PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Year Ended | ||||||||
| November 3, | October 28, | |||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 19,576 | $ | 29,855 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization | 72,942 | 85,209 | ||||||
| Consolidation, restructuring and related charges | - | 262 | ||||||
| Changes in assets and liabilities and other | 6,883 | 17,223 | ||||||
| Net cash provided by operating activities | 99,401 | 132,549 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (63,792 | ) | (96,978 | ) | ||||
| Investment in joint venture | - | (13,397 | ) | |||||
| Other | (2,445 | ) | (1,568 | ) | ||||
| Net cash used in investing activities | (66,237 | ) | (111,943 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term borrowings | - | 25,000 | ||||||
| Repayments of long-term borrowings | (8,314 | ) | (5,293 | ) | ||||
| Repurchase of common stock of subsidiary | (32,374 | ) | (15,598 | ) | ||||
| Payments of deferred financing fees | (40 | ) | (198 | ) | ||||
| Proceeds from exercise of share-based arrangements | 884 | 653 | ||||||
| Net cash (used in) provided by financing activities | (39,844 | ) | 4,564 | |||||
| Effect of exchange rate changes on cash | 4,252 | 2,945 | ||||||
| Net increase (decrease) in cash and cash equivalents | (2,428 | ) | 28,115 | |||||
| Cash and cash equivalents, beginning of year | 218,043 | 189,928 | ||||||
| Cash and cash equivalents, end of year | $ | 215,615 | $ | 218,043 | ||||