Company Quick10K Filing
Photronics
Price11.30 EPS1
Shares69 P/E19
MCap781 P/FCF11
Net Debt-165 EBIT51
TEV616 TEV/EBIT12
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-05-03 Filed 2020-06-12
10-Q 2020-02-02 Filed 2020-03-11
10-K 2019-10-31 Filed 2019-12-23
10-Q 2019-07-28 Filed 2019-09-05
10-Q 2019-04-28 Filed 2019-06-05
10-Q 2019-01-27 Filed 2019-03-08
10-K 2018-10-31 Filed 2018-12-21
10-Q 2018-07-29 Filed 2018-09-06
10-Q 2018-04-29 Filed 2018-06-05
10-Q 2018-01-28 Filed 2018-03-09
10-K 2017-10-29 Filed 2017-12-20
10-Q 2017-07-30 Filed 2017-09-08
10-Q 2017-04-30 Filed 2017-06-08
10-Q 2017-01-29 Filed 2017-03-08
10-K 2016-10-30 Filed 2017-01-06
10-Q 2016-07-31 Filed 2016-09-02
10-Q 2016-05-01 Filed 2016-06-03
10-Q 2016-01-31 Filed 2016-03-03
10-K 2015-11-01 Filed 2016-01-07
10-Q 2015-08-02 Filed 2015-09-09
10-Q 2015-05-03 Filed 2015-06-04
10-Q 2015-02-01 Filed 2015-03-05
10-K 2014-11-02 Filed 2015-01-06
10-Q 2014-08-03 Filed 2014-09-04
10-Q 2014-05-04 Filed 2014-06-06
10-Q 2014-02-02 Filed 2014-03-06
10-K 2013-11-03 Filed 2014-01-03
10-Q 2013-04-28 Filed 2013-06-05
10-Q 2013-01-27 Filed 2013-03-06
10-K 2012-10-28 Filed 2013-01-09
10-Q 2012-07-29 Filed 2012-09-05
10-Q 2012-04-29 Filed 2012-06-06
10-Q 2012-01-29 Filed 2012-03-07
10-K 2011-10-30 Filed 2012-01-13
10-Q 2011-07-31 Filed 2011-09-07
10-Q 2011-05-01 Filed 2011-06-08
10-Q 2011-01-30 Filed 2011-03-04
10-K 2010-10-31 Filed 2011-01-14
10-Q 2010-08-01 Filed 2010-09-09
10-Q 2010-05-02 Filed 2010-06-10
10-Q 2010-01-31 Filed 2010-03-11
10-K 2009-11-01 Filed 2010-01-08
8-K 2020-06-04
8-K 2020-05-27
8-K 2020-03-20
8-K 2020-03-16
8-K 2020-03-04
8-K 2020-03-04
8-K 2020-01-15
8-K 2019-12-13
8-K 2019-12-05
8-K 2019-10-10
8-K 2019-09-26
8-K 2019-09-23
8-K 2019-08-28
8-K 2019-08-20
8-K 2019-05-22
8-K 2019-04-04
8-K 2019-03-25
8-K 2019-02-21
8-K 2019-01-16
8-K 2018-12-12
8-K 2018-12-10
8-K 2018-11-28
8-K 2018-10-12
8-K 2018-10-03
8-K 2018-08-23
8-K 2018-08-22
8-K 2018-07-06
8-K 2018-05-23
8-K 2018-05-22
8-K 2018-03-22
8-K 2018-02-14
8-K 2018-01-22
8-K 2018-01-20
8-K 2018-01-18
8-K 2018-01-17
8-K 2018-01-05

PLAB 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1 - Basis of Financial Statement Presentation
Note 2 - Inventories
Note 3 - Property, Plant and Equipment
Note 4 - Pdmcx Joint Venture
Note 5 - Long - Term Debt
Note 6 - Revenue
Note 7 - Leases
Note 8 - Share - Based Compensation
Note 9 - Income Taxes
Note 10 - Earnings per Share
Note 11 - Changes in Accumulated Other Comprehensive Income By Component
Note 12 - Fair Value Measurements
Note 13 - Share Repurchase Programs
Note 14 - Commitments and Contingencies
Note 15 - Recent Accounting Pronouncements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Matters
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32.1 ex32_1.htm
EX-32.2 ex32_2.htm

Photronics Earnings 2020-05-03

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02012201420172020
Assets, Equity
0.20.20.10.10.00.02012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 3, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 0-15451

graphic

PHOTRONICS, INC.
(Exact name of registrant as specified in its charter)

Connecticut
 
06-0854886
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)

15 Secor Road, Brookfield, Connecticut
 
06804
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code
 
(203) 775-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
COMMON
PLAB
NASDAQ Global Select Market
PREFERRED STOCK PURCHASE RIGHTS
N/A
N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging growth company
   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act ((§15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report

Yes   No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   No

The registrant had 65,622,399 shares of common stock outstanding as of June 8, 2020.





Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements made by or on behalf of Photronics, Inc. (“Photronics”, the “Company”, “we”, “our”, or “us”). These statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Forward-looking statements may be identified by words like “expect,” “anticipate,” “believe,” “plan,” “project,” “could,” “estimate,” “intend,” “may,” “will”,“in our view” and similar expressions, or the negative of such terms, or other comparable terminology. All forward-looking statements involve risks and uncertainties that are difficult to predict. In particular, any statement contained in this quarterly report on Form 10-Q or in other documents filed with the Securities and Exchange Commission in press releases or in the Company’s communications and discussions with investors and analysts in the normal course of business through meetings, phone calls, or conference calls regarding, among other things, the consummation and benefits of transactions, joint ventures, business combinations, divestitures and acquisitions, expectations with respect to future sales, financial performance, operating efficiencies, or product expansion, are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the control of the Company. Various factors may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements expressed or implied by forward-looking statements. Factors that might affect forward-looking statements include, but are not limited to, overall economic and business conditions; economic and political conditions in international markets; pandemics affecting our labor force, customers or suppliers; the demand for the Company’s products; competitive factors in the industries and geographic markets in which the Company competes; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in accounting standards; federal, state and international tax requirements (including tax rate changes, new tax laws and revised tax law interpretations); changes in the jurisdictional mix of our earnings; interest rate and other capital market conditions, including changes in the market price of the Company’s securities; foreign currency exchange rate fluctuations; changes in technology; technology or intellectual property infringement, including cybersecurity breaches, and other innovation risks; unsuccessful or unproductive research and development or capital expenditures; the timing, impact, and other uncertainties related to transactions and acquisitions, divestitures, business combinations, and joint ventures as well as decisions the Company may make in the future regarding the Company’s business, capital and organizational structures and other matters; the seasonal and cyclical nature of the semiconductor and flat panel display industries; management changes; changes in laws and government regulation impacting our operations or our products, including laws relating to export controls and import laws, rules and tariffs; the occurrence of regulatory proceedings, claims or litigation; damage or destruction to the Company’s facilities, or the facilities of its customers or suppliers, by natural disasters, labor strikes, political unrest, or terrorist activity; acts of war, construction of new facilities and acquisition of new equipment; dilutive issuances of the Company’s stock; the ability of the Company to (i) place new equipment in service on a timely basis; (ii) obtain additional financing; (iii) achieve anticipated synergies and cost savings; (iv) fully utilize its tools; (v) achieve desired yields, pricing, product mix, and market acceptance of its products and (vi) obtain necessary import and export licenses. Any forward-looking statements should be considered in light of these factors. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements and does not assume an obligation to provide revisions to any forward-looking statements, except as otherwise required by securities and other applicable laws.

2


PHOTRONICS, INC.

INDEX

PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
4
 
 
 
 
4
 
 
 
 
5
 
 
 
 
6
 
 
 
 
7
 
 
 
 
9
 
 
 
 
10
 
 
 
Item 2.
24
 
 
 
Item 3.
31
 
 
 
Item 4.
32
 
 
 
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
32
     
Item 1A.
33
 
 
 
Item 2.
33
 
 
 
Item 6.
34

3



PART I.
FINANCIAL INFORMATION

Item 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
(unaudited)

 
May 3,
2020
   
October 31,
2019
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
237,790
   
$
206,530
 
Accounts receivable, net of allowance of $1,282 in 2020 and $1,334 in 2019
   
135,035
     
134,454
 
Inventories
   
56,968
     
48,155
 
Other current assets
   
42,478
     
38,388
 
                 
Total current assets
   
472,271
     
427,527
 
                 
Property, plant and equipment, net
   
604,545
     
632,441
 
Intangible assets, net
   
5,690
     
7,870
 
Deferred income taxes
   
19,801
     
20,779
 
Other assets
   
31,581
     
30,048
 
Total assets
 
$
1,133,888
   
$
1,118,665
 
                 
LIABILITIES AND EQUITY
               
Current liabilities:
               
Short-term debt
 
$
9,858
   
$
8,731
 
Current portion of long-term debt
   
7,813
     
2,142
 
Accounts payable
   
76,293
     
91,379
 
Accrued liabilities
   
59,408
     
49,702
 
Total current liabilities
   
153,372
     
151,954
 
                 
Long-term debt
   
35,783
     
41,887
 
Other liabilities
   
23,075
     
13,732
 
Total liabilities
   
212,230
     
207,573
 
                 
Commitments and contingencies
   
     
 
                 
Equity:
               
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding
   
-
     
-
 
Common stock, $0.01 par value, 150,000 shares authorized, 66,215 shares issued and 64,751 outstanding at May 3, 2020 and 65,595 shares issued and outstanding at October 31, 2019
   
662
     
656
 
Additional paid-in capital
   
530,117
     
524,319
 
Retained earnings
   
270,506
     
253,922
 
Treasury stock, 1,464 shares at May 3, 2020
   
(16,894
)
   
-
 
Accumulated other comprehensive loss
   
(15,200
)
   
(9,005
)
Total Photronics, Inc. shareholders’ equity
   
769,191
     
769,892
 
Noncontrolling interests
   
152,467
     
141,200
 
Total equity
   
921,658
     
911,092
 
Total liabilities and equity
 
$
1,133,888
   
$
1,118,665
 

See accompanying notes to condensed consolidated financial statements.

4


PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)

 
Three Months Ended
   
Six Months Ended
 
   
May 3,
2020
   
April 28,
2019
   
May 3,
2020
   
April 28,
2019
 
                         
Revenue
 
$
142,774
   
$
131,580
   
$
302,510
   
$
256,291
 
                                 
Cost of goods sold
   
112,341
     
105,570
     
237,475
     
204,179
 
                                 
Gross profit
   
30,433
     
26,010
     
65,035
     
52,112
 
                                 
Operating expenses:
                               
                                 
Selling, general and administrative
   
13,267
     
13,269
     
27,486
     
27,061
 
                                 
Research and development
   
4,462
     
3,542
     
8,541
     
7,805
 
                                 
Total operating expenses
   
17,729
     
16,811
     
36,027
     
34,866
 
                                 
Operating income
   
12,704
     
9,199
     
29,008
     
17,246
 
                                 
Other income (expense):
                               
Foreign currency transaction (losses) gains, net
   
(1,433
)
   
3,961
     
3,304
     
5,052
 
Interest expense, net
   
775
     
(355
)
   
(1,023
)
   
(886
)
Interest income and other income (expense), net
   
(293
)
   
325
     
464
     
873
 
                                 
Income before income taxes
   
11,753
     
13,130
     
31,753
     
22,285
 
                                 
Income tax provision
   
3,781
     
3,278
     
12,853
     
4,665
 
                                 
Net income
   
7,972
     
9,852
     
18,900
     
17,620
 
                                 
Net income attributable to noncontrolling interests
   
1,688
     
1,373
     
2,316
     
3,874
 
                                 
Net income attributable to Photronics, Inc. shareholders
 
$
6,284
   
$
8,479
   
$
16,584
   
$
13,746
 
                                 
Earnings per share:
                               
                                 
Basic
 
$
0.10
   
$
0.13
   
$
0.25
   
$
0.21
 
                                 
Diluted
 
$
0.10
   
$
0.13
   
$
0.25
   
$
0.20
 
                                 
Weighted-average number of common shares outstanding:
                               
                                 
Basic
   
64,937
     
66,261
     
65,246
     
66,422
 
                                 
Diluted
   
65,417
     
70,597
     
65,933
     
71,593
 

See accompanying notes to condensed consolidated financial statements.

5


PHOTRONICS, INC.
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)

 
Three Months Ended
   
Six Months Ended
 
   
May 3,
2020
   
April 28,
2019
   
May 3,
2020
   
April 28,
2019
 
                         
Net income
 
$
7,972
   
$
9,852
   
$
18,900
   
$
17,620
 
                                 
Other comprehensive income (loss), net of tax of $0:
                               
                                 
Foreign currency translation adjustments
   
(2,405
)
   
(7,054
)
   
(3,970
)
   
(482
)
                                 
Other
   
1
     
25
     
19
     
44
 
                                 
Net other comprehensive loss
   
(2,404
)
   
(7,029
)
   
(3,951
)
   
(438
)
                                 
Comprehensive income
   
5,568
     
2,823
     
14,949
     
17,182
 
                                 
Less: comprehensive income attributable to noncontrolling interests
   
2,742
     
1,515
     
4,560
     
5,298
 
                                 
Comprehensive income attributable to Photronics, Inc. shareholders
 
$
2,826
   
$
1,308
   
$
10,389
   
$
11,884
 

See accompanying notes to condensed consolidated financial statements.

6


PHOTRONICS, INC.
Condensed Consolidated Statements of Equity
(in thousands)
(unaudited)

 
Three Months Ended May 3, 2020
 
   
Photronics, Inc. Shareholders
             
         
Additional
Paid-in
Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Loss
   
Non-
controlling
Interests
   
Total
Equity
 
     
 
Common Stock
 
   
Shares
   
Amount
 
                                                 
Balance at February 3, 2020
   
66,144
   
$
661
   
$
528,535
   
$
264,222
   
$
(11,000
)
 
$
(11,742
)
 
$
142,125
   
$
912,801
 
                                                                 
Net income
   
-
     
-
     
-
     
6,284
     
-
     
-
     
1,688
     
7,972
 
Other comprehensive (loss) income
   
-
     
-
     
-
     
-
     
-
     
(3,458
)
   
1,054
     
(2,404
)
Sale of common stock through employee stock option and purchase plans
   
45
     
1
     
363
     
-
     
-
     
-
     
-
     
364
 
Restricted stock awards vesting and expense
   
26
     
-
     
1,071
     
-
     
-
     
-
     
-
     
1,071
 
Share-based compensation expense
   
-
     
-
     
148
     
-
     
-
     
-
     
-
     
148
 
Purchase of treasury stock
   
-
     
-
     
-
     
-
     
(5,894
)
   
-
     
-
     
(5,894
)
Contribution from noncontrolling interest
   
-
     
-
     
-
     
-
     
-
     
-
     
7,600
     
7,600
 
                                                                 
Balance at May 3, 2020
   
66,215
   
$
662
   
$
530,117
   
$
270,506
   
$
(16,894
)
 
$
(15,200
)
 
$
152,467
   
$
921,658
 

 
Three Months Ended April 28, 2019
 
   
Photronics, Inc. Shareholders
             
   
Common Stock
   
Additional
Paid-in
   
Retained
   
Treasury
   
Accumulated
Other
Comprehensive
   
Non-
controlling
   
Total
 
   
Shares
   
Amount
   
Capital
   
Earnings
   
Stock
   
Income (Loss)
   
Interests
   
Equity
 
                                                 
Balance at January 28, 2019
   
69,917
   
$
699
   
$
557,188
   
$
236,665
   
$
(33,807
)
 
$
343
   
$
152,082
   
$
913,170
 
                                                                 
Net income
   
-
     
-
     
-
     
8,479
     
-
     
-
     
1,373
     
9,852
 
Other comprehensive (loss) income
   
-
     
-
     
-
     
-
     
-
     
(7,171
)
   
142
     
(7,029
)
Sale of common stock through employee stock option and purchase plans
   
41
     
1
     
271
     
-
     
-
     
-
     
-
     
272
 
Restricted stock awards vesting and expense
   
26
     
-
     
650
     
-
     
-
     
-
     
-
     
650
 
Share-based compensation expense
   
-
     
-
     
250
     
-
     
-
     
-
     
-
     
250
 
Subsidiary dividend payable
   
-
     
-
     
-
     
-
     
-
     
-
     
(18,837
)
   
(18,837
)
                                                                 
Balance at April 28, 2019
   
69,984
   
$
700
   
$
558,359
   
$
245,144
   
$
(33,807
)
 
$
(6,828
)
 
$
134,760
   
$
898,328
 

See accompanying notes to condensed consolidated financial statements.
7

PHOTRONICS, INC.
Condensed Consolidated Statements of Equity
(in thousands)
(unaudited)

 
Six Months Ended May 3, 2020
 
   
Photronics, Inc. Shareholders
             
         
Additional
Paid-in
Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Loss
   
Non-
controlling
Interests
   
Total
Equity
 
     
 
Common Stock
 
   
Shares
   
Amount
 
                                                 
Balance at November 1, 2019
   
65,595
   
$
656
   
$
524,319
   
$
253,922
   
$
-
   
$
(9,005
)
 
$
141,200
   
$
911,092
 
                                                                 
Net income
   
-
     
-
     
-
     
16,584
     
-
     
-
     
2,316
     
18,900
 
Other comprehensive (loss) income
   
-
     
-
     
-
     
-
     
-
     
(6,195
)
   
2,244
     
(3,951
)
Sale of common stock through employee stock option and purchase plans
   
403
     
4
     
3,217
     
-
     
-
     
-
     
-
     
3,221
 
Restricted stock awards vesting and expense
   
217
     
2
     
1,827
     
-
     
-
     
-
     
-
     
1,829
 
Share-based compensation expense
   
-
     
-
     
499
     
-
     
-
     
-
     
-
     
499
 
Purchase of treasury stock
   
-
     
-
     
-
     
-
     
(16,894
)
   
-
     
-
     
(16,894
)
Contribution from noncontrolling interest
   
-
     
-
     
-
     
-
     
-
     
-
     
7,600
     
7,600
 
Repurchase of common stock of subsidiary
   
-
     
-
     
255
     
-
     
-
     
-
     
(893
)
   
(638
)
                                                                 
Balance at May 3, 2020
   
66,215
   
$
662
   
$
530,117
   
$
270,506
   
$
(16,894
)
 
$
(15,200
)
 
$
152,467
   
$
921,658
 

 
Six Months Ended April 28, 2019
 
   
Photronics, Inc. Shareholders
             
   
Common Stock
   
Additional
Paid-in
   
Retained
   
Treasury
   
Accumulated
Other
Comprehensive
   
Non-
controlling
   
Total
 
   
Shares
   
Amount
   
Capital
   
Earnings
   
Stock
   
Loss
   
Interests
   
Equity
 
                                                 
Balance at November 1, 2018
   
69,700
   
$
697
   
$
555,606
   
$
231,445
   
$
(23,111
)
 
$
(4,966
)
 
$
144,898
   
$
904,569
 
                                                                 
Adoption of ASU 2014-09
   
-
     
-
     
-
     
1,083
     
-
     
-
     
121
     
1,204
 
Adoption of ASU 2016-16
   
-
     
-
     
-
     
(1,130
)
   
-
     
-
     
(3
)
   
(1,133
)
Net income
   
-
     
-
     
-
     
13,746
     
-
     
-
     
3,874
     
17,620
 
Other comprehensive (loss) income
   
-
     
-
     
-
     
-
     
-
     
(1,862
)
   
1,424
     
(438
)
Sale of common stock through employee stock option and purchase plans
   
136
     
1
     
792
     
-
     
-
     
-
     
-
     
793
 
Restricted stock awards vesting and expense
   
148
     
2
     
1,217
     
-
     
-
     
-
     
-
     
1,219
 
Share-based compensation expense
   
-
     
-
     
744
     
-
     
-
     
-
     
-
     
744
 
Contribution from noncontrolling interest
   
-
     
-
     
-
     
-
     
-
     
-
     
29,394
     
29,394
 
Dividends to noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
(26,102
)
   
(26,102
)
Subsidiary dividend payable
   
-
     
-
     
-
     
-
     
-
     
-
     
(18,837
)
   
(18,837
)
Repurchase of common stock of subsidiary
   
-
     
-
     
-
     
-
     
-
     
-
     
(9
)
   
(9
)
Purchase of treasury stock
   
-
     
-
     
-
     
-
     
(10,696
)
   
-
     
-
     
(10,696
)
                                                                 
Balance at April 28, 2019
   
69,984
   
$
700
   
$
558,359
   
$
245,144
   
$
(33,807
)
 
$
(6,828
)
 
$
134,760
   
$
898,328
 
8



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

 
Six Months Ended
 
   
May 3,
2020
   
April 28,
2019
 
             
             
Cash flows from operating activities:
           
Net income
 
$
18,900
   
$
17,620
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
47,896
     
38,515
 
Share-based compensation