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 |