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 31, 2018 |  |  | October 29, 2017 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 61,236 |  |  | $ | 21,289 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 84,333 |  |  |  | 86,573 |
Changes in operating assets, liabilities and other |  |  | (15,002 | ) |  |  | (11,029 | )
Net cash provided by operating activities |  |  | 130,567 |  |  |  | 96,833 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (92,585 | ) |  |  | (91,965 | )
Acquisition of business |  |  | - |  |  |  | (5,400 | )
Proceeds from sale of investments |  |  | - |  |  |  | 167 |
Other |  |  | 1,856 |  |  |  | (868 | )
Net cash used in investing activities |  |  | (90,729 | ) |  |  | (98,066 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of long-term debt |  |  | (4,639 | ) |  |  | (5,428 | )
Dividends paid to noncontrolling interests |  |  | (8,166 | ) |  |  | (8,298 | )
Purchase of treasury stock |  |  | (23,111 | ) |  |  | - |
Contribution from noncontrolling interest |  |  | 17,996 |  |  |  | - |
Proceeds from share-based arrangements |  |  | 4,634 |  |  |  | 2,830 |
Other |  |  | (519 | ) |  |  | (32 | )
Net cash used in financing activities |  |  | (13,805 | ) |  |  | (10,928 | )
Effect of exchange rate changes on cash |  |  | (4,777 | ) |  |  | 6,108 |
Net increase (decrease) in cash and cash equivalents |  |  | 21,256 |  |  |  | (6,053 | )
Cash and cash equivalents, beginning of period |  |  | 308,021 |  |  |  | 314,074 |
Cash and cash equivalents, end of period |  | $ | 329,277 |  |  | $ | 308,021 |