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)

|  | Nine Months Ended |
|  | July 29, 2018 |  |  | July 30, 2017 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 44,467 |  |  | $ | 10,793 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 64,485 |  |  |  | 64,081 |
Changes in operating assets, liabilities and other |  |  | (21,995 | ) |  |  | (1,085 | )
Net cash provided by operating activities |  |  | 86,957 |  |  |  | 73,789 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (64,372 | ) |  |  | (38,759 | )
Acquisition of business |  |  | - |  |  |  | (5,400 | )
Proceeds from sale of investments |  |  | - |  |  |  | 167 |
Other |  |  | 453 |  |  |  | (458 | )
Net cash used in investing activities |  |  | (63,919 | ) |  |  | (44,450 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of long-term borrowings |  |  | (4,170 | ) |  |  | (4,057 | )
Dividends paid to noncontrolling interests |  |  | (8,166 | ) |  |  | (8,298 | )
Purchase of treasury stock |  |  | (6,787 | ) |  |  | - |
Contribution from noncontrolling interest |  |  | 17,996 |  |  |  | - |
Proceeds from share-based arrangements |  |  | 4,028 |  |  |  | 2,529 |
Other |  |  | (273 | ) |  |  | (33 | )
Net cash provided by (used in) financing activities |  |  | 2,628 |  |  |  | (9,859 | )
Effect of exchange rate changes on cash |  |  | (948 | ) |  |  | 7,018 |
Net increase in cash and cash equivalents |  |  | 24,718 |  |  |  | 26,498 |
Cash and cash equivalents, beginning of period |  |  | 308,021 |  |  |  | 314,074 |
Cash and cash equivalents, end of period |  | $ | 332,739 |  |  | $ | 340,572 |