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

	Three Months Ended
	February 1,			February 2,
	2015			2014
Cash flows from operating activities:
Net income	$	7,142		$	2,041
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		20,854			17,899
Changes in assets and liabilities and other		(5,696	)		(5,743	)
Net cash provided by operating activities		22,300			14,197
Cash flows from investing activities:
Purchases of property, plant and equipment		(40,371	)		(12,184	)
Increase in restricted cash		-			(1,698	)
Other		43			67
Net cash used in investing activities		(40,328	)		(13,815	)
Cash flows from financing activities:
Repayments of long-term borrowings		(2,367	)		(23,554	)
Payment of deferred financing fees		-			(310	)
Proceeds from share-based arrangements		768			518
Net cash used in financing activities		(1,599	)		(23,346	)
Effect of exchange rate changes on cash		(4,692	)		(3,423	)
Net decrease in cash and cash equivalents		(24,319	)		(26,387	)
Cash and cash equivalents, beginning of period		192,929			215,615
Cash and cash equivalents, end of period	$	168,610		$	189,228