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

	Three Months Ended
	January 31,			February 1,
	2016			2015
Cash flows from operating activities:
Net income	$	23,501		$	7,142
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		20,628			20,854
Gain on sale of investment		(8,785	)		-
Changes in assets, liabilities and other		8,044			(5,696	)
Net cash provided by operating activities		43,388			22,300
Cash flows from investing activities:
Purchases of property, plant and equipment		(21,539	)		(40,371	)
Proceeds from sale of investments		8,785			-
Other		193			43
Net cash used in investing activities		(12,561	)		(40,328	)
Cash flows from financing activities:
Repayments of long-term borrowings		(2,437	)		(2,367	)
Proceeds from share-based arrangements		2,063			768
Net cash used in financing activities		(374	)		(1,599	)
Effect of exchange rate changes on cash		(4,876	)		(4,692	)
Net increase (decrease) in cash and cash equivalents		25,577			(24,319	)
Cash and cash equivalents, beginning of period		205,867			192,929
Cash and cash equivalents, end of period	$	231,444		$	168,610