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

	Year Ended
	November 1,			November 2,
	2015			2014
Cash flows from operating activities:
Net income	$	56,859		$	32,035
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		82,413			80,136
Gain on acquisition		-			(16,372	)
Changes in assets and liabilities and other		(6,077	)		562
Net cash provided by operating activities		133,195			96,361
Cash flows from investing activities:
Purchases of property, plant and equipment		(104,033	)		(91,085	)
Cash from acquisition		-			4,508
Other		(272	)		(908	)
Net cash used in investing activities		(104,305	)		(87,485	)
Cash flows from financing activities:
Repayments of long-term borrowings		(9,571	)		(29,782	)
Payment of deferred financing fees		-			(346	)
Proceeds from share-based arrangements		2,651			1,298
Other		(179	)		(711	)
Net cash used in financing activities		(7,099	)		(29,541	)
Effect of exchange rate changes on cash		(8,853	)		(2,021	)
Net increase (decrease) in cash and cash equivalents		12,938			(22,686	)
Cash and cash equivalents, beginning of period		192,929			215,615
Cash and cash equivalents, end of period	$	205,867		$	192,929
Noncash net assets from acquisition	$	-		$	110,211