EX-99.4 5 ex99_4.htm EXHIBIT 99.4
Exhibit 99.4

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

   
Six Months Ended
  
   
April 28,
    
April 29,
  
   
2019
    
2018
  
             
Cash flows from operating activities:
            
Net income
  
$
17,620
    
$
24,670
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
38,515
      
44,429
  
Changes in operating assets, liabilities and other
    
(58,422
)
    
(31,191
)
                 
Net cash (used in) provided by operating activities
    
(2,287
)
    
37,908
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(140,436
)
    
(44,129
)
Government incentive
    
5,698
      
-
  
Other
    
(23
)
    
296
*
                 
Net cash used in investing activities
    
(134,761
)
    
(43,833
)*
                 
Cash flows from financing activities:
                
Proceeds from debt
    
39,633
      
-
  
Contribution from noncontrolling interest
    
29,394
      
11,998
  
Repayments of debt
    
(61,220
)
    
(2,771
)
Dividends paid to noncontrolling interests
    
(26,102
)
    
-
  
Purchase of treasury stock
    
(10,696
)
    
-
  
Proceeds from share-based arrangements
    
1,033
      
3,776
  
Other
    
(45
)
    
(267
)
                 
Net cash (used in) provided by financing activities
    
(28,003
)
    
12,736
  
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
2,843
      
6,330
*
                 
Net (decrease) increase in cash, cash equivalents, and restrcited cash
    
(162,208
)
    
13,141
*
Cash, cash equivalents, and restricted cash, beginning of period
    
331,989
*
    
310,936
*
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
169,781
    
$
324,077
*

* Amount has been modified to reflect the adoption of ASU 2016-18