Photronics (PLAB) 8-K Photronics Reports First Quarter Fiscal 2015 Results

PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

	Three Months Ended
	February 1,			February 2,
	2015			2014
Cash flows from operating activities:
Net income	$	7,142		$	2,041
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		20,854			17,899
Changes in assets and liabilities and other		(5,696	)		(5,743	)
Net cash provided by operating activities		22,300			14,197
Cash flows from investing activities:
Purchases of property, plant and equipment		(40,371	)		(12,184	)
Increase in restricted cash		-			(1,698	)
Other		43			67
Net cash used in investing activities		(40,328	)		(13,815	)
Cash flows from financing activities:
Repayments of long-term borrowings		(2,367	)		(23,554	)
Payment of deferred financing fees		-			(310	)
Proceeds from share-based arrangements		768			518
Net cash used in financing activities		(1,599	)		(23,346	)
Effect of exchange rate changes on cash		(4,692	)		(3,423	)
Net decrease in cash and cash equivalents		(24,319	)		(26,387	)
Cash and cash equivalents, beginning of period		192,929			215,615
Cash and cash equivalents, end of period	$	168,610		$	189,228