EX-99.4 5 ex99_4.htm EXHIBIT 99.4
Exhibit 99.4

PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
   
Nine Months Ended
  
   
July 28,
2019
    
July 29,
2018
  
             
Cash flows from operating activities:
            
Net income
  
$
27,454
    
$
44,467
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
60,387
      
64,485
  
Changes in operating assets, liabilities and other
    
(64,337
)
    
(21,995
)
                 
Net cash provided by operating activities
    
23,504
      
86,957
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(160,149
)
    
(64,372
)
Government incentive
    
17,694
      
-
  
Other
    
(24
)
    
313
  *
                 
Net cash used in investing activities
    
(142,479
)
    
(64,059
)*
                 
Cash flows from financing activities:
                
Proceeds from debt
    
53,227
      
-
  
Contribution from noncontrolling interest
    
29,394
      
17,997
  
Repayments of debt
    
(61,319
)
    
(4,170
)
Dividends paid to noncontrolling interests
    
(26,102
)
    
(8,166
)
Purchase of treasury stock
    
(10,696
)
    
(6,787
)
Proceeds from share-based arrangements
    
1,314
      
4,028
  
Other
    
(92
)
    
(274
)
                 
Net cash (used in) provided by financing activities
    
(14,274
)
    
2,628
  
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
1,206
      
(975
)*
                 
Net (decrease) increase in cash, cash equivalents, and restrcited cash
    
(132,043
)
    
24,551
  *
Cash, cash equivalents, and restricted cash, beginning of period
    
331,989
*
    
310,936
  *
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
199,946
    
$
335,487
  *

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