Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - PHOTRONICS INC | photronics_8k.htm |
| EX-99.2 - CONDENSED CONSOLIDATED STATEMENTS OF INCOME - PHOTRONICS INC | exhibit99-2.htm |
| EX-99.5 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - PHOTRONICS INC | exhibit99-5.htm |
| EX-99.6 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - PHOTRONICS INC | exhibit99-6.htm |
| EX-99.3 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INC | exhibit99-3.htm |
| EX-99.1 - PRESS RELEASE DATED AUGUST 16, 2011 - PHOTRONICS INC | exhibit99-1.htm |
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Nine Months Ended | ||||||||
| July 31, | August 1, | |||||||
| 2011 | 2010 | |||||||
| Cash flows from operating activities: | ||||||||
|
Net income
|
$ | 11,173 | $ | 16,620 | ||||
|
Adjustments to reconcile net income to net cash
|
||||||||
|
provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
70,090 | 67,786 | ||||||
|
Debt extinguishment loss
|
27,399 | - | ||||||
|
Consolidation, restructuring and related credits
|
- | (5,059 | ) | |||||
|
Changes in assets and liabilities and other
|
(4,211 | ) | (5,170 | ) | ||||
| Net cash provided by operating activities | 104,451 | 74,177 | ||||||
| Cash flows from investing activities: | ||||||||
|
Purchases of property, plant and equipment
|
(59,089 | ) | (38,040 | ) | ||||
|
Investment in joint venture
|
(10,773 | ) | - | |||||
|
Proceeds from sale of facility
|
- | 12,880 | ||||||
|
Other
|
(250 | ) | 288 | |||||
| Net cash used in investing activities | (70,112 | ) | (24,872 | ) | ||||
| Cash flows from financing activities: | ||||||||
|
Proceeds from issuance of convertible debt
|
115,000 | - | ||||||
|
Proceeds from long-term borrowings
|
17,000 | 28,680 | ||||||
|
Repayments of long-term borrowings
|
(63,445 | ) | (62,288 | ) | ||||
|
Payments of deferred financing fees
|
(4,318 | ) | (1,225 | ) | ||||
|
Repurchase of common stock by subsidiary
|
(3,294 | ) | - | |||||
|
Proceeds from exercise of share based arrangements
|
694 | 75 | ||||||
| Net cash provided by (used in) financing activities | 61,637 | (34,758 | ) | |||||
| Effect of exchange rate changes on cash | 7,924 | 941 | ||||||
| Net increase in cash and cash equivalents | 103,900 | 15,488 | ||||||
| Cash and cash equivalents, beginning of period | 98,945 | 88,539 | ||||||
| Cash and cash equivalents, end of period | $ | 202,845 | $ | 104,027 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
|
Capital lease obligation for purchase of equipment
|
$ | 21,248 | $ | - | ||||
|
Common stock issued to extinguish debt
|
$ | 20,234 | $ | - | ||||
|
Change in accrual for purchases of property, plant and equipment
|
$ | (2,712 | ) | $ | 35,735 | |||