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

Exhibit 99.4

PHOTRONICS,  INC.  AND  SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Year Ended
	October 31, 2018			October 29, 2017
Cash flows from operating activities:
Net income	$	61,236		$	21,289
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		84,333			86,573
Changes in operating assets, liabilities and other		(15,002	)		(11,029	)
Net cash provided by operating activities		130,567			96,833
Cash flows from investing activities:
Purchases of property, plant and equipment		(92,585	)		(91,965	)
Acquisition of business		-			(5,400	)
Proceeds from sale of investments		-			167
Other		1,856			(868	)
Net cash used in investing activities		(90,729	)		(98,066	)
Cash flows from financing activities:
Repayments of long-term debt		(4,639	)		(5,428	)
Dividends paid to noncontrolling interests		(8,166	)		(8,298	)
Purchase of treasury stock		(23,111	)		-
Contribution from noncontrolling interest		17,996			-
Proceeds from share-based arrangements		4,634			2,830
Other		(519	)		(32	)
Net cash used in financing activities		(13,805	)		(10,928	)
Effect of exchange rate changes on cash		(4,777	)		6,108
Net increase (decrease) in cash and cash equivalents		21,256			(6,053	)
Cash and cash equivalents, beginning of period		308,021			314,074
Cash and cash equivalents, end of period	$	329,277		$	308,021