EX-99.4 5 exhibit99-4.htm CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

	Year Ended
	November 2,				November 3,
	2014				2013
Cash flows from operating activities:
Net income	$	32,035			$	19,576
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on acquisition		(16,372	)			-
Depreciation and amortization		80,136				72,942
Changes in assets and liabilities and other		562				6,883
Net cash provided by operating activities		96,361				99,401
Cash flows from investing activities:
Purchases of property, plant and equipment		(91,085	)			(63,792	)
Cash from acquisition		4,508				-
Other		(908	)			(2,445	)
Net cash used in investing activities		(87,485	)			(66,237	)
Cash flows from financing activities:
Repayments of long-term borrowings		(29,782	)			(8,314	)
Purchase of common stock of subsidiary		-				(32,374	)
Payment of deferred financing fees		(346	)			(40	)
Proceeds from share-based arrangements		1,298				884
Other		(711	)			-
Net cash used in financing activities		(29,541	)			(39,844	)
Effect of exchange rate changes on cash		(2,021	)			4,252
Net decrease in cash and cash equivalents		(22,686	)			(2,428	)
Cash and cash equivalents, beginning of period		215,615				218,043
Cash and cash equivalents, end of period	$	192,929			$	215,615
Noncash net assets from acquisition	$	110,211			$	-