Exhibit 99.4
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Nine Months Ended | ||||||||
July 31, 2016 | August 2, 2015 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 49,106 | $ | 34,709 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 60,471 | 61,465 | ||||||
| Gain on sale of investment | (8,940 | ) | - | |||||
| Changes in assets and liabilities and other | (9,250 | ) | (4,347 | ) | ||||
| Net cash provided by operating activities | 91,387 | 91,827 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (44,828 | ) | (80,107 | ) | ||||
| Proceeds from sale of investments | 101,853 | - | ||||||
| Other | 584 | (283 | ) | |||||
| Net cash provided by (used in) investing activities | 57,609 | (80,390 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Repayments of long-term borrowings | (56,276 | ) | (7,152 | ) | ||||
| Proceeds from share-based arrangements | 3,172 | 2,375 | ||||||
| Dividends paid to noncontrolling interests | (11,890 | ) | - | |||||
| Other | (19 | ) | (171 | ) | ||||
| Net cash used in financing activities | (65,013 | ) | (4,948 | ) | ||||
| Effect of exchange rate changes on cash | 1,819 | (7,856 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 85,802 | (1,367 | ) | |||||
| Cash and cash equivalents, beginning of period | 205,867 | 192,929 | ||||||
| Cash and cash equivalents, end of period | $ | 291,669 | $ | 191,562 | ||||