PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Six Months Ended | |||||||
| May 4, | April 28, | ||||||
| 2014 | 2013 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 17,992 | $ | 8,301 | |||
| Adjustments to reconcile net income to net cash | |||||||
| provided by operating activities: | |||||||
| Gain on acquisition | (16,372 | ) | - | ||||
| Depreciation and amortization | 36,782 | 37,490 | |||||
| Changes in assets and liabilities and other | 1,497 | (9,857 | ) | ||||
| Net cash provided by operating activities | 39,899 | 35,934 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant and equipment | (42,385 | ) | (31,866 | ) | |||
| Cash from acquisition | 4,508 | - | |||||
| Other | (910 | ) | (2,822 | ) | |||
| Net cash used in investing activities | (38,787 | ) | (34,688 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of long-term borrowings | (25,100 | ) | (3,319 | ) | |||
| Repurchase of common stock of subsidiary | - | (4,190 | ) | ||||
| Payment of deferred financing fees | (309 | ) | (40 | ) | |||
| Proceeds from share-based arrangements | 888 | 588 | |||||
| Other | (543 | ) | - | ||||
| Net cash used in financing activities | (25,064 | ) | (6,961 | ) | |||
| Effect of exchange rate changes on cash | 165 | (1,776 | ) | ||||
| Net decrease in cash and cash equivalents | (23,787 | ) | (7,491 | ) | |||
| Cash and cash equivalents, beginning of period | 215,615 | 218,043 | |||||
| Cash and cash equivalents, end of period | $ | 191,828 | $ | 210,552 | |||
| Noncash net assets from acquisition | $ | 110,213 | $ | - | |||