EX-99.5 6 exhibit99-5.htm CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS exhibit99-5.htm
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
Six Months Ended
May 2,         May 3,
2010 2009
Cash flows from operating activities:
       Net income (loss) $ 9,013 $ (20,124 )
       Adjustments to reconcile net income (loss) to net cash
       provided by operating activities:
      Depreciation and amortization 45,863 42,027  
      Consolidation, restructuring, and related charges (credit) and impairment of long-lived assets (5,059 ) 3,544
      Changes in assets and liabilities and other (16,054 ) 902
Net cash provided by operating activities 33,763 26,349
Cash flows from investing activities:
       Purchases of property, plant and equipment (31,003 )   (20,375 )
       Proceeds from sale of facility 12,880 -
       Increase in restricted cash (1,250 ) -
       Distribution from joint venture -   5,000
       Proceeds from sales of investments and other 255 941
Net cash used in investing activities (19,118 ) (14,434 )
Cash flows from financing activities:  
       Repayments of long-term borrowings (40,302 ) (10,889 )
       Proceeds from long-term borrowings   26,622 -
       Payments of deferred financing fees (1,056 ) (2,249 )
       Other 71 -
Net cash used in financing activities (14,665 ) (13,138 )
Effect of exchange rate changes on cash 2,891 (1,052 )
Net increase (decrease) in cash and cash equivalents 2,871 (2,275 )
Cash and cash equivalents, beginning of period 88,539 83,763
Cash and cash equivalents, end of period $ 91,410 $ 81,488
Supplemental disclosure of cash flow information:
       Change in accrual for purchases of property, plant and equipment $ 19,521 $ (14,542 )