EX-99.4 5 ex99_4.htm EXHIBIT 99.4

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

|  | Three Months Ended |
|  | January 27, 2019 |  |  | January 28, 2018 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 7,768 |  |  | $ | 9,481 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 18,781 |  |  |  | 22,363 |
Changes in operating assets, liabilities and other |  |  | (45,835 | ) |  |  | (982 | )
Net cash (used in) provided by operating activities |  |  | (19,286 | ) |  |  | 30,862 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (106,925 | ) |  |  | (10,995 | )
Government incentive |  |  | 5,029 |  |  |  | - |
Other |  |  | 19 |  |  |  | (145 | )
Net cash used in investing activities |  |  | (101,877 | ) |  |  | (11,140 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Contribution from noncontrolling interest |  |  | 29,394 |  |  |  | 11,998 |
Proceeds from long-term debt |  |  | 28,180 |  |  |  | - |
Repayments of long-term debt |  |  | - |  |  |  | (1,381 | )
Dividends paid to noncontrolling interests |  |  | (26,102 | ) |  |  | - |
Purchase of treasury stock |  |  | (10,696 | ) |  |  | - |
Proceeds from share-based arrangements |  |  | 650 |  |  |  | 798 |
Other |  |  | (45 | ) |  |  | (261 | )
Net cash provided by financing activities |  |  | 21,381 |  |  |  | 11,154 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 2,961 |  |  |  | 9,767 |
Net (decrease) increase in cash, cash equivalents, and restrcited cash |  |  | (96,821 | ) |  |  | 40,643 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 331,989 |  |  |  | 310,936 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 235,168 |  |  | $ | 351,579 |