<SEC-DOCUMENT>0001206774-11-001408.txt : 20110620
<SEC-HEADER>0001206774-11-001408.hdr.sgml : 20110620
<ACCEPTANCE-DATETIME>20110620161853
ACCESSION NUMBER:		0001206774-11-001408
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110615
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110620
DATE AS OF CHANGE:		20110620

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:		11921206

	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"><font style="FONT-FAMILY: Times New Roman">UNITED STATES<br>
</font></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></div>

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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</font></font></div>

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

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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: Times New Roman">CURRENT REPORT<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934</font></font></div>

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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman"><img src="photronics_8kx3x1.jpg"></font></div>

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<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: times new roman">Date of report (Date of earliest event reported)&#160; </font></td>
<td nowrap width="10%" 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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;June 15, 2011&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></td>
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</div>

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<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="20%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td width="100%" 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">PHOTRONICS, INC.</font></font></td>
</tr><tr valign="bottom">
<td nowrap width="100%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;(Exact name of registrant as specified in its charter)&#160;&#160;&#160;</font></td>
</tr></table>
</div>

<div align="left"><br>
</div>

<div>&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="30%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td nowrap width="23%" 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">Connecticut</font></font></td>
<td nowrap width="2%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="32%" 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">0-15451</font></font></td>
<td nowrap width="2%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="40%" 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">06-0854886</font></font></td>
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<td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(State or other jurisdiction</font></td>
<td nowrap width="2%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="32%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Commission</font></td>
<td nowrap width="2%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="40%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(IRS Employer</font></td>
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<td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">of incorporation)</font></td>
<td nowrap width="2%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="32%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">File Number)</font></td>
<td nowrap width="2%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="40%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Identification Number)</font></td>
</tr></table>
</div>

<div align="left"><br>
</div>

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<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td nowrap width="63%" 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">15 Secor Road, Brookfield, CT</font></font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="19%" 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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;06804&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></td>
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<td nowrap width="63%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Address of Principal Executive Offices)</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="19%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Zip Code)</font></td>
</tr></table>
</div>

<div align="left"><br>
</div>

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<div align="center">
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: times new roman">Registrant's Telephone Number, including area code</font></td>
<td align="right" nowrap width="4%">&#160;</td>
<td nowrap width="23%" 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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(203) 775-9000&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></td>
</tr></table>

<br>
</div>

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</div>

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<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td nowrap width="100%" style="BORDER-TOP: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Former name or former address, if changed since last report)</font></td>
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</div>

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<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
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<td align="left" nowrap width="100%" style="BORDER-TOP: #ff0000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
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</div>

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<div style="TEXT-ALIGN: justify"><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></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o &#160; </font></td>
<td valign="top" width="99%" style="TEXT-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></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td valign="top" width="99%" style="TEXT-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></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td valign="top" width="99%" style="TEXT-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></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: wingdings">o</font></td>
<td valign="top" width="99%" style="TEXT-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></td>
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</div>

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<div>
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<td align="left" nowrap width="100%" style="BORDER-TOP: #ff0000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
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<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">ITEM 8.01 Other Events </font></font></div>

<div>&#160;</div>

<div style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: Times New Roman">On June 15, 2011, the Company issued a press release announcing the acquisition of $5 million aggregate principal amount of its outstanding 5.5% Convertible Notes. A copy of the press release is filed as Exhibit 99.1 to this Form 8K.</font></div>

<div>&#160;</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="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap valign="top" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">ITEM<br>
9.01</font></font></font></td>
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap valign="top" width="98%"><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 and Exhibits</font></font></font></td>
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</div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">(d)</font></td>
<td align="left" colspan="3" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">Exhibits</font></td>
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="3" nowrap width="98%"><font size="2" style="FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">99.1</font></td>
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td nowrap valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">Press Release dated June 15, 2011.</font></td>
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</div>

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

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

<div>&#160;</div>

<div style="TEXT-ALIGN: justify"><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>

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

<br>
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<td align="left" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">DATE:&#160; </font></font></td>
<td align="left" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">June 20, 2011</font></font></td>
<td align="left" nowrap width="45%">&#160;</td>
<td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">BY&#160;&#160; </font></font></td>
<td align="left" nowrap width="49%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">&#160; <font style="FONT-WEIGHT: bold">/s/ <font style="FONT-STYLE: italic">Richelle E. Burr</font></font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" colspan="2" nowrap width="48%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">&#160; Richelle E. Burr</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" colspan="2" nowrap width="48%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">&#160; Vice President, General Counsel</font></td>
</tr></table>
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<div align="left">&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<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>

<div>&#160;</div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED JUNE 15, 2011
<TEXT>
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    <title>exhibit99-1.htm</title>
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<div align="justify"><font size="3" style="FONT-FAMILY: times new roman"><img src="photronics_8kx3x1.jpg"></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="4" style="FONT-FAMILY: times new roman">Press Release</font></font></font></div>
</td>
<td align="right" valign="bottom" width="50%" style="BORDER-BOTTOM: black 1pt solid">
<div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps">For Further Information:</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>
</font><font size="2" style="FONT-FAMILY: times new roman">Chief Financial Officer<br>
</font><font size="2" style="FONT-FAMILY: times new roman">(203)775-9000<br>
</font><font size="2" style="FONT-FAMILY: times new roman">ssmith@photronics.com</font><font size="2" style="FONT-FAMILY: times new roman"> </font></div>
</td>
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<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: Times New Roman">PHOTRONICS ACQUIRES $5.0 MILLION AGGREGATE PRINCIPAL<br>
AMOUNT OF ITS OUTSTANDING 5.5% CONVERTIBLE NOTES</font></font></div>

<br>
<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">Brookfield, Connecticut June 16, 2011 -- </font><font size="2" style="FONT-FAMILY: Times New Roman">Photronics, Inc.</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 announced that it acquired an additional $5.0 million aggregate principal amount of its 5.5% convertible senior notes due in October 2014.</font></div>

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

<div style="TEXT-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 convertible notes were acquired for approximately $3.2 million in cash and approximately 0.7 million shares of its common stock with an approximate value of $6.5 million. As a result, the Company expects to record an after-tax charge of approximately $5.0 million, of which approximately 80% is expected to be noncash. As a result of the after-tax charge and the issuance of common stock, the Company's equity will increase by approximately $1.5 million. </font></div>

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

<div style="TEXT-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 Company previously acquired $30.4 million principal amount of its 5.5% convertible senior notes. The remaining outstanding balance of the 5.5% convertible senior notes due October 2014 is now $22.1 million. </font></div>

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

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

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

<div style="TEXT-ALIGN: justify"><font size="1" style="FONT-FAMILY: Times New Roman">Photronics</font><font size="1" style="FONT-FAMILY: Times New Roman"> is a leading worldwide manufacturer of </font><font size="1" style="FONT-FAMILY: Times New Roman">photomasks</font><font size="1" 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 size="1" style="FONT-FAMILY: Times New Roman">manufacturing facilities</font><font size="1" style="FONT-FAMILY: Times New Roman"> in Asia, Europe, and North America. Additional information on the Company can be accessed at </font><font size="1" style="FONT-FAMILY: Times New Roman">www.photronics.com</font><font size="1" style="FONT-FAMILY: Times New Roman">.</font></div>

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

<div style="TEXT-ALIGN: justify"><font size="1" 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 to any forward-looking statements.</font></div>

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<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">12-2011 </font></div>

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