EX-99.4 5 ex99_4.htm EXHIBIT 99.4

Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

|  | Six Months Ended |
|  | April 29, 2018 |  |  | April 30, 2017 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 24,670 |  |  | $ | 5,994 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 44,429 |  |  |  | 42,241 |
Changes in operating assets, liabilities and other |  |  | (31,191 | ) |  |  | (1,328 | )
Net cash provided by operating activities |  |  | 37,908 |  |  |  | 46,907 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (44,129 | ) |  |  | (14,152 | )
Acquisition of business |  |  | - |  |  |  | (5,400 | )
Proceeds from sale of investments |  |  | - |  |  |  | 167 |
Other |  |  | 436 |  |  |  | (462 | )
Net cash used in investing activities |  |  | (43,693 | ) |  |  | (19,847 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of long-term borrowings |  |  | (2,771 | ) |  |  | (2,695 | )
Contribution from noncontrolling interest |  |  | 11,998 |  |  |  | - |
Proceeds from share-based arrangements |  |  | 3,776 |  |  |  | 2,311 |
Other |  |  | (267 | ) |  |  | (23 | )
Net cash provided by (used in) financing activities |  |  | 12,736 |  |  |  | (407 | )
Effect of exchange rate changes on cash |  |  | 6,274 |  |  |  | 4,997 |
Net increase in cash and cash equivalents |  |  | 13,225 |  |  |  | 31,650 |
Cash and cash equivalents, beginning of period |  |  | 308,021 |  |  |  | 314,074 |
Cash and cash equivalents, end of period |  | $ | 321,246 |  |  | $ | 345,724 |