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

	Six Months Ended
	May 4,			April 28,
	2014			2013
Cash flows from operating activities:
Net income	$	17,992		$	8,301
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on acquisition		(16,372	)		-
Depreciation and amortization		36,782			37,490
Changes in assets and liabilities and other		1,497			(9,857	)
Net cash provided by operating activities		39,899			35,934
Cash flows from investing activities:
Purchases of property, plant and equipment		(42,385	)		(31,866	)
Cash from acquisition		4,508			-
Other		(910	)		(2,822	)
Net cash used in investing activities		(38,787	)		(34,688	)
Cash flows from financing activities:
Repayments of long-term borrowings		(25,100	)		(3,319	)
Repurchase of common stock of subsidiary		-			(4,190	)
Payment of deferred financing fees		(309	)		(40	)
Proceeds from share-based arrangements		888			588
Other		(543	)		-
Net cash used in financing activities		(25,064	)		(6,961	)
Effect of exchange rate changes on cash		165			(1,776	)
Net decrease in cash and cash equivalents		(23,787	)		(7,491	)
Cash and cash equivalents, beginning of period		215,615			218,043
Cash and cash equivalents, end of period	$	191,828		$	210,552
Noncash net assets from acquisition	$	110,213		$	-