EX-99.4 5 ex99_4.htm EXHIBIT 99.4
Exhibit 99.4

PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

   
Three Months Ended
  
   
January 27,
2019
    
January 28,
2018
  
             
Cash flows from operating activities:
            
Net income
  
$
7,768
    
$
9,481
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
18,781
      
22,363
  
Changes in operating assets, liabilities and other
    
(45,835
)
    
(982
)
                 
Net cash (used in) provided by operating activities
    
(19,286
)
    
30,862
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(106,925
)
    
(10,995
)
Government incentive
    
5,029
      
-
  
Other
    
19
      
(145
)
                 
Net cash used in investing activities
    
(101,877
)
    
(11,140
)
                 
Cash flows from financing activities:
                
Contribution from noncontrolling interest
    
29,394
      
11,998
  
Proceeds from long-term debt
    
28,180
      
-
  
Repayments of long-term debt
    
-
      
(1,381
)
Dividends paid to noncontrolling interests
    
(26,102
)
    
-
  
Purchase of treasury stock
    
(10,696
)
    
-
  
Proceeds from share-based arrangements
    
650
      
798
  
Other
    
(45
)
    
(261
)
                 
Net cash provided by financing activities
    
21,381
      
11,154
  
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
2,961
      
9,767
  
                 
Net (decrease) increase in cash, cash equivalents, and restrcited cash
    
(96,821
)
    
40,643
  
Cash, cash equivalents, and restricted cash, beginning of period
    
331,989
      
310,936
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
235,168
    
$
351,579