PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | ||||||||
July 31, | August 1, | |||||||
2011 | 2010 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 11,173 | $ | 16,620 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 70,090 | 67,786 | ||||||
Debt extinguishment loss | 27,399 | - | ||||||
Consolidation, restructuring and related credits | - | (5,059 | ) | |||||
Changes in assets and liabilities and other | (4,211 | ) | (5,170 | ) | ||||
Net cash provided by operating activities | 104,451 | 74,177 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (59,089 | ) | (38,040 | ) | ||||
Investment in joint venture | (10,773 | ) | - | |||||
Proceeds from sale of facility | - | 12,880 | ||||||
Other | (250 | ) | 288 | |||||
Net cash used in investing activities | (70,112 | ) | (24,872 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of convertible debt | 115,000 | - | ||||||
Proceeds from long-term borrowings | 17,000 | 28,680 | ||||||
Repayments of long-term borrowings | (63,445 | ) | (62,288 | ) | ||||
Payments of deferred financing fees | (4,318 | ) | (1,225 | ) | ||||
Repurchase of common stock by subsidiary | (3,294 | ) | - | |||||
Proceeds from exercise of share based arrangements | 694 | 75 | ||||||
Net cash provided by (used in) financing activities | 61,637 | (34,758 | ) | |||||
Effect of exchange rate changes on cash | 7,924 | 941 | ||||||
Net increase in cash and cash equivalents | 103,900 | 15,488 | ||||||
Cash and cash equivalents, beginning of period | 98,945 | 88,539 | ||||||
Cash and cash equivalents, end of period | $ | 202,845 | $ | 104,027 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Capital lease obligation for purchase of equipment | $ | 21,248 | $ | - | ||||
Common stock issued to extinguish debt | $ | 20,234 | $ | - | ||||
Change in accrual for purchases of property, plant and equipment | $ | (2,712 | ) | $ | 35,735 |