PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended | |||||||
October 30, | October 31, | ||||||
2011 | 2010 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 20,208 | $ | 25,082 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 93,460 | 90,300 | |||||
Debt extinguishment loss | 27,399 | - | |||||
Consolidation, restructuring, and related credits | - | (5,059 | ) | ||||
Changes in assets and liabilities and other | (4,514 | ) | (14,404 | ) | |||
Net cash provided by operating activities | 136,553 | 95,919 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (82,121 | ) | (71,381 | ) | |||
Investments in joint venture | (18,271 | ) | - | ||||
Proceeds from sale of facility | - | 12,880 | |||||
Other | (345 | ) | 289 | ||||
Net cash used in investing activities | (100,737 | ) | (58,212 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of convertible debt | 115,000 | - | |||||
Proceeds from long-term borrowings | 17,000 | 41,680 | |||||
Repayments of long-term borrowings | (64,107 | ) | (72,932 | ) | |||
Payments of deferred financing fees | (4,318 | ) | (1,285 | ) | |||
Repurchase of common stock of subsidiary | (9,878 | ) | - | ||||
Proceeds from exercise of share-based arrangements | 828 | 81 | |||||
Net cash provided by (used in) financing activities | 54,525 | (32,456 | ) | ||||
Effect of exchange rate changes on cash | 642 | 5,155 | |||||
Net increase in cash and cash equivalents | 90,983 | 10,406 | |||||
Cash and cash equivalents, beginning of year | 98,945 | 88,539 | |||||
Cash and cash equivalents, end of year | $ | 189,928 | $ | 98,945 | |||
Supplemental disclosure of cash flow information: | |||||||
Capital lease obligation for purchase of equipment | $ | 21,248 | $ | - | |||
Common stock issued to extinguish debt | $ | 20,234 | $ | - | |||
Changes in accrual for purchases of property, plant and equipment | $ | (20,836 | ) | $ | 28,717 |