Exhibit 99.4
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended | ||||||||
October 29, 2017 | October 30, 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 21,289 | $ | 55,676 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 86,573 | 82,406 | ||||||
Gain on sale of investment | - | (8,940 | ) | |||||
Changes in assets, liabilities and other | (11,029 | ) | (7,005 | ) | ||||
Net cash provided by operating activities | 96,833 | 122,137 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (91,965 | ) | (50,147 | ) | ||||
Acquisition of Business | (5,400 | ) | - | |||||
Proceeds from sale of investments | 167 | 101,853 | ||||||
Other | (868 | ) | 584 | |||||
Net cash (used in) provided by investing activities | (98,066 | ) | 52,290 | |||||
Cash flows from financing activities: | ||||||||
Repayments of long-term borrowings | (5,428 | ) | (57,609 | ) | ||||
Payments to noncontrolling interests | (8,298 | ) | (12,856 | ) | ||||
Proceeds from share-based arrangements | 2,830 | 3,463 | ||||||
Other | (32 | ) | (20 | ) | ||||
Net cash used in financing activities | (10,928 | ) | (67,022 | ) | ||||
Effect of exchange rate changes on cash | 6,108 | 802 | ||||||
Net (decrease) increase in cash and cash equivalents | (6,053 | ) | 108,207 | |||||
Cash and cash equivalents, beginning of period | 314,074 | 205,867 | ||||||
Cash and cash equivalents, end of period | $ | 308,021 | $ | 314,074 |