Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended | ||||||||
January 27, 2019 | January 28, 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 7,768 | $ | 9,481 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 18,781 | 22,363 | ||||||
Changes in operating assets, liabilities and other | (45,835 | ) | (982 | ) | ||||
Net cash (used in) provided by operating activities | (19,286 | ) | 30,862 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (106,925 | ) | (10,995 | ) | ||||
Government incentive | 5,029 | - | ||||||
Other | 19 | (145 | ) | |||||
Net cash used in investing activities | (101,877 | ) | (11,140 | ) | ||||
Cash flows from financing activities: | ||||||||
Contribution from noncontrolling interest | 29,394 | 11,998 | ||||||
Proceeds from long-term debt | 28,180 | - | ||||||
Repayments of long-term debt | - | (1,381 | ) | |||||
Dividends paid to noncontrolling interests | (26,102 | ) | - | |||||
Purchase of treasury stock | (10,696 | ) | - | |||||
Proceeds from share-based arrangements | 650 | 798 | ||||||
Other | (45 | ) | (261 | ) | ||||
Net cash provided by financing activities | 21,381 | 11,154 | ||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,961 | 9,767 | ||||||
Net (decrease) increase in cash, cash equivalents, and restrcited cash | (96,821 | ) | 40,643 | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 331,989 | 310,936 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 235,168 | $ | 351,579 |