

TOTAL long term investments 5,572 4,807
 -------- --------

PROPERTY, PLANT AND EQUIPMENT, NET 74,791 77,086
 -------- --------

TOTAL assets $162,492 $164,656
 ======== ========



 9





CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)

 DECEMBER 31,
 ------------------------
 2007 2006
 --------- ---------

 LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
 Current maturities of long-term bank loans $ 5,948 $ 5,948
 Trade payables 29,720 31,143
 Other accounts payable and accrued expenses 8,635 10,402
 --------- ---------

TOTAL current liabilities 44,303 47,493
 --------- ---------

LONG-TERM LIABILITIES:
 Long term loans from banks (net of current maturities) 13,374 19,322
 Deferred taxes 12,397 12,313
 Accrued severance pay 3,882 3,298
 --------- ---------

TOTAL long-term liabilities 29,653 34,933
 --------- ---------

SHAREHOLDERS' EQUITY:
 Share capital
 Ordinary shares 7,518 7,411
 Additional paid-in capital 106,530 101,684
 Less - 997,400 Ordinary shares in treasury, at cost (7,408) (7,408)
 Cumulative other comprehensive income 368 55
 Accumulated deficit (18,472) (19,512)
 --------- ---------

TOTAL shareholders' equity 88,536 82,230
 --------- ---------

TOTAL liabilities and shareholders' equity $ 162,492 $ 164,656
 ========= =========



 10





CONSOLIDATED STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)

 YEAR ENDED THREE MONTHS ENDED
 DECEMBER 31, DECEMBER 31,
 -------------------------- --------------------------
 2007 2006 2007 2006
 ---------- ---------- ---------- ----------

Sales $ 158,614 $ 188,104 $ 38,893 $ 50,007
Cost of sales 139,147 145,144 36,783 38,881
 ---------- ---------- ---------- ----------

Gross profit 19,467 42,960 2,110 11,126
Selling, general and administrative expenses 17,715 17,077 4,866 4,699
 ---------- ---------- ---------- ----------

Operating income (loss) 1,752 25,883 (2,756) 6,427
Financial expenses, net 1,289 1,912 329 411
 ---------- ---------- ---------- ----------

Income (loss) before taxes on income 463 23,971 (3,085) 6,016
Taxes on income (tax benefit) (20) 5,711 (665) 1,348
 ---------- ---------- ---------- ----------

Income (loss) from continuing operations 483 18,260 (2,420) 4,668
Income from discontinued operations - 120 - -
 ---------- ---------- ---------- ----------

Net income (loss) $ 483 $ 18,380 $ (2,420) $ 4,668
 ========== ========== ========== ==========

Basic and diluted net earnings (losses) per share from
 continuing operations:
 Basic net earnings (losses) per share $ 0.02 $ 0.90 $ (0.11) $ 0.23
 ========== ========== ========== ==========
 Diluted net earnings (losses) per share $ 0.02 $ 0.88 $ (0.11) $ 0.22
 ========== ========== ========== ==========

Basic and diluted net earnings per share from discontinued
 operations:
 Basic net earnings per share $ - $ 0.01 $ - $ -
 ========== ========== ========== ==========
 Diluted net earnings per share $ - $ 0.01 $ - $ -
 ========== ========== ========== ==========

Basic and diluted net earnings (losses) per share:
 Basic net earnings (losses) per share $ 0.02 $ 0.91 $ (0.11) $ 0.23
 ========== ========== ========== ==========
 Diluted net earnings (losses) per share $ 0.02 $ 0.89 $ (0.11) $ 0.22
 ========== ========== ========== ==========

Weighted average number of shares used for computing basic
 earnings (losses) per share 21,188,161 20,210,722 21,202,986 20,620,500
 ========== ========== ========== ==========

Weighted average number of shares used for computing diluted
 earnings (losses) per share 21,630,124 20,754,566 21,202,986 21,672,528
 ========== ========== ========== ==========



 11





CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS

 YEAR ENDED THREE MONTHS ENDED
 DECEMBER 31, DECEMBER 31,
 ---------------------- ----------------------
 2007 2006 2007 2006
 -------- -------- -------- --------

CASH FLOWS FROM OPERATING ACTIVITIES:

 Net income (loss) $ 483 $ 18,380 $ (2,420) $ 4,668
 Adjustments to reconcile net income (loss) to net cash
 provided by (used in) operating activities:
 Income from discontinued operations - (120) - -
 Depreciation of property, plant and equipment 8,567 8,719 2,126 2,410
 Compensation related to options granted to employees 571 555 73 79
 Increase (decrease) in severance pay, net 74 459 (70) 134
 Increase (decrease) in deferred taxes, net 79 3,098 58 (2,164)
 Accrual of interest on short and long-term deposits (613) (100) (117) (100)
 Gain related to sale of marketable securities (134) (37) (124) (37)
 Interest and amortization of premium and accretion of
 discount of marketable securities (124) (20) 201 (20)
 Gain on disposal of property, plant and equipment, net (651) (73) (10) (79)
 Decrease (Increase) in trade receivables, net 1,622 (4,677) 52 (11,463)
 Decrease (increase) in other accounts receivable and
 prepaid expenses (984) (417) (158) 752
 Increase in inventories (3,665) (2,530) (6,232) (2,098)
 Increase (decrease) in trade payables (1,423) 3,278 4,941 4,357
 Increase in other accounts payable and accrued expenses (768) 748 (316) 4,185
 -------- -------- -------- --------

Net cash provided by (used in) continuing operating activities 3,034 27,263 (1,996) 624
Net cash provided by discontinued operating activities - 507 - -
 -------- -------- -------- --------

Net cash provided by (used in) operating activities 3,034 27,770 (1,996) 624
 -------- -------- -------- --------

CASH FLOWS FROM INVESTING ACTIVITIES:

 Purchase of property, plant and equipment (6,376) (4,688) (1,765) (2,264)
 Investment grants received - 1,218 - -
 Proceeds from sale of property, plant and equipment 943 335 16 30
 Dividend received from discontinued operations - 140 - -
 Proceeds from (payment related to) sale of subsidiary, net - 9,917 - (333)
 Investment in marketable securities (18,974) (11,876) (2,013) (11,876)
 Proceeds from sale of marketable securities 17,240 6,961 2,259 6,961
 Investment in short-term and long-term deposits (8,321) (11,018) (5,821) (11,018)
 Proceeds from repayment of deposits 12,989 - 10,489 -
 -------- -------- -------- --------

Net cash provided by (used in) continuing investing activities (2,499) (9,011) 3,165 (18,500)
Net cash used in discontinued investing activities - (172) - -
 -------- -------- -------- --------

Net cash provided by (used in) investing activities (2,499) (9,183) 3,165 (18,500)
 -------- -------- -------- --------



 12





CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS

 YEAR ENDED THREE MONTHS ENDED
 DECEMBER 31, DECEMBER 31,
 ---------------------- ----------------------
 2007 2006 2007 2006
 -------- -------- -------- --------

CASH FLOWS FROM FINANCING ACTIVITIES:

 Repayment of long-term bank loans (5,948) (21,188) (1,487) (1,487)
 Proceeds from long-term bank loans - 5,000 - -
 Decrease in short-term bank credit - (14,713) - -
 Tax benefit from exercise of stock options related to
 employees and directors - 446 - 446
 Proceeds from exercise of stock options related to employees
 and directors 92 3,175 7 615
 Exercise of tradable options issued at the secondary offering 4,290 972 - 972
 Proceeds from secondary offering of shares and options, net - 13,816 - -
 Dividend paid to shareholders (551) (9,446) - (4,825)
 -------- -------- -------- --------

Net cash used in continuing financing activities (2,117) (21,938) (1,480) (4,279)
Net cash used in discontinued financing activities - (544) - -
 -------- -------- -------- --------

Net cash used in financing activities (2,117) (22,482) (1,480) (4,279)
 -------- -------- -------- --------

Total decrease in cash and cash equivalents (1,582) (3,895) (311) (22,155)
Decrease in cash and cash equivalents attributed to
 discontinued operations - 209 - -
 -------- -------- -------- --------

Decrease in cash and cash equivalents attributed to continuing
 operations (1,582) (3,686) (311) (22,155)
Cash and cash equivalents at beginning of period 3,966 7,652 2,695 26,121
 -------- -------- -------- --------

Cash and cash equivalents at end of period $ 2,384 $ 3,966 $ 2,384 $ 3,966
 ======== ======== ======== ========



 13





CALCULATION OF THE EBITDA
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS

 Year ended Three months ended
 December 31, December 31,
 ------------------- -------------------
 2007 2006 2007 2006
 ------- ------- ------- -------

Operating income $ 1,752 $25,883 $(2,756) $ 6,427
(See statements of operations)
Depreciation (See statements of cash flows) 8,567 8,719 2,126 2,410
Compensation related to options granted to employees
(See statement of cash flow) 571 555 73 79
 ------- ------- ------- -------
EBITDA $10,890 $35,157 $ (557) $ 8,916
 ======= ======= ======= =======



 14
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