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<SEC-DOCUMENT>0001206774-11-000251.txt : 20110216
<SEC-HEADER>0001206774-11-000251.hdr.sgml : 20110216
<ACCEPTANCE-DATETIME>20110216060038
ACCESSION NUMBER:		0001206774-11-000251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20110215
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110216
DATE AS OF CHANGE:		20110216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15451
		FILM NUMBER:		11615930

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>photronics_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNITED STATES <br>
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549</font></font><font style="FONT-FAMILY: times new roman"> </font></div>

<div>&#160;</div>

<div align="center">_________________________</div>

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5" style="FONT-FAMILY: times new roman">FORM 8-K</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman"> </font></font></div>

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman">CURRENT REPORT<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman">Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934 </font></font></div>

<div>&#160;</div>

<div align="center"><img src="photronics_8kx3x1.jpg"></div>

<div>&#160;</div>

<div align="center"><font style="FONT-FAMILY: times new roman">Date of report (Date of earliest event reported)&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;February 15, 2011&#160;&#160;&#160;</font></font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr valign="bottom">
<td width="49%">&#160;</td>
<td width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman">PHOTRONICS, INC.</font></font></td>
<td width="50%">&#160;</td>
</tr><tr valign="bottom">
<td nowrap width="49%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(Exact name of registrant as specified in its charter)</font></td>
<td nowrap width="50%">&#160;</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr valign="bottom">
<td nowrap width="36%" style="PADDING-BOTTOM: 1px; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Connecticut</font></td>
<td nowrap width="1%" style="PADDING-BOTTOM: 2px">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="26%" style="PADDING-BOTTOM: 1px; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">0-15451</font></td>
<td nowrap width="1%" style="PADDING-BOTTOM: 2px">&#160;&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="35%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">06-0854886</font></td>
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<td nowrap width="36%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(State or other jurisdiction</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="26%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(Commission</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="35%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(IRS Employer</font></td>
</tr><tr valign="bottom">
<td nowrap width="36%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">of incorporation)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="26%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">File Number)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="35%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">Identification Number)</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="70%" style="">
<tr valign="bottom">
<td nowrap width="61%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">15 Secor Road, Brookfield, CT</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="37%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">06804</font></td>
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<td nowrap width="61%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(Address of Principal Executive Offices)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="37%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(Zip Code)</font></td>
</tr></table>
</div>

<div align="center"><font style="FONT-FAMILY: times new roman">&#160;</font></div>

<div align="center"><font style="FONT-FAMILY: times new roman">Registrant's Telephone Number, including area code&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160; (203) 775-9000&#160;&#160;</font></font></font></div>

<div>&#160;</div>

<div align="center">&#160;</div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr valign="bottom">
<td nowrap width="99%" style="BORDER-TOP: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman">(Former name or former address, if changed since last report)</font></td>
</tr><tr>
<td nowrap width="99%">&#160;&#160;</td>
</tr><tr>
<td nowrap width="99%" style="BORDER-BOTTOM: #ff0000 1pt solid">&#160; </td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: times new roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></font></div>

<div><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
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<td nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td align="left" nowrap valign="top" width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" valign="top" width="98%">
<div align="justify"><font size="2" style="FONT-FAMILY: times new roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
</td>
</tr><tr valign="bottom">
<td nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="98%">
<div align="justify"><font size="2" style="FONT-FAMILY: times new roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
</td>
</tr><tr valign="bottom">
<td nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td align="left" nowrap valign="top" width="1%">&#160; </td>
<td align="left" valign="top" width="98%">
<div align="justify"><font size="2" style="FONT-FAMILY: times new roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
</td>
</tr><tr valign="bottom">
<td nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="98%">
<div align="justify"><font size="2" style="FONT-FAMILY: times new roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
</td>
</tr><tr>
<td colspan="3" nowrap width="100%" style="BORDER-BOTTOM: #ff0000 1pt solid">&#160;</td>
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</div>

<div align="justify">&#160;</div>
</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
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<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom" style="LINE-HEIGHT: 14pt;">
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Item&#160; </font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2.02</font></font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" nowrap width="20%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Results of Operations and Financial Condition</font></font></td>
<td align="left" nowrap width="77%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160; </td>
<td align="left" colspan="2" width="97%"><font size="2" style="FONT-FAMILY: times new roman">On February 15th, 2011, the Company issued a press release reporting first quarter fiscal 2011 results. A copy of the press release is attached to this 8-K.</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" colspan="2" width="97%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td colspan="2" width="97%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">A copy of the press release is furnished as Exhibit 99.1 to this report. The information contained in this Item 2.02 and the attached Exhibits 99.1, 99.2,&#160;99.3, 99.4 and 99.5 shall not be deemed <font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8220;</font>filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.</font></td>
</tr></table>
</div>

<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Item&#160; </font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">9.01</font><font style="FONT-FAMILY: times new roman">.</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Financial Statements and Exhibits</font></font></td>
<td align="left" nowrap width="82%">&#160;</td>
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<td align="right" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">(d)&#160; </font></td>
<td align="left" colspan="4" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Exhibits</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">99.1</font></td>
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<td align="left" colspan="2" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Press Release dated February 15, 2011</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">99.2</font></td>
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<td align="left" colspan="2" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Reconciliation of GAAP to Non-GAAP Financial Information</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">99.3</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" colspan="2" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Condensed Consolidated Statements of Operations</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">99.4</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" colspan="2" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Condensed Consolidated Balance Sheets</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">99.5</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" colspan="2" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Condensed Consolidated Statements of Cash Flows</font></td>
</tr></table>
</div>

<div><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">SIGNATURES</font></font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></div>

<div>&#160;</div>

<div><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font>

<div><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></font></div>

<div>
<div align="center">
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<tr valign="bottom">
<td nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PHOTRONICS, INC.</font></font></td>
</tr><tr valign="bottom">
<td width="100%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Registrant)</font></td>
</tr></table>
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<div align="center"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div align="center"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div align="center"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></font></div>

<div align="center"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></font></div>

<div align="center"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></font></div>

<div align="left"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></font></div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr valign="bottom">
<td align="left" nowrap width="3%"><font size="2" style="FONT-WEIGHT: bold">DATE:&#160; </font></td>
<td nowrap width="15%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">February 15, 2011</font></font></font></td>
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">BY&#160; </font></font></td>
<td align="left" nowrap width="48%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-WEIGHT: bold; FONT-STYLE: italic"><font style="FONT-STYLE: normal">/s/</font> Richelle E. Burr</font></td>
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<td align="left" colspan="3" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: times new roman">Richelle E. Burr</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="3" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: times new roman">Vice President, General Counsel</font></td>
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</div>

<font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><br>
</font></font>

<div>
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<tr valign="bottom">
<td align="left" nowrap width="100%" style="BORDER-TOP: #ff0000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PHOTRONICS, INC.</font></td>
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<div>&#160;</div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 15, 2011
<TEXT>
<html>
<head>
    <title>exhibit99-1.htm</title>
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<body bgcolor="#ffffff">
<br>
&#160;<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="50%"><img src="photronics_8kx3x1.jpg"></td>
<td align="right" valign="top" width="50%">
<div align="right">
<div align="right"><font size="2" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-VARIANT: small-caps"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-VARIANT: small-caps"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-VARIANT: small-caps">For Further Information</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">: <br>
</font></font><font size="2" style="FONT-FAMILY: times new roman">Sean T. Smith<br>
</font><font size="2" style="FONT-FAMILY: times new roman">Senior Vice President<br>
Chief Financial Officer<br>
(203)775-9000<br>
ssmith@photronics.com </font></font></div>
</div>
</td>
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</div>

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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">P</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">HOTRONICS </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">R</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EPORTS </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">F</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">IRST </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Q</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">UARTER </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><
font size="2" style="FONT-FAMILY: Times New Roman">R</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">ESULTS </font></font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">First Quarter Highlights</font></font></div>

<ul style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
<li><font size="2" style="FONT-FAMILY: Times New Roman">Record sales of $120.8 million; sequential growth of 10%</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">EPS of $0.20 per diluted share</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">IC photomasks increase 4% sequentially with high-end up 7%</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">Record FPD photomask revenue; up 29% sequentially with high-end up 55%</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">Net cash improves $21 million sequentially to $30 million</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">EBIDTA of $42 million </font></li>
</ul>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>BROOKFIELD, Connecticut February 15, 2011</font><font size="2" style="FONT-FAMILY: Times New Roman"> -- </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Photronics, Inc.</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> (NASDAQ:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry today reported fiscal 2011 first quarter results for the period ended January 30, 2011. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Constantine (&#8220;Deno&#8221;) Macricostas, Photronics&#8217; chairman and chief executive officer commented, &#8220;We began fiscal year 2011 with very strong financial performance, achieving record quarterly sales of $120.8 million. As a result of robust demand for both IC and FPD photomasks we grew revenue by 23% year over year and 10% sequentially, even though the first quarter is typically seasonally slow. On the bottom line, the strong leverage in our business model resulted in EBITDA for the quarter of $42 million and EPS of $0.20 per diluted share.&#8221;</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>&#8220;We saw particular strength for high-end IC photomasks, which is a testament to the success of our strategy to invest in leading-edge IC capabilities,&#8221; continued Macricostas. &#8220;Our recent installation of an FPD tool also paid dividends in the quarter as FPD revenues increased significantly, especially at the high end. Looking forward, we are excited by our prospects for growth in 2011 and will continue to make the necessary investments to grow our position in the market.&#8221; </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Sales for the first quarter were $120.8 million, an increase of 23% compared to $98.2 million for the first quarter of fiscal year 2010. Sales of semiconductor photomasks accounted for $88.8 million, or 73.5% of revenues during the first quarter of fiscal 2011, and sales of flat panel display (FPD) photomasks accounted for $32.0 million, or 26.5% of revenues. GAAP net income attributable to Photronics, Inc. for the first quarter of fiscal year 2011 was $12.1 million, or $0.20 earnings per diluted share, compared to $0.2 million, or $0.00 earnings per diluted share for the first quarter of fiscal 2010.</font></div>

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<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">Non-GAAP net income attributable to Photronics, Inc. for the first quarter of 2011 was $12.2 million, or $0.20 earnings per diluted share, compared to $0.6 million, or $0.01 per diluted share, for the first quarter of 2010. The section below entitled &#8220;</font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">Non-GAAP Financial Measures</font></font><font size="2" style="FONT-FAMILY: Times New Roman">&#8221; provides a definition and information about the use of non-GAAP financial measures in this press release and the attached financial supplement reconciles non-GAAP financial information with Photronics, Inc.&#8217;s financial results under GAAP. </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Non-GAAP Financial Measures </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Non-GAAP net income attributable to Photronics, Inc. and non-GAAP earnings per share are &#8220;non-GAAP financial measures,&#8221; as such term is defined by the Securities and Exchange Commission, and may differ from non-GAAP financial measures used by other companies. Photronics, Inc. believes that non-GAAP net income attributable to Photronics, Inc. and non-GAAP earnings per share that exclude certain non-cash or non-recurring income or expense items are useful for analysts and investors to evaluate Photronics, Inc.&#8217;s future on-going performance because they enable a more meaningful comparison of Photronics, Inc.&#8217;s projected earnings and performance with its historical results from prior periods. These non-GAAP metrics, in particular non-GAAP net income attributable to Photronics, Inc. and non-GAAP earnings per share, are not intended to 
represent funds available for Photronics, Inc.&#8217;s discretionary use and are not intended to represent or be used as a substitute for operating income, net income or cash flows from operations data as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of consolidated statements of operations and must be considered in performing a comprehensive assessment of overall financial performance. Non-GAAP financial information is adjusted for the following items: </font></div>

<ul style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
<li><font size="2" style="FONT-FAMILY: Times New Roman">Impact of financing expenses related to warrants are excluded because they do not affect cash earnings</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">Consolidation and restructuring charges are excluded because they are not a part of ongoing operations </font></li>
</ul>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The presentation of this financial information should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States. The attached financial supplement reconciles non-GAAP financial information with Photronics, Inc.'s financial results under GAAP. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>A conference call with investors and the media to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, February 16, 2011. The live dial-in number is (408) 774-4601. A live webcast of the call also can be accessed by logging onto Photronics&#8217; web site at www.photronics.com</font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman"># # # </font></div>

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<div align="justify"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Photronics</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> is a leading worldwide manufacturer of </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">photomasks</font></font><font size="2" style="FONT-FAMILY: Times New Roman">. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located </font><font style="DISPLAY: inline; TEXT-DECORAT
ION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">manufacturing facilities</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> in Asia, Europe, and North America. Additional information on the Company can be accessed at </font><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: times new roman">www.photronics.com</font></font><font size="2" style="FONT-FAMILY: Times New Roman">.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">The Private Securities Litigation Reform Act of 1995 provides a &#8220;safe harbor&#8221; for forward-looking statements made by or on behalf of Photronics, Inc. and its subsidiaries (the Company). The forward-looking statements contained in this press release and other parts of Photronics&#8217; web site involve risks and uncertainties that may affect the Company&#8217;s operations, markets, products, services, prices, and other factors. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors. Accordingly, there is no assurance that the Company&#8217;s expectations will be realized. For a fuller discussion of the factors that may affect the Company's operations, see "Forward Looking Statements" in the Company's Quarterly and Annual Reports to the Securities and Exchange Commission on Forms 10-Q and 10-K. The Company assumes no obligation to provide revisions t
o any forward-looking statements.</font></div>

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<div align="justify"><font size="2">04-2011</font></div>

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">PHOTRONICS, INC. AND SUBSIDIARIES</font></font></font><br>
<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Reconciliation of GAAP to Non-GAAP Financial Information</font></font></font><br>
<font size="2" style="FONT-FAMILY: Times New Roman">(in thousands, except per share data)<br>
(Unaudited)</font></div>

<div>&#160;</div>

<div>
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<td align="right" nowrap width="90%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="5" nowrap width="9%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Three Months Ended</font></font></td>
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<td align="right" nowrap width="90%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">January 30,</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">January 31,</font></font></td>
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<td align="right" nowrap width="90%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">2011</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">2010</font></font></td>
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<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="1" style="FONT-FAMILY: times new roman">Reconciliation of GAAP to Non-GAAP Net Income</font></font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">GAAP net income attributable to Photronics, Inc.</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">12,111</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">213</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a) </font></font><font size="1" style="FONT-FAMILY: times new roman">Impact of warrants, net of tax</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">75</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">220</font></td>
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<td align="left" nowrap width="90%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b) </font></font><font size="1" style="FONT-FAMILY: times new roman">Consolidation and restructuring charges, net of tax</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">193</font></td>
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<td nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: times new roman">Non-GAAP net income attributable to Photronics, Inc.</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 2pt double"><font size="1" style="FONT-FAMILY: times new roman">626</font></td>
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<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Weighted average number of diluted shares outstanding</font></td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">66,411</font></td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">54,824</font></td>
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<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Earnings per diluted share</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>GAAP</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">0.20</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">-</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Non-GAAP</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">0.20</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">0.01</font></td>
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<td valign="top" width="100%"><font size="1" style="FONT-FAMILY: times new roman">Represents financing expenses related to warrants, which are recorded in other income (expense).</font></td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160;</td>
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<td nowrap valign="top"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">(b)</font></font></td>
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<td valign="top" width="100%"><font size="1" style="FONT-FAMILY: times new roman">Represents charges related to restructuring in China.</font></td>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">PHOTRONICS, INC. AND SUBSIDIARIES<br>
Condensed Consolidated Statements of Operations</font></font></font><br>
<font size="2" style="FONT-FAMILY: Times New Roman">(in thousands, except per share amounts)<br>
(Unaudited)</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Three Months Ended</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">January 30,</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">January 31,</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2011</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2010</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Net sales</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">120,823</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">98,197</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">Costs and expenses:</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cost of sales</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(90,229</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(80,020</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Selling, general and administrative</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">(10,713</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">(10,149</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Research and development</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(3,771</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(3,954</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Consolidation, restructuring and related charges</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(193</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Operating income</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">16,110</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">3,881</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">Other income (expense), net</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">957</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(2,453</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income before income taxes</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">17,067</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">1,428</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">Income tax provision</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(3,483</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(1,020</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">13,584</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">408</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">Net income attributable to noncontrolling interests</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(1,473</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(195</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Net income attributable to Photronics, Inc.</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">12,111</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">213</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">Earnings per share:</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basic</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">0.23</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">0.00</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Diluted</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">0.20</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">0.00</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">Weighted-average number of common shares</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;outstanding:</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basic</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: times new roman">53,817</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: times new roman">53,102</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Diluted</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: times new roman">66,411</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: times new roman">54,824</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double; TEXT-ALIGN: left">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%" style="BORDER-BOTTOM: 4px"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: 4px">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: 4px">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>CONDENSED CONSOLIDATED BALANCE SHEETS
<TEXT>
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">PHOTRONICS, INC. AND SUBSIDIARIES<br>
Condensed Consolidated Balance Sheets<br>
</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman">(in thousands)<br>
(Unaudited)</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">January 30,</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">October 31,</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2011</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2010</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">Assets</font></font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Current assets:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">112,723</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">98,945</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Accounts receivable</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">80,672</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">82,951</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Inventories</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">21,139</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">15,502</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other current assets</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">8,296</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">8,404</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total current assets</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">222,830</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">205,802</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Property, plant and equipment, net</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">386,860</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">369,814</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">Investment in joint venture</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">65,773</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">61,127</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Intangible assets, net</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">46,242</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">47,748</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">Other assets</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">18,844</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">19,388</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">740,549</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">703,879</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">Liabilities and Equity</font></font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Current liabilities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Current portion of long-term borrowings</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">12,009</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">11,467</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Accounts payable and accrued liabilities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">129,304</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">107,762</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total current liabilities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">141,313</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">119,229</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Long-term borrowings</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">70,631</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">78,852</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">Deferred income taxes and other liabilities</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">10,143</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">9,855</font></td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Equity</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">518,462</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">495,943</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: 4px"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">740,549</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">703,879</font></td>
</tr><tr style="LINE-HEIGHT: 4pt;">
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TEXT>
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">PHOTRONICS, INC. AND SUBSIDIARIES<br>
Condensed Consolidated Statements of Cash Flows<br>
</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman">(in thousands)<br>
(Unaudited)</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td nowrap width="88%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="7" nowrap width="11%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Three Months Ended</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">January 30,</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">January 31,</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">2011</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">2010</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cash flows from operating activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net income</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">13,584</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">408</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Adjustments to reconcile net income to net cash</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; provided by operating activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Depreciation and amortization</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">23,189</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">22,424</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Changes in assets and liabilities and other</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,882</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(6,417</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net cash provided by operating activities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">41,655</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">16,415</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="88%" bgcolor="#ffffff">&#160; </td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cash flows from investing activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Purchases of property, plant and equipment</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(19,120</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(21,457</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Investment in joint venture</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(3,999</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Deposit on sale of facility</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4,190</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Increase in restricted cash</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(1,250</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Proceeds from sales of investments and other</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">43</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net cash used in investing activities</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(23,119</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(18,474</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cash flows from financing activities:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Repayments of long-term borrowings</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(24,346</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(7,250</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Proceeds from long-term borrowings</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
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<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,319</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">112,723</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double"><font size="1" style="FONT-FAMILY: times new roman">84,401</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
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<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Supplemental disclosure of cash flow information:</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Change in accrual for purchases of property, plant and equipment</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">13,273</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(227</font></td>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
