Exhibit 99.4
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | ||||||||
July 29, 2018 | July 30, 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 44,467 | $ | 10,793 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 64,485 | 64,081 | ||||||
Changes in operating assets, liabilities and other | (21,995 | ) | (1,085 | ) | ||||
Net cash provided by operating activities | 86,957 | 73,789 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (64,372 | ) | (38,759 | ) | ||||
Acquisition of business | - | (5,400 | ) | |||||
Proceeds from sale of investments | - | 167 | ||||||
Other | 453 | (458 | ) | |||||
Net cash used in investing activities | (63,919 | ) | (44,450 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of long-term borrowings | (4,170 | ) | (4,057 | ) | ||||
Dividends paid to noncontrolling interests | (8,166 | ) | (8,298 | ) | ||||
Purchase of treasury stock | (6,787 | ) | - | |||||
Contribution from noncontrolling interest | 17,996 | - | ||||||
Proceeds from share-based arrangements | 4,028 | 2,529 | ||||||
Other | (273 | ) | (33 | ) | ||||
Net cash provided by (used in) financing activities | 2,628 | (9,859 | ) | |||||
Effect of exchange rate changes on cash | (948 | ) | 7,018 | |||||
Net increase in cash and cash equivalents | 24,718 | 26,498 | ||||||
Cash and cash equivalents, beginning of period | 308,021 | 314,074 | ||||||
Cash and cash equivalents, end of period | $ | 332,739 | $ | 340,572 |