Photronics (PLAB) 8-K Photronics Reports Third Quarter Fiscal 2018 Results

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