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

	Nine Months Ended
	July 28,			July 29,
	2013			2012
Cash flows from operating activities:
Net income	$	14,665		$	25,638
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		55,081			65,010
Consolidation, restructuring, and related charges		-			262
Changes in assets and liabilities and other		(2,192	)		16,614
Net cash provided by operating activities		67,554			107,524
Cash flows from investing activities:
Purchases of property, plant and equipment		(47,281	)		(92,009	)
Investment in joint venture		-			(13,397	)
Other		(2,630	)		(1,618	)
Net cash used in investing activities		(49,911	)		(107,024	)
Cash flows from financing activities:
Proceeds from long-term borrowings		-			25,000
Repayments of long-term borrowings		(4,990	)		(3,646	)
Purchase of common stock of subsidiary		(31,627	)		(11,653	)
Payments of deferred financing fees		(40	)		(198	)
Proceeds from exercise of share-based arrangements		715			517
Net cash provided by (used in) financing activities		(35,942	)		10,020
Effect of exchange rate changes on cash and cash equivalents		(2,473	)		(3,153	)
Net increase (decrease) in cash and cash equivalents		(20,772	)		7,367
Cash and cash equivalents, beginning of period		218,043			189,928
Cash and cash equivalents, end of period	$	197,271		$	197,295