Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Six Months Ended | ||||||||
| April 28, | April 29, | |||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 17,620 | $ | 24,670 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 38,515 | 44,429 | ||||||
| Changes in operating assets, liabilities and other | (58,422 | ) | (31,191 | ) | ||||
| Net cash (used in) provided by operating activities | (2,287 | ) | 37,908 | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (140,436 | ) | (44,129 | ) | ||||
| Government incentive | 5,698 | - | ||||||
| Other | (23 | ) | 296 | * | ||||
| Net cash used in investing activities | (134,761 | ) | (43,833 | )* | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt | 39,633 | - | ||||||
| Contribution from noncontrolling interest | 29,394 | 11,998 | ||||||
| Repayments of debt | (61,220 | ) | (2,771 | ) | ||||
| Dividends paid to noncontrolling interests | (26,102 | ) | - | |||||
| Purchase of treasury stock | (10,696 | ) | - | |||||
| Proceeds from share-based arrangements | 1,033 | 3,776 | ||||||
| Other | (45 | ) | (267 | ) | ||||
| Net cash (used in) provided by financing activities | (28,003 | ) | 12,736 | |||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,843 | 6,330 | * | |||||
| Net (decrease) increase in cash, cash equivalents, and restrcited cash | (162,208 | ) | 13,141 | * | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 331,989 | * | 310,936 | * | ||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 169,781 | $ | 324,077 | * | |||
* Amount has been modified to reflect the adoption of ASU 2016-18