PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended | ||||||||
November 1, | November 2, | |||||||
2015 | 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 56,859 | $ | 32,035 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 82,413 | 80,136 | ||||||
Gain on acquisition | - | (16,372 | ) | |||||
Changes in assets and liabilities and other | (6,077 | ) | 562 | |||||
Net cash provided by operating activities | 133,195 | 96,361 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (104,033 | ) | (91,085 | ) | ||||
Cash from acquisition | - | 4,508 | ||||||
Other | (272 | ) | (908 | ) | ||||
Net cash used in investing activities | (104,305 | ) | (87,485 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of long-term borrowings | (9,571 | ) | (29,782 | ) | ||||
Payment of deferred financing fees | - | (346 | ) | |||||
Proceeds from share-based arrangements | 2,651 | 1,298 | ||||||
Other | (179 | ) | (711 | ) | ||||
Net cash used in financing activities | (7,099 | ) | (29,541 | ) | ||||
Effect of exchange rate changes on cash | (8,853 | ) | (2,021 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 12,938 | (22,686 | ) | |||||
Cash and cash equivalents, beginning of period | 192,929 | 215,615 | ||||||
Cash and cash equivalents, end of period | $ | 205,867 | $ | 192,929 | ||||
Noncash net assets from acquisition | $ | - | $ | 110,211 |