Photronics (PLAB) 8-K Photronics Reports First Quarter Results

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

	Three Months Ended
	January 30,			January 31,
	2011			2010
Cash flows from operating activities:
Net income	$	13,584		$	408
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		23,189			22,424
Changes in assets and liabilities and other		4,882			(6,417	)
Net cash provided by operating activities		41,655			16,415
Cash flows from investing activities:
Purchases of property, plant and equipment		(19,120	)		(21,457	)
Investment in joint venture		(3,999	)		-
Deposit on sale of facility		-			4,190
Increase in restricted cash		-			(1,250	)
Proceeds from sales of investments and other		-			43
Net cash used in investing activities		(23,119	)		(18,474	)
Cash flows from financing activities:
Repayments of long-term borrowings		(24,346	)		(7,250	)
Proceeds from long-term borrowings		17,000			3,822
Proceeds from share-based payments		159			30
Net cash used in financing activities		(7,187	)		(3,398	)
Effect of exchange rate changes on cash		2,429			1,319
Net increase (decrease) in cash and cash equivalents		13,778			(4,138	)
Cash and cash equivalents, beginning of period		98,945			88,539
Cash and cash equivalents, end of period	$	112,723		$	84,401
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	13,273		$	(227	)