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 29,
2018
    
July 30,
2017
  
 
             
Cash flows from operating activities:
            
Net income
  
$
44,467
    
$
10,793
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
64,485
      
64,081
  
Changes in operating assets, liabilities and other
    
(21,995
)
    
(1,085
)
                 
Net cash provided by operating activities
    
86,957
      
73,789
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(64,372
)
    
(38,759
)
Acquisition of business
    
-
      
(5,400
)
Proceeds from sale of investments
    
-
      
167
  
Other
    
453
      
(458
)
                 
Net cash used in investing activities
    
(63,919
)
    
(44,450
)
                 
Cash flows from financing activities:
                
Repayments of long-term borrowings
    
(4,170
)
    
(4,057
)
Dividends paid to noncontrolling interests
    
(8,166
)
    
(8,298
)
Purchase of treasury stock
    
(6,787
)
    
-
  
Contribution from noncontrolling interest
    
17,996
      
-
  
Proceeds from share-based arrangements
    
4,028
      
2,529
  
Other
    
(273
)
    
(33
)
                 
Net cash provided by (used in) financing activities
    
2,628
      
(9,859
)
                 
Effect of exchange rate changes on cash
    
(948
)
    
7,018
  
                 
Net increase in cash and cash equivalents
    
24,718
      
26,498
  
Cash and cash equivalents, beginning of period
    
308,021
      
314,074
  
                 
Cash and cash equivalents, end of period
  
$
332,739
    
$
340,572