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 |
|  | May 3, 2020 |  |  | April 28, 2019 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 18,900 |  |  | $ | 17,620 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 47,896 |  |  |  | 38,515 |
Share-based compensation |  |  | 2,576 |  |  |  | 1,962 |
Changes in operating assets, liabilities and other |  |  | (8,049 | ) |  |  | (60,384 | )
Net cash provided by (used in) operating activities |  |  | 61,323 |  |  |  | (2,287 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (30,127 | ) |  |  | (140,436 | )
Government incentive |  |  | 5,260 |  |  |  | 5,698 |
Other |  |  | (139 | ) |  |  | (23 | )
Net cash used in investing activities |  |  | (25,006 | ) |  |  | (134,761 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 1,140 |  |  |  | 39,633 |
Contribution from noncontrolling interest |  |  | 7,600 |  |  |  | 29,394 |
Purchase of treasury stock |  |  | (16,894 | ) |  |  | (10,696 | )
Repayments of long-term debt |  |  | (389 | ) |  |  | (61,220 | )
Proceeds from share-based arrangements |  |  | 3,423 |  |  |  | 1,033 |
Dividends paid to noncontrolling interests |  |  | - |  |  |  | (26,102 | )
Other |  |  | (251 | ) |  |  | (45 | )
Net cash used in financing activities |  |  | (5,371 | ) |  |  | (28,003 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 475 |  |  |  | 2,843 |
Net increase (decrease) in cash, cash equivalents, and restrcited cash |  |  | 31,421 |  |  |  | (162,208 | )
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 209,291 |  |  |  | 331,989 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 240,712 |  |  | $ | 169,781 |