Photronics (PLAB) 8-K Photronics Reports Fourth Quarter Fiscal 2016 Results

Exhibit 99.4

PHOTRONICS,  INC.  AND  SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Year Ended
	October 30, 2016			November 1, 2015
Cash flows from operating activities:
Net income	$	55,676		$	56,859
Adjustments to reconcile net income to net cash  provided by operating activities:
Depreciation and amortization		82,841			82,413
Gain on sales of investments		(8,940	)		-
Changes in assets and liabilities and other		(7,440	)		(6,077	)
Net cash provided by operating activities		122,137			133,195
Cash flows from investing activities:
Purchases of property, plant and equipment		(50,147	)		(104,033	)
Proceeds from sales of investments		101,853			-
Other		584			(272	)
Net cash provided by (used in) investing activities		52,290			(104,305	)
Cash flows from financing activities:
Repayments of long-term borrowings		(57,609	)		(9,571	)
Payments to noncontrolling interests		(12,856	)		-
Proceeds from share-based arrangements		3,463			2,651
Other		(20	)		(179	)
Net cash used in financing activities		(67,022	)		(7,099	)
Effect of exchange rate changes on cash		802			(8,853	)
Net increase in cash and cash equivalents		108,207			12,938
Cash and cash equivalents, beginning of period		205,867			192,929
Cash and cash equivalents, end of period	$	314,074		$	205,867