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)

|  | Year Ended |
|  | October 29, 2017 |  |  | October 30, 2016 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 21,289 |  |  | $ | 55,676 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 86,573 |  |  |  | 82,406 |
Gain on sale of investment |  |  | - |  |  |  | (8,940 | )
Changes in assets, liabilities and other |  |  | (11,029 | ) |  |  | (7,005 | )
Net cash provided by operating activities |  |  | 96,833 |  |  |  | 122,137 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (91,965 | ) |  |  | (50,147 | )
Acquisition of Business |  |  | (5,400 | ) |  |  | - |
Proceeds from sale of investments |  |  | 167 |  |  |  | 101,853 |
Other |  |  | (868 | ) |  |  | 584 |
Net cash (used in) provided by investing activities |  |  | (98,066 | ) |  |  | 52,290 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of long-term borrowings |  |  | (5,428 | ) |  |  | (57,609 | )
Payments to noncontrolling interests |  |  | (8,298 | ) |  |  | (12,856 | )
Proceeds from share-based arrangements |  |  | 2,830 |  |  |  | 3,463 |
Other |  |  | (32 | ) |  |  | (20 | )
Net cash used in financing activities |  |  | (10,928 | ) |  |  | (67,022 | )
Effect of exchange rate changes on cash |  |  | 6,108 |  |  |  | 802 |
Net (decrease) increase in cash and cash equivalents |  |  | (6,053 | ) |  |  | 108,207 |
Cash and cash equivalents, beginning of period |  |  | 314,074 |  |  |  | 205,867 |
Cash and cash equivalents, end of period |  | $ | 308,021 |  |  | $ | 314,074 |