PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | |||||||
August 2, | August 3, | ||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 34,709 | $ | 25,336 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 61,465 | 58,412 | |||||
Gain on acquisition | - | (16,372 | ) | ||||
Changes in assets and liabilities and other | (4,347 | ) | (5,538 | ) | |||
Net cash provided by operating activities | 91,827 | 61,838 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (80,107 | ) | (58,278 | ) | |||
Cash from acquisition | - | 4,508 | |||||
Other | (283 | ) | (759 | ) | |||
Net cash used in investing activities | (80,390 | ) | (54,529 | ) | |||
Cash flows from financing activities: | |||||||
Repayments of long-term borrowings | (7,152 | ) | (27,432 | ) | |||
Payment of deferred financing fees | - | (336 | ) | ||||
Proceeds from share-based arrangements | 2,375 | 1,043 | |||||
Other | (171 | ) | (597 | ) | |||
Net cash used in financing activities | (4,948 | ) | (27,322 | ) | |||
Effect of exchange rate changes on cash | (7,856 | ) | 736 | ||||
Net decrease in cash and cash equivalents | (1,367 | ) | (19,277 | ) | |||
Cash and cash equivalents, beginning of period | 192,929 | 215,615 | |||||
Cash and cash equivalents, end of period | $ | 191,562 | $ | 196,338 | |||
Noncash net assets from acquisition | $ | - | $ | 110,211 |