PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | |||||||
July 29, | July 31, | ||||||
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 25,638 | $ | 11,173 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 65,010 | 70,090 | |||||
Debt extinguishment loss | - | 27,399 | |||||
Consolidation, restructuring and related charges | 262 | - | |||||
Changes in assets and liabilities and other | 16,614 | (4,211 | ) | ||||
Net cash provided by operating activities | 107,524 | 104,451 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (92,009 | ) | (59,089 | ) | |||
Investment in joint venture | (13,397 | ) | (10,773 | ) | |||
Other | (1,618 | ) | (250 | ) | |||
Net cash used in investing activities | (107,024 | ) | (70,112 | ) | |||
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 | (3,646 | ) | (63,445 | ) | |||
Repurchase of common stock by subsidiary | (11,653 | ) | (3,294 | ) | |||
Payments of deferred financing fees | (198 | ) | (4,318 | ) | |||
Proceeds from exercise of share based arrangements | 517 | 694 | |||||
Net cash provided by financing activities | 10,020 | 61,637 | |||||
Effect of exchange rate changes on cash | (3,153 | ) | 7,924 | ||||
Net increase in cash and cash equivalents | 7,367 | 103,900 | |||||
Cash and cash equivalents, beginning of period | 189,928 | 98,945 | |||||
Cash and cash equivalents, end of period | $ | 197,295 | $ | 202,845 |