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