PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Nine Months Ended | ||||||||
| July 28, | July 29, | |||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 14,665 | $ | 25,638 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization | 55,081 | 65,010 | ||||||
| Consolidation, restructuring, and related charges | - | 262 | ||||||
| Changes in assets and liabilities and other | (2,192 | ) | 16,614 | |||||
| Net cash provided by operating activities | 67,554 | 107,524 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (47,281 | ) | (92,009 | ) | ||||
| Investment in joint venture | - | (13,397 | ) | |||||
| Other | (2,630 | ) | (1,618 | ) | ||||
| Net cash used in investing activities | (49,911 | ) | (107,024 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term borrowings | - | 25,000 | ||||||
| Repayments of long-term borrowings | (4,990 | ) | (3,646 | ) | ||||
| Purchase of common stock of subsidiary | (31,627 | ) | (11,653 | ) | ||||
| Payments of deferred financing fees | (40 | ) | (198 | ) | ||||
| Proceeds from exercise of share-based arrangements | 715 | 517 | ||||||
| Net cash provided by (used in) financing activities | (35,942 | ) | 10,020 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (2,473 | ) | (3,153 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | (20,772 | ) | 7,367 | |||||
| Cash and cash equivalents, beginning of period | 218,043 | 189,928 | ||||||
| Cash and cash equivalents, end of period | $ | 197,271 | $ | 197,295 | ||||