Exhibit 99.4
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended | ||||||||
January 28, 2018 | January 29, 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 9,481 | $ | 4,510 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 22,363 | 20,896 | ||||||
Changes in operating assets, liabilities and other | (982 | ) | 6,133 | |||||
Net cash provided by operating activities | 30,862 | 31,539 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (10,995 | ) | (9,600 | ) | ||||
Acquisition of business | - | (5,400 | ) | |||||
Other | (134 | ) | (396 | ) | ||||
Net cash used in investing activities | (11,129 | ) | (15,396 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of long-term borrowings | (1,381 | ) | (1,343 | ) | ||||
Contribution from noncontrolling interest | 11,998 | - | ||||||
Proceeds from share-based arrangements | 798 | 1,113 | ||||||
Other | (261 | ) | (16 | ) | ||||
Net cash provided by (used in) financing activities | 11,154 | (246 | ) | |||||
Effect of exchange rate changes on cash | 9,652 | (275 | ) | |||||
Net increase in cash and cash equivalents | 40,539 | 15,622 | ||||||
Cash and cash equivalents, beginning of period | 308,021 | 314,074 | ||||||
Cash and cash equivalents, end of period | $ | 348,560 | $ | 329,696 |