Photronics (PLAB) 8-K Photronics Reports Second Quarter FISCAL2013 Results

PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

	Six Months Ended
	April 28,			April 29,
	2013			2012
Cash flows from operating activities:
Net income	$	8,301		$	14,371
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		37,490			44,135
Consolidation, restructuring, and related charges		-			262
Changes in assets and liabilities and other		(9,857	)		3,631
Net cash provided by operating activities		35,934			62,399
Cash flows from investing activities:
Purchases of property, plant and equipment		(31,866	)		(67,626	)
Investment in joint venture		-			(5,899	)
Other		(2,822	)		(1,600	)
Net cash used in investing activities		(34,688	)		(75,125	)
Cash flows from financing activities:
Proceeds from long-term borrowings		-			25,000
Repayments of long-term borrowings		(3,319	)		(2,343	)
Repurchase of common stock by subsidiary		(4,190	)		(7,577	)
Payments of deferred financing fees		(40	)		(198	)
Proceeds from exercise of share-based arrangements		588			431
Net cash provided by (used in) financing activities		(6,961	)		15,313
Effect of exchange rate changes on cash		(1,776	)		(555	)
Net increase (decrease) in cash and cash equivalents		(7,491	)		2,032
Cash and cash equivalents, beginning of period		218,043			189,928
Cash and cash equivalents, end of period	$	210,552		$	191,960