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

	Nine Months Ended
	August 2,			August 3,
	2015			2014
Cash flows from operating activities:
Net income	$	34,709		$	25,336
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		61,465			58,412
Gain on acquisition		-			(16,372	)
Changes in assets and liabilities and other		(4,347	)		(5,538	)
Net cash provided by operating activities		91,827			61,838
Cash flows from investing activities:
Purchases of property, plant and equipment		(80,107	)		(58,278	)
Cash from acquisition		-			4,508
Other		(283	)		(759	)
Net cash used in investing activities		(80,390	)		(54,529	)
Cash flows from financing activities:
Repayments of long-term borrowings		(7,152	)		(27,432	)
Payment of deferred financing fees		-			(336	)
Proceeds from share-based arrangements		2,375			1,043
Other		(171	)		(597	)
Net cash used in financing activities		(4,948	)		(27,322	)
Effect of exchange rate changes on cash		(7,856	)		736
Net decrease in cash and cash equivalents		(1,367	)		(19,277	)
Cash and cash equivalents, beginning of period		192,929			215,615
Cash and cash equivalents, end of period	$	191,562		$	196,338
Noncash net assets from acquisition	$	-		$	110,211