Photronics (PLAB) 8-K Photronics Reports Second Quarter Financial Results

PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

	Six Months Ended
	May 2,			May 3,
	2010			2009
Cash flows from operating activities:
Net income (loss)	$	9,013		$	(20,124	)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization		45,863			42,027
Consolidation, restructuring, and related charges (credit) and impairment of long-lived assets		(5,059	)		3,544
Changes in assets and liabilities and other		(16,054	)		902
Net cash provided by operating activities		33,763			26,349
Cash flows from investing activities:
Purchases of property, plant and equipment		(31,003	)		(20,375	)
Proceeds from sale of facility		12,880			-
Increase in restricted cash		(1,250	)		-
Distribution from joint venture		-			5,000
Proceeds from sales of investments and other		255			941
Net cash used in investing activities		(19,118	)		(14,434	)
Cash flows from financing activities:
Repayments of long-term borrowings		(40,302	)		(10,889	)
Proceeds from long-term borrowings		26,622			-
Payments of deferred financing fees		(1,056	)		(2,249	)
Other		71			-
Net cash used in financing activities		(14,665	)		(13,138	)
Effect of exchange rate changes on cash		2,891			(1,052	)
Net increase (decrease) in cash and cash equivalents		2,871			(2,275	)
Cash and cash equivalents, beginning of period		88,539			83,763
Cash and cash equivalents, end of period	$	91,410		$	81,488
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	19,521		$	(14,542	)