PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Three Months Ended | ||||||||
| January 29, | January 30, | |||||||
| 2012 | 2011 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 4,841 | $ | 13,584 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization | 22,667 | 23,189 | ||||||
| Changes in assets and liabilities and other | 6,527 | 4,882 | ||||||
| Net cash provided by operating activities | 34,035 | 41,655 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (18,127 | ) | (19,120 | ) | ||||
| Investment in joint venture | (400 | ) | (3,999 | ) | ||||
| Other | (1,602 | ) | - | |||||
| Net cash used in investing activities | (20,129 | ) | (23,119 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayments of long-term borrowings | (999 | ) | (24,346 | ) | ||||
| Repurchase of common stock of subsidiary | (885 | ) | - | |||||
| Proceeds from share-based payments | 233 | 159 | ||||||
| Proceeds from long-term borrowings | - | 17,000 | ||||||
| Net cash used in financing activities | (1,651 | ) | (7,187 | ) | ||||
| Effect of exchange rate changes on cash | (383 | ) | 2,429 | |||||
| Net increase in cash and cash equivalents | 11,872 | 13,778 | ||||||
| Cash and cash equivalents, beginning of period | 189,928 | 98,945 | ||||||
| Cash and cash equivalents, end of period | $ | 201,800 | $ | 112,723 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Change in accrual for purchases of property, plant and equipment | $ | 5,159 | $ | 13,273 | ||||