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)

|  | Three Months Ended |
|  | January 28, 2018 |  |  | January 29, 2017 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 9,481 |  |  | $ | 4,510 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 22,363 |  |  |  | 20,896 |
Changes in operating assets, liabilities and other |  |  | (982 | ) |  |  | 6,133 |
Net cash provided by operating activities |  |  | 30,862 |  |  |  | 31,539 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (10,995 | ) |  |  | (9,600 | )
Acquisition of business |  |  | - |  |  |  | (5,400 | )
Other |  |  | (134 | ) |  |  | (396 | )
Net cash used in investing activities |  |  | (11,129 | ) |  |  | (15,396 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of long-term borrowings |  |  | (1,381 | ) |  |  | (1,343 | )
Contribution from noncontrolling interest |  |  | 11,998 |  |  |  | - |
Proceeds from share-based arrangements |  |  | 798 |  |  |  | 1,113 |
Other |  |  | (261 | ) |  |  | (16 | )
Net cash provided by (used in) financing activities |  |  | 11,154 |  |  |  | (246 | )
Effect of exchange rate changes on cash |  |  | 9,652 |  |  |  | (275 | )
Net increase in cash and cash equivalents |  |  | 40,539 |  |  |  | 15,622 |
Cash and cash equivalents, beginning of period |  |  | 308,021 |  |  |  | 314,074 |
Cash and cash equivalents, end of period |  | $ | 348,560 |  |  | $ | 329,696 |