Exhibit 99.5
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Six Months Ended | ||||||||
April 30, 2017 | May 1, 2016 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 5,994 | $ | 37,653 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 42,378 | 40,832 | ||||||
| Gain on sale of investment | - | (8,785 | ) | |||||
| Changes in assets, liabilities and other | (1,465 | ) | (4,561 | ) | ||||
| Net cash provided by operating activities | 46,907 | 65,139 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (14,152 | ) | (34,928 | ) | ||||
| Acquisition of Business | (5,400 | ) | - | |||||
| Proceeds from sale of investments | 167 | 8,785 | ||||||
| Other | (462 | ) | 193 | |||||
| Net cash used in investing activities | (19,847 | ) | (25,950 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayments of long-term borrowings | (2,695 | ) | (54,951 | ) | ||||
| Proceeds from share-based arrangements | 2,311 | 3,046 | ||||||
| Other | (23 | ) | (19 | ) | ||||
| Net cash used in financing activities | (407 | ) | (51,924 | ) | ||||
| Effect of exchange rate changes on cash | 4,997 | 846 | ||||||
| Net increase (decrease) in cash and cash equivalents | 31,650 | (11,889 | ) | |||||
| Cash and cash equivalents, beginning of period | 314,074 | 205,867 | ||||||
| Cash and cash equivalents, end of period | $ | 345,724 | $ | 193,978 | ||||