PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Three Months Ended | |||||||
| February 2, | January 27, | ||||||
| 2014 | 2013 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 2,041 | $ | 2,859 | |||
| Adjustments to reconcile net income to net cash | |||||||
| provided by operating activities: | |||||||
| Depreciation and amortization | 17,899 | 19,157 | |||||
| Changes in assets and liabilities and other | (5,743 | ) | (3,351 | ) | |||
| Net cash provided by operating activities | 14,197 | 18,665 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant and equipment | (12,184 | ) | (15,539 | ) | |||
| Increase in restricted cash | (1,698 | ) | — | ||||
| Other | 67 | (1,043 | ) | ||||
| Net cash used in investing activities | (13,815 | ) | (16,582 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of long-term borrowings | (23,554 | ) | (1,655 | ) | |||
| Purchase of common stock of subsidiary | — | (4,190 | ) | ||||
| Payment of deferred financing fees | (310 | ) | — | ||||
| Proceeds from share-based arrangements | 518 | 203 | |||||
| Net cash used in financing activities | (23,346 | ) | (5,642 | ) | |||
| Effect of exchange rate changes on cash | (3,423 | ) | 3,287 | ||||
| Net decrease in cash and cash equivalents | (26,387 | ) | (272 | ) | |||
| Cash and cash equivalents, beginning of period | 215,615 | 218,043 | |||||
| Cash and cash equivalents, end of period | $ | 189,228 | $ | 217,771 | |||