PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Six Months Ended | |||||||
| April 29, | May 1, | ||||||
| 2012 | 2011 | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 14,371 | $ | (1,449 | ) | ||
| Adjustments to reconcile net income (loss) to net cash | |||||||
| provided by operating activities: | |||||||
| Depreciation and amortization | 44,135 | 46,467 | |||||
| Consolidation, restructuring, and related charges | 262 | - | |||||
| Debt extinguishment loss | - | 23,504 | |||||
| Changes in assets and liabilities and other | 3,631 | (4,532 | ) | ||||
| Net cash provided by operating activities | 62,399 | 63,990 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant and equipment | (67,626 | ) | (39,254 | ) | |||
| Investment in joint venture | (5,899 | ) | (8,498 | ) | |||
| Other | (1,600 | ) | (250 | ) | |||
| Net cash used in investing activities | (75,125 | ) | (48,002 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from long-term borrowings | 25,000 | 17,000 | |||||
| Proceeds from issuance of convertible debt | - | 115,000 | |||||
| Repayments of long-term borrowings | (2,343 | ) | (60,303 | ) | |||
| Payments of deferred financing fees | (198 | ) | (4,145 | ) | |||
| Repurchase of common stock by subsidiary | (7,577 | ) | (3,294 | ) | |||
| Proceeds from exercise of share-based arrangements | 431 | 356 | |||||
| Net cash provided by financing activities | 15,313 | 64,614 | |||||
| Effect of exchange rate changes on cash | (555 | ) | 6,565 | ||||
| Net increase in cash and cash equivalents | 2,032 | 87,167 | |||||
| Cash and cash equivalents, beginning of period | 189,928 | 98,945 | |||||
| Cash and cash equivalents, end of period | $ | 191,960 | $ | 186,112 | |||