EX-99.4 5 ex99_4.htm EXHIBIT 99.4
Exhibit 99.4
 
PHOTRONICS,  INC.  AND  SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

 
Nine Months Ended
  
   
July 31,
2016
    
August 2,
2015
  
             
Cash flows from operating activities:
            
Net income
  
$
49,106
    
$
34,709
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
60,471
      
61,465
  
Gain on sale of investment
    
(8,940
)
    
-
  
Changes in assets and liabilities and other
    
(9,250
)
    
(4,347
)
                 
Net cash provided by operating activities
    
91,387
      
91,827
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(44,828
)
    
(80,107
)
Proceeds from sale of investments
    
101,853
      
-
  
Other
    
584
      
(283
)
                 
Net cash provided by (used in) investing activities
    
57,609
      
(80,390
)
                 
Cash flows from financing activities:
                
Repayments of long-term borrowings
    
(56,276
)
    
(7,152
)
Proceeds from share-based arrangements
    
3,172
      
2,375
  
Dividends paid to noncontrolling interests
    
(11,890
)
    
-
  
Other
    
(19
)
    
(171
)
                 
Net cash used in financing activities
    
(65,013
)
    
(4,948
)
                 
Effect of exchange rate changes on cash
    
1,819
      
(7,856
)
                 
Net increase (decrease) in cash and cash equivalents
    
85,802
      
(1,367
)
Cash and cash equivalents, beginning of period
    
205,867
      
192,929
  
                 
Cash and cash equivalents, end of period
  
$
291,669
    
$
191,562