EX-99.4 5 ex99_4.htm EXHIBIT 99.4
Exhibit 99.4

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

   
Six Months Ended
  
    
May 3,
2020
    
April 28,
2019
  
             
Cash flows from operating activities:
            
Net income
  
$
18,900
    
$
17,620
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
47,896
      
38,515
  
Share-based compensation
    
2,576
      
1,962
  
Changes in operating assets, liabilities and other
    
(8,049
)
    
(60,384
)
                 
Net cash provided by (used in) operating activities
    
61,323
      
(2,287
)
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(30,127
)
    
(140,436
)
Government incentive
    
5,260
      
5,698
  
Other
    
(139
)
    
(23
)
                 
Net cash used in investing activities
    
(25,006
)
    
(134,761
)
                 
Cash flows from financing activities:
                
Proceeds from long-term debt
    
1,140
      
39,633
  
Contribution from noncontrolling interest
    
7,600
      
29,394
  
Purchase of treasury stock
    
(16,894
)
    
(10,696
)
Repayments of long-term debt
    
(389
)
    
(61,220
)
Proceeds from share-based arrangements
    
3,423
      
1,033
  
Dividends paid to noncontrolling interests
    
-
      
(26,102
)
Other
    
(251
)
    
(45
)
                 
Net cash used in financing activities
    
(5,371
)
    
(28,003
)
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
475
      
2,843
  
                 
Net increase (decrease) in cash, cash equivalents, and restrcited cash
    
31,421
      
(162,208
)
Cash, cash equivalents, and restricted cash, beginning of period
    
209,291
      
331,989
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
240,712
    
$
169,781