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

	Three Months Ended
	February 2,			January 27,
	2014			2013
Cash flows from operating activities:
Net income	$	2,041		$	2,859
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		17,899			19,157
Changes in assets and liabilities and other		(5,743	)		(3,351	)
Net cash provided by operating activities		14,197			18,665
Cash flows from investing activities:
Purchases of property, plant and equipment		(12,184	)		(15,539	)
Increase in restricted cash		(1,698	)		—
Other		67			(1,043	)
Net cash used in investing activities		(13,815	)		(16,582	)
Cash flows from financing activities:
Repayments of long-term borrowings		(23,554	)		(1,655	)
Purchase of common stock of subsidiary		—			(4,190	)
Payment of deferred financing fees		(310	)		—
Proceeds from share-based arrangements		518			203
Net cash used in financing activities		(23,346	)		(5,642	)
Effect of exchange rate changes on cash		(3,423	)		3,287
Net decrease in cash and cash equivalents		(26,387	)		(272	)
Cash and cash equivalents, beginning of period		215,615			218,043
Cash and cash equivalents, end of period	$	189,228		$	217,771