Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Six Months Ended | ||||||||
April 29, 2018 | April 30, 2017 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 24,670 | $ | 5,994 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 44,429 | 42,241 | ||||||
| Changes in operating assets, liabilities and other | (31,191 | ) | (1,328 | ) | ||||
| Net cash provided by operating activities | 37,908 | 46,907 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (44,129 | ) | (14,152 | ) | ||||
| Acquisition of business | - | (5,400 | ) | |||||
| Proceeds from sale of investments | - | 167 | ||||||
| Other | 436 | (462 | ) | |||||
| Net cash used in investing activities | (43,693 | ) | (19,847 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayments of long-term borrowings | (2,771 | ) | (2,695 | ) | ||||
| Contribution from noncontrolling interest | 11,998 | - | ||||||
| Proceeds from share-based arrangements | 3,776 | 2,311 | ||||||
| Other | (267 | ) | (23 | ) | ||||
| Net cash provided by (used in) financing activities | 12,736 | (407 | ) | |||||
| Effect of exchange rate changes on cash | 6,274 | 4,997 | ||||||
| Net increase in cash and cash equivalents | 13,225 | 31,650 | ||||||
| Cash and cash equivalents, beginning of period | 308,021 | 314,074 | ||||||
| Cash and cash equivalents, end of period | $ | 321,246 | $ | 345,724 | ||||