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

	Six Months Ended
	May 3,			May 4,
	2015			2014
Cash flows from operating activities:
Net income	$	19,298		$	17,992
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		40,318			36,782
Changes in assets and liabilities and other		(1,709	)		1,497
Gain on acquisition		-			(16,372	)
Net cash provided by operating activities		57,907			39,899
Cash flows from investing activities:
Purchases of property, plant and equipment		(67,935	)		(42,385	)
Cash from acquisition		-			4,508
Other		(218	)		(910	)
Net cash used in investing activities		(68,153	)		(38,787	)
Cash flows from financing activities:
Repayments of long-term borrowings		(4,751	)		(25,100	)
Payment of deferred financing fees		-			(309	)
Proceeds from share-based arrangements		1,195			888
Other		(76	)		(543	)
Net cash used in financing activities		(3,632	)		(25,064	)
Effect of exchange rate changes on cash		(3,001	)		165
Net decrease in cash and cash equivalents		(16,879	)		(23,787	)
Cash and cash equivalents, beginning of period		192,929			215,615
Cash and cash equivalents, end of period	$	176,050		$	191,828
Noncash net assets from acquisition	$	-		$	110,211