PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended | ||||||||
October 28, | October 30, | |||||||
2012 | 2011 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 29,855 | $ | 20,208 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 85,209 | 93,460 | ||||||
Debt extinguishment loss | - | 27,399 | ||||||
Consolidation, restructuring and related charges | 262 | - | ||||||
Changes in assets and liabilities and other | 17,223 | (4,514 | ) | |||||
Net cash provided by operating activities | 132,549 | 136,553 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (96,978 | ) | (82,121 | ) | ||||
Investment in joint venture | (13,397 | ) | (18,271 | ) | ||||
Other | (1,568 | ) | (345 | ) | ||||
Net cash used in investing activities | (111,943 | ) | (100,737 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term borrowings | 25,000 | 17,000 | ||||||
Proceeds from issuance of convertible debt | - | 115,000 | ||||||
Repurchase of common stock of subsidiary | (15,598 | ) | (9,878 | ) | ||||
Repayments of long-term borrowings | (5,293 | ) | (64,107 | ) | ||||
Payments of deferred financing fees | (198 | ) | (4,318 | ) | ||||
Proceeds from exercise of share-based arrangements | 653 | 828 | ||||||
Net cash provided by financing activities | 4,564 | 54,525 | ||||||
Effect of exchange rate changes on cash | 2,945 | 642 | ||||||
Net increase in cash and cash equivalents | 28,115 | 90,983 | ||||||
Cash and cash equivalents, beginning of year | 189,928 | 98,945 | ||||||
Cash and cash equivalents, end of year | $ | 218,043 | $ | 189,928 |