PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| | Three Months Ended |
| | January 31, | | February 1, |
| | 2010 | | 2009 |
| Cash flows from operating activities: | | | | | | | | |
| Net income (loss) | | $ | 408 | | | $ | (9,967 | ) |
| Adjustments to reconcile net income (loss) to net cash | | | | | | | | |
| provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | | 22,424 | | | | 21,725 | |
| Consolidation, restructuring and related charges | | | - | | | | 1,680 | |
| Changes in assets and liabilities and other | | | (6,417 | ) | | | (5,449 | ) |
| |
| Net cash provided by operating activities | | | 16,415 | | | | 7,989 | |
| |
| Cash flows from investing activities: | | | | | | | | |
| Purchases of property, plant and equipment | | | (21,457 | ) | | | (12,789 | ) |
| Deposit on sale of facility | | | 4,190 | | | | - | |
| Increase in restricted cash | | | (1,250 | ) | | | - | |
| Proceeds from sales of investments and other | | | 43 | | | | 858 | |
| |
| Net cash used in investing activities | | | (18,474 | ) | | | (11,931 | ) |
| |
| Cash flows from financing activities: | | | | | | | | |
| Repayments of long-term borrowings | | | (7,250 | ) | | | (3,607 | ) |
| Proceeds from customer advance | | | 3,822 | | | | - | |
| Payments of deferred financing fees | | | - | | | | (1,913 | ) |
| Other | | | 30 | | | | - | |
| |
| Net cash used in financing activities | | | (3,398 | ) | | | (5,520 | ) |
| |
| Effect of exchange rate changes on cash | | | 1,319 | | | | (2,792 | ) |
| |
| Net decrease in cash and cash equivalents | | | (4,138 | ) | | | (12,254 | ) |
| Cash and cash equivalents, beginning of period | | | 88,539 | | | | 83,763 | |
| |
| Cash and cash equivalents, end of period | | $ | 84,401 | | | $ | 71,509 | |
| |
| Supplemental disclosure of cash flow information: | | | | | | | | |
| Change in accrual for purchases of property, plant and equipment | | $ | (227 | ) | | $ | (11,204 | ) |
