<SEC-DOCUMENT>0001206774-11-000898.txt : 20110729
<SEC-HEADER>0001206774-11-000898.hdr.sgml : 20110729
<ACCEPTANCE-DATETIME>20110415141151
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001206774-11-000898
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110415

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<div align="center"><img src="photronics_correspx1x1.jpg"> </div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">April 15, 2011</font></div>

<div align="left"><font size="2">&#160;</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Assistant Chief Accountant<br>
Division of Corporation Finance<br>
Securities and Exchange Commission<br>
100 F. Street, N.E.<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Washington, DC 20549 </font></div>

<div>&#160;</div>

<div>
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Re:</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">Photronics, Inc.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">Form 10-K for the Fiscal Year Ended October 31, 2010</font></td>
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<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">Filed January 14, 2011</font></td>
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<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">File No. 000-15451</font></td>
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<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">SEC follow-up letter Dated April 8, 2011</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Dear Mr. James: </font></div>

<div>&#160;</div>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">We are responding to your follow up comment received in your letter dated April 8, 2011.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>For your convenience, the response of the Company and related caption contained in bold-type in this letter correspond to your request in your letter dated April 8, 2011. The question is followed by the Company&#8217;s response thereto. </font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Form 10-K for the Fiscal Year Ended October 31, 2010<br>
</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Financial Statements</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note 14.</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2">&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Income Taxes, page 55</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="">
<tr>
<td nowrap valign="top"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">1.</font></font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please reconcile the amounts provided in your response to prior comment 3 to your disclosures regarding the undistributed earnings of foreign subsidiaries in your 2009 and 2008 Form 10-K.</font></font></td>
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</div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-STYLE: italic">For disclosure in the Company&#8217;s Form 10-K for 2010 and for all periods presented in the roll forward table provided in our response letter dated April 1, 2011, the Company reflected the undistributed earnings of its subsidiaries on an equity method basis. For purposes of disclosure in the Company&#8217;s Form 10-K for 2009 and 2008, the Company disclosed undistributed earnings of its subsidiaries on an unconsolidated (i.e. non-equity method) basis from the perspective of each of the Company&#8217;s subsidiaries. The Company modified its undistributed earnings disclosure in the Form 10-K for 2010 as the Company believes it is a better reflection of undistributed earnings. In addition, for disclosure in the Company&#8217;s Form 10-K for 2010 and for all periods presented in the roll forward table provided in our response letter dated April 1, 2011, the Company translated the undistributed earnings based on the U.S. dollar exchange rate at the balance sheet date. For purposes of disclosure in the Company&#8217;s Form 10-K for 2009 and 2008, the Company used historical exchange rates in effect at the time such earnings were recorded.</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-STYLE: italic">The modification of the disclosure of undistributed earnings did not impact the Company&#8217;s accounting or recording of income taxes. In future filings, commencing with the October 30, 2011 Form 10-K, the Company proposes to add further disclosure to its tax footnote to describe how the amount of undistributed earnings is derived. By way of example, using the disclosure in footnote 14 from the Company&#8217;s 2010 Form 10-K, the following additional disclosure will be made (underlined): </font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-STYLE: italic">&#8220;As of October 31, 2010, the undistributed earnings of foreign subsidiaries included in consolidated retained earnings amounted to $52.1 million, of which $12.6 million of earnings is considered not to be permanently reinvested. </font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">The amount of undistributed </font></font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">earnings is calculated on an equity method basis from the perspective of each of the Company&#8217;s foreign subsidiaries and translated to </font></font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">US dollars using exchange rates in effect as of the balance sheet date</font></font><font size="2" style="FONT-FAMILY: Times New Roman">&#8230;&#8230;&#8230;.&#8221; </font></font></div>

<div>&#160;</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 align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
April 15, 2011<br>
Page 2</font></div>

<div>&#160;</div>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">The following table presents a reconciliation of the undistributed earnings of our foreign subsidiaries as disclosed in the 2009 and 2008 10-Ks to the amounts provided in the Company&#8217;s April 1, 2011 response letter.</font></font></div>

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">RECONCILIATION OF 2009 AND 2008 UNDISTRIBUTED EARNINGS DISCLOSURE<br>
PER THE 10-K TO THE ROLL FORWARD TABLE IN THE COMPANY'S RESPONSE LETTER<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">DATED APRIL 1, 2011</font></font></div>

<div>&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="90%" style="">
<tr valign="bottom">
<td align="left" nowrap width="91%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="7" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Dollars in millions</font></font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="3%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">As of</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="3%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">As of</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%">&#160;</td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="3%" 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">Nov. 1, 2009</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="3%" 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">Nov. 2, 2008</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Undistributed Earnings disclosure per the 10-K, as originally filed</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">81.2</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">74.1</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="91%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" 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="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Reconciling adjustments based on the equity method basis</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="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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; and not reflected in the 10-K disclosure, as originally filed</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="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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="91%">&#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="1%">&#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="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Add - undistributed loss of a third tier subsidiary not exceeding</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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-STYLE: italic">the second tier subsidiary's cumulative undistributed earnings</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="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(33.2</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 align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(30.5</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td align="left" nowrap width="91%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" 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="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Subtract - undistributed earnings of a third tier subsidiary not exceeding</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="right" 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-STYLE: italic">the second tier subsidiary's cumulative loss</font></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="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: right"><font size="1">(12.4</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: left"><font size="1">)</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="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: right"><font size="1">(10.0</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: left"><font size="1">)</font></td>
</tr><tr>
<td align="left" nowrap width="91%">&#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="1%">&#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="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Foreign currency U.S. dollar translation impact, excluding the two</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="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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; reconciling amounts above</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="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">7.6</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" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold">in the Company's response letter dated April 1, 2011</font></font></td>
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</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">We acknowledge that:</font></div>

<ul type="square" style="FONT-SIZE: 10pt">
<li><font size="2" style="FONT-FAMILY: Times New Roman">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities law of the United States.</font> </li>
</ul>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;</font> The Company appreciates the efforts of the Staff in reviewing our response to your letter of comment. We are fully committed to working with the Commission to respond to your comments and to provide you with all the information you require. Accordingly, should you have any questions regarding the Company&#8217;s response to your comments, please contact me at (203) 740-5671.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Sincerely,<br>
Photronics, Inc.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">/s/ Sean T. Smith</font></div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Sean T. Smith</font></div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Senior Vice President and Chief Financial Officer</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">cc:</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: times new roman">Kate Tillen</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Richelle E. Burr</font></td>
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<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: times new roman">Assistant Chief Accountant</font></td>
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<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Vice President, General Counsel &amp; Secretary</font></td>
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<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: times new roman">Division of Corporation Finance</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Photronics, Inc.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: times new roman">Securities and Exchange Commission</font></td>
<td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
<td align="left" nowrap width="50%"><font size="2">&#160;</font></td>
</tr></table>
</div>

<br>
<div align="center"><font color="black" size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font color="black" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font color="black" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font color="black" style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Photronics, Inc.</font> 15 Secor Road, Box 5226 <font color="black" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9679;</font> Brookfield, Connecticut 06804 <font color="black" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9679; </font>(203) 775-9000 <font color="black" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9679;</font> (203) 775-5601 fax <font color="black" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9679;</font> www.photronics.com</font></font></font></div>

<div>&#160;</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
