EX-99.4 5 ex99_4.htm EXHIBIT 99.4

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

|  | Nine Months Ended |
|  | July 28, 2019 |  |  | July 29, 2018 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 27,454 |  |  | $ | 44,467 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 60,387 |  |  |  | 64,485 |
Changes in operating assets, liabilities and other |  |  | (64,337 | ) |  |  | (21,995 | )
Net cash provided by operating activities |  |  | 23,504 |  |  |  | 86,957 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (160,149 | ) |  |  | (64,372 | )
Government incentive |  |  | 17,694 |  |  |  | - |
Other |  |  | (24 | ) |  |  | 313 | *
Net cash used in investing activities |  |  | (142,479 | ) |  |  | (64,059 | )*
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 53,227 |  |  |  | - |
Contribution from noncontrolling interest |  |  | 29,394 |  |  |  | 17,997 |
Repayments of debt |  |  | (61,319 | ) |  |  | (4,170 | )
Dividends paid to noncontrolling interests |  |  | (26,102 | ) |  |  | (8,166 | )
Purchase of treasury stock |  |  | (10,696 | ) |  |  | (6,787 | )
Proceeds from share-based arrangements |  |  | 1,314 |  |  |  | 4,028 |
Other |  |  | (92 | ) |  |  | (274 | )
Net cash (used in) provided by financing activities |  |  | (14,274 | ) |  |  | 2,628 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 1,206 |  |  |  | (975 | )*
Net (decrease) increase in cash, cash equivalents, and restrcited cash |  |  | (132,043 | ) |  |  | 24,551 | *
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 331,989 | * |  |  | 310,936 | *
Cash, cash equivalents, and restricted cash, end of period |  | $ | 199,946 |  |  | $ | 335,487 | *

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