PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended | ||||||||
January 31, | February 1, | |||||||
2016 | 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 23,501 | $ | 7,142 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 20,628 | 20,854 | ||||||
Gain on sale of investment | (8,785 | ) | - | |||||
Changes in assets, liabilities and other | 8,044 | (5,696 | ) | |||||
Net cash provided by operating activities | 43,388 | 22,300 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (21,539 | ) | (40,371 | ) | ||||
Proceeds from sale of investments | 8,785 | - | ||||||
Other | 193 | 43 | ||||||
Net cash used in investing activities | (12,561 | ) | (40,328 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of long-term borrowings | (2,437 | ) | (2,367 | ) | ||||
Proceeds from share-based arrangements | 2,063 | 768 | ||||||
Net cash used in financing activities | (374 | ) | (1,599 | ) | ||||
Effect of exchange rate changes on cash | (4,876 | ) | (4,692 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 25,577 | (24,319 | ) | |||||
Cash and cash equivalents, beginning of period | 205,867 | 192,929 | ||||||
Cash and cash equivalents, end of period | $ | 231,444 | $ | 168,610 |