PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Year Ended | |||||||
| November 2, | November 3, | ||||||
| 2014 | 2013 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 32,035 | $ | 19,576 | |||
| Adjustments to reconcile net income to net cash | |||||||
| provided by operating activities: | |||||||
| Gain on acquisition | (16,372 | ) | - | ||||
| Depreciation and amortization | 80,136 | 72,942 | |||||
| Changes in assets and liabilities and other | 562 | 6,883 | |||||
| Net cash provided by operating activities | 96,361 | 99,401 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant and equipment | (91,085 | ) | (63,792 | ) | |||
| Cash from acquisition | 4,508 | - | |||||
| Other | (908 | ) | (2,445 | ) | |||
| Net cash used in investing activities | (87,485 | ) | (66,237 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of long-term borrowings | (29,782 | ) | (8,314 | ) | |||
| Purchase of common stock of subsidiary | - | (32,374 | ) | ||||
| Payment of deferred financing fees | (346 | ) | (40 | ) | |||
| Proceeds from share-based arrangements | 1,298 | 884 | |||||
| Other | (711 | ) | - | ||||
| Net cash used in financing activities | (29,541 | ) | (39,844 | ) | |||
| Effect of exchange rate changes on cash | (2,021 | ) | 4,252 | ||||
| Net decrease in cash and cash equivalents | (22,686 | ) | (2,428 | ) | |||
| Cash and cash equivalents, beginning of period | 215,615 | 218,043 | |||||
| Cash and cash equivalents, end of period | $ | 192,929 | $ | 215,615 | |||
| Noncash net assets from acquisition | $ | 110,211 | $ | - | |||