Photronics (PLAB) 8-K Entry into a Material Definitive Agreement

Exhibit 99.5

PHOTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Nine Months Ended
	July 30,			July 31,
	2017			2016
Cash flows from operating activities:
Net income	$	10,793		$	49,106
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		64,081			60,102
Gain on sale of investment		-			(8,940	)
Changes in assets, liabilities and other		(1,085	)		(8,881	)
Net cash provided by operating activities		73,789			91,387
Cash flows from investing activities:
Purchases of property, plant and equipment		(38,759	)		(44,828	)
Acquisition of Business		(5,400	)		-
Proceeds from sale of investments		167			101,853
Other		(458	)		584
Net cash provided by (used in) investing activities		(44,450	)		57,609
Cash flows from financing activities:
Repayments of long-term borrowings		(4,057	)		(56,276	)
Proceeds from share-based arrangements		2,529			3,172
Dividends paid to noncontrolling interests		(8,298	)		(11,890	)
Other		(33	)		(19	)
Net cash used in financing activities		(9,859	)		(65,013	)
Effect of exchange rate changes on cash		7,018			1,819
Net increase in cash and cash equivalents		26,498			85,802
Cash and cash equivalents, beginning of period		314,074			205,867
Cash and cash equivalents, end of period	$	340,572		$	291,669