PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended | ||||||||
May 3, | May 4, | |||||||
2015 | 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 19,298 | $ | 17,992 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 40,318 | 36,782 | ||||||
Changes in assets and liabilities and other | (1,709 | ) | 1,497 | |||||
Gain on acquisition | - | (16,372 | ) | |||||
Net cash provided by operating activities | 57,907 | 39,899 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (67,935 | ) | (42,385 | ) | ||||
Cash from acquisition | - | 4,508 | ||||||
Other | (218 | ) | (910 | ) | ||||
Net cash used in investing activities | (68,153 | ) | (38,787 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of long-term borrowings | (4,751 | ) | (25,100 | ) | ||||
Payment of deferred financing fees | - | (309 | ) | |||||
Proceeds from share-based arrangements | 1,195 | 888 | ||||||
Other | (76 | ) | (543 | ) | ||||
Net cash used in financing activities | (3,632 | ) | (25,064 | ) | ||||
Effect of exchange rate changes on cash | (3,001 | ) | 165 | |||||
Net decrease in cash and cash equivalents | (16,879 | ) | (23,787 | ) | ||||
Cash and cash equivalents, beginning of period | 192,929 | 215,615 | ||||||
Cash and cash equivalents, end of period | $ | 176,050 | $ | 191,828 | ||||
Noncash net assets from acquisition | $ | - | $ | 110,211 |