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 28, |  |  | April 29, |
|  | 2019 |  |  | 2018 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 17,620 |  |  | $ | 24,670 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 38,515 |  |  |  | 44,429 |
Changes in operating assets, liabilities and other |  |  | (58,422 | ) |  |  | (31,191 | )
Net cash (used in) provided by operating activities |  |  | (2,287 | ) |  |  | 37,908 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (140,436 | ) |  |  | (44,129 | )
Government incentive |  |  | 5,698 |  |  |  | - |
Other |  |  | (23 | ) |  |  | 296 | *
Net cash used in investing activities |  |  | (134,761 | ) |  |  | (43,833 | )*
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 39,633 |  |  |  | - |
Contribution from noncontrolling interest |  |  | 29,394 |  |  |  | 11,998 |
Repayments of debt |  |  | (61,220 | ) |  |  | (2,771 | )
Dividends paid to noncontrolling interests |  |  | (26,102 | ) |  |  | - |
Purchase of treasury stock |  |  | (10,696 | ) |  |  | - |
Proceeds from share-based arrangements |  |  | 1,033 |  |  |  | 3,776 |
Other |  |  | (45 | ) |  |  | (267 | )
Net cash (used in) provided by financing activities |  |  | (28,003 | ) |  |  | 12,736 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 2,843 |  |  |  | 6,330 | *
Net (decrease) increase in cash, cash equivalents, and restrcited cash |  |  | (162,208 | ) |  |  | 13,141 | *
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 331,989 | * |  |  | 310,936 | *
Cash, cash equivalents, and restricted cash, end of period |  | $ | 169,781 |  |  | $ | 324,077 | *

* Amount has been modified to reflect the adoption of ASU 2016-18