<SEC-DOCUMENT>0001206774-14-003474.txt : 20141209
<SEC-HEADER>0001206774-14-003474.hdr.sgml : 20141209
<ACCEPTANCE-DATETIME>20141209114805
ACCESSION NUMBER:		0001206774-14-003474
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20141208
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141209
DATE AS OF CHANGE:		20141209

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:		141274290

	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>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<BR>
<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES
<BR></FONT></B><B><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549
<BR>____________________________</FONT></B><FONT face="Times New Roman">
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=4>FORM 8-K</FONT></B><FONT face="Times New Roman"> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>CURRENT REPORT
<BR></FONT></B><B><FONT face="Times New Roman" size=2>Pursuant To Section 13 Or
15(d) Of The Securities Exchange Act Of 1934<BR></FONT></B></P>
<P align=center><IMG src="photronics_8kx1x1.jpg" border=0></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="69%"><FONT face="Times New Roman" size=2>Date of report (Date of earliest event
      reported)&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%"><B><FONT face="Times New Roman" size=2>December 8,
      2014</FONT></B></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="100%"><B><FONT face="Times New Roman" size=2>PHOTRONICS,
      INC.</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=2>(Exact name of registrant as specified in
      its charter)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=2>Connecticut</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face="Times New Roman" size=2>0-15451</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=2>06-0854886</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(State or other jurisdiction</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="32%"><FONT face="Times New Roman" size=2>(Commission</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(IRS Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>of incorporation)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="32%"><FONT face="Times New Roman" size=2>File Number)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>Identification
Number)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="75%"><B><FONT face="Times New Roman" size=2>15 Secor Road,
      Brookfield, CT</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%"><B><FONT face="Times New Roman" size=2>06804</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="75%"><FONT face="Times New Roman" size=2>(Address of Principal Executive
      Offices)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="24%"><FONT face="Times New Roman" size=2>(Zip
Code)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Registrant's Telephone Number, including area code&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><STRONG><FONT face="Times New Roman" size=2>(203)
      775-9000</FONT></STRONG></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=2>(Former name or former address, if changed
      since last report)</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left"><FONT face="Times New Roman" size=2>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></P>
<TABLE style="WIDTH: 100%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=bottom>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
    <TD style="WIDTH: 98%; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>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 style="TEXT-ALIGN: left" noWrap><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: #ff0000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: #ff0000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 98%; BORDER-BOTTOM: #ff0000 1pt solid; TEXT-ALIGN: left" noWrap>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap width="1%">
      <P><B><FONT face=serif size=2><U>Item 2.02</U></FONT></B></P></TD>
    <TD width="1%" ><STRONG><FONT size=2>&nbsp;</FONT></STRONG></TD>
    <TD width="98%">
      <P><B><FONT face=serif size=2><U>Results of Operations and Financial
      Condition</U></FONT></B></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="margin-left: 45pt"><FONT face="Times New Roman" size=2>On December 8, 2014, the
Company issued a press release reporting fourth quarter and fiscal year end
results. A copy of the press release is attached to this 8-K. </FONT><FONT face="Times New Roman"></FONT></P>
<P ALIGN="LEFT" STYLE="margin-left: 45pt"><FONT face="Times New Roman" size=2>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, 99.3, 99.4, 99.5, 99.6 and 99.7 shall
not be deemed &#147;filed&#148; 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></P>


<P ALIGN="LEFT" STYLE="margin-left: 45pt"><FONT face="Times New Roman" size=2>On December 9, 2014, the
Company will conduct a conference call during which certain unaudited, non-GAAP
financial information related to the Company&#146;s operations for the three months
and fiscal year ended November 2, 2014 will be disclosed. This information is
set forth in Exhibit 99.6 and 99.7.</FONT></P>


<P ALIGN="LEFT" STYLE="margin-left: 45pt"><FONT face="Times New Roman" size=2>EBITDA is a non-GAAP financial
measure that the Company defines pursuant to its credit agreement. The Company
believes that EBITDA is generally accepted as providing useful information
regarding the operational strength and performance of its business, including
the ability of the Company to pay interest, service debt and fund capital
expenditures. The Company&#146;s method for calculating EBITDA may not be comparable
to methods used by other companies but is the same method the Company uses for
calculating EBITDA under its credit facility.</FONT></P>


<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap width="1%">
      <P><B><FONT face=serif size=2><U>Item 9.01</U>.</FONT></B></P></TD>
    <TD width="1%" ><STRONG><FONT size=2>&nbsp;</FONT></STRONG></TD>
    <TD width="98%">
      <P><B><FONT face=serif size=2><U>Financial Statements and
      Exhibits</U></FONT></B></P></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face="Times New Roman" size=2>Exhibits</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.1</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Press
      Release dated December 8, 2014</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.2</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Condensed
      Consolidated Statements of Income</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.3</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Condensed
      Consolidated Balance Sheets</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.4</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Condensed
      Consolidated Statements of Cash Flows</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.5</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Reconciliation of GAAP to Non-GAAP Financial
  Information</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.6</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Reconciliation of GAAP Net Income to EBITDA</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;99.7</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Reconciliation of GAAP Operating Income to Non-GAAP Operating
      Income.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>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></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD NOWRAP STYLE="text-align: center; width: 100%; border-bottom: Black 1pt solid">
      <P align=center><B><FONT face="Times New Roman" size=2>PHOTRONICS,
      INC.</FONT></B></P></TD></TR>
  <TR>
    <TD noWrap align=center width="100%">
      <P align=center><FONT face="Times New Roman" size=2>(Registrant)</FONT></P></TD></TR></TABLE><BR></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT face="Times New Roman" size=2>DATE: December 9, 2014</FONT></B></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><STRONG>BY</STRONG>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><B><FONT face="Times New Roman" size=2>/s/
      </FONT></B><B><I><FONT face="Times New Roman" size=2>Richelle E.
      Burr</FONT></I></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Richelle E. Burr</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Vice
      President, General Counsel</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>


                         <TR>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: #ff0000 1pt solid; text-align: left"><FONT size=2>PHOTRONICS,
INC.</FONT></TD></TR>
</TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED DECEMBER 8, 2014
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>&nbsp;<BR>
<TABLE style="PADDING-BOTTOM: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="WIDTH: 9%; TEXT-ALIGN: left" noWrap><BR><IMG src="photronics_8kx1x1.jpg" border=0></TD>
    <TD style="WIDTH: 90%; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=2><STRONG>F<FONT face="Times New Roman" size=1>OR </FONT><FONT face="Times New Roman" size=2>F</FONT><FONT face="Times New Roman" size=1>URTHER </FONT><FONT face="Times New Roman" size=2>I</FONT><FONT face="Times New Roman" size=1>NFORMATION</FONT><FONT face="Times New Roman" size=2>:<BR></FONT></STRONG>Pete Broadbent<BR>Vice
      President, Investor Relations<BR>&amp; Marketing<BR>(203)
      775-9000<BR>pbroadbent@photronics.com</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap><STRONG><EM><FONT size=5>Press Release</FONT></EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap>&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=5>P</FONT></B><B><FONT face="Times New Roman" size=3>HOTRONICS </FONT></B><B><FONT face="Times New Roman" size=5>R</FONT></B><B><FONT face="Times New Roman">EPORTS
</FONT></B><B><FONT face="Times New Roman" size=5>F</FONT></B><B><FONT face="Times New Roman">OURTH </FONT></B><B><FONT face="Times New Roman" size=5>Q</FONT></B><B><FONT face="Times New Roman">UARTER<BR>AND&nbsp;</FONT></B><B><FONT face="Times New Roman" size=5>F</FONT></B><B><FONT face="Times New Roman">ISCAL
</FONT></B><B><FONT face="Times New Roman" size=5>2014</FONT></B><B><FONT face="Times New Roman"> </FONT></B><B><FONT face="Times New Roman" size=5>R</FONT></B><B><FONT face="Times New Roman">ESULTS</FONT></B><B><FONT face="Times New Roman" size=5> </FONT></B></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"><LI><FONT face="Times New Roman" size=2>Quar<FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>erly
  sales o</FONT><FONT face="Times New Roman" size=2>f </FONT><FONT face="Times New Roman" size=2>$124.3 mill</FONT><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2>on<BR>&nbsp;</FONT></FONT>
  </LI><LI><FONT face="Times New Roman" size=2>Quar<FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>erly
  GAAP </FONT><FONT face="Times New Roman" size=2>a</FONT><FONT face="Times New Roman" size=2>nd Non-G</FONT><FONT face="Times New Roman" size=2>A</FONT><FONT face="Times New Roman" size=2>AP diluted </FONT><FONT face="Times New Roman" size=2>E</FONT><FONT face="Times New Roman" size=2>PS of
  $0.0</FONT><FONT face="Times New Roman" size=2>7</FONT><FONT face="Times New Roman" size=2>; within gui</FONT><FONT face="Times New Roman" size=2>d</FONT><FONT face="Times New Roman" size=2>ance of $0.</FONT><FONT face="Times New Roman" size=2>0</FONT><FONT face="Times New Roman" size=2>7 -
  $0.11<BR>&nbsp;</FONT></FONT>
  </LI><LI><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>Quar<FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>erly
  Non-G</FONT><FONT face="Times New Roman" size=2>A</FONT><FONT face="Times New Roman" size=2>AP EBITD</FONT><FONT face="Times New Roman" size=2>A </FONT><FONT face="Times New Roman" size=2>of $33 mi</FONT><FONT face="Times New Roman" size=2>l</FONT><FONT face="Times New Roman" size=2>lion<BR>&nbsp;</FONT></FONT></FONT>
  </LI><LI><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>Net cash of $51 <FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>illion up $2</FONT><FONT face="Times New Roman" size=2>2 </FONT><FONT face="Times New Roman" size=2>million
  se</FONT><FONT face="Times New Roman" size=2>q</FONT><FONT face="Times New Roman" size=2>uentially</FONT></FONT></FONT></FONT></LI></UL>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>BRO</FONT><FONT face="Times New Roman" size=2>O</FONT><FONT face="Times New Roman" size=2>KFIELD, </FONT><FONT face="Times New Roman" size=2>C</FONT><FONT face="Times New Roman" size=2>onn. December 08, 20</FONT><FONT face="Times New Roman" size=2>1</FONT><FONT face="Times New Roman" size=2>4 &#151;
</FONT><FONT face="Times New Roman" size=2>Photronics, Inc. </FONT><FONT face="Times New Roman" size=2>(</FONT><FONT face="Times New Roman" size=2>N</FONT><FONT face="Times New Roman" size=2>ASDAQ:P</FONT><FONT face="Times New Roman" size=2>L</FONT><FONT face="Times New Roman" size=2>AB), a
wor</FONT><FONT face="Times New Roman" size=2>l</FONT><FONT face="Times New Roman" size=2>dwide lead</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>r i</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>
supplying </FONT><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2>nnovative i</FONT><FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>aging tech</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>ology
soluti</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>ns for the g</FONT><FONT face="Times New Roman" size=2>l</FONT><FONT face="Times New Roman" size=2>obal electro</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>ics
industr</FONT><FONT face="Times New Roman" size=2>y</FONT><FONT face="Times New Roman" size=2>, today repo</FONT><FONT face="Times New Roman" size=2>r</FONT><FONT face="Times New Roman" size=2>ted financia</FONT><FONT face="Times New Roman" size=2>l</FONT><FONT face="Times New Roman" size=2>
r</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>sults for th</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2> fourth quar</FONT><FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>er and fisca</FONT><FONT face="Times New Roman" size=2>l</FONT><FONT face="Times New Roman" size=2> year
ended </FONT><FONT face="Times New Roman" size=2>N</FONT><FONT face="Times New Roman" size=2>ovember 2</FONT><FONT face="Times New Roman" size=2>,</FONT><FONT face="Times New Roman" size=2> 2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Cons</FONT><FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>antine
("De</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>o") Macric</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>stas, Photro</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>ics&#146;
chairm</FONT><FONT face="Times New Roman" size=2>a</FONT><FONT face="Times New Roman" size=2>n and chief executive o</FONT><FONT face="Times New Roman" size=2>f</FONT><FONT face="Times New Roman" size=2>ficer,
comm</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>nted: &#147;Four</FONT><FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>h </FONT><FONT face="Times New Roman" size=2>q</FONT><FONT face="Times New Roman" size=2>uarter
reven</FONT><FONT face="Times New Roman" size=2>u</FONT><FONT face="Times New Roman" size=2>es were sli</FONT><FONT face="Times New Roman" size=2>g</FONT><FONT face="Times New Roman" size=2>htly lower t</FONT><FONT face="Times New Roman" size=2>h</FONT><FONT face="Times New Roman" size=2>an
previous</FONT><FONT face="Times New Roman" size=2>ly</FONT><FONT face="Times New Roman" size=2> anticipate</FONT><FONT face="Times New Roman" size=2>d</FONT><FONT face="Times New Roman" size=2> due to slo</FONT><FONT face="Times New Roman" size=2>w</FONT><FONT face="Times New Roman" size=2>er
than exp</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>cted ramps </FONT><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2>n advanced </FONT><FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>emory
nod</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>s and a pause in 28nm d</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>mand
due t</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2> a refresh o</FONT><FONT face="Times New Roman" size=2>f</FONT><FONT face="Times New Roman" size=2> the design </FONT><FONT face="Times New Roman" size=2>p</FONT><FONT face="Times New Roman" size=2>ipeline at a </FONT><FONT face="Times New Roman" size=2>f</FONT><FONT face="Times New Roman" size=2>oundry cust</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>mer. Our </FONT><FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>arket
positi</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>n remains s</FONT><FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>rong and o</FONT><FONT face="Times New Roman" size=2>u</FONT><FONT face="Times New Roman" size=2>r
qualificati</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>ns are in pl</FONT><FONT face="Times New Roman" size=2>a</FONT><FONT face="Times New Roman" size=2>ce for these customers
a</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>d we expec</FONT><FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2> the ramps t</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>aterialize a</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>d drive rev</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>nue growth </FONT><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2>n the
new fi</FONT><FONT face="Times New Roman" size=2>s</FONT><FONT face="Times New Roman" size=2>cal year.&#148;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Sales for the
fou</FONT><FONT face="Times New Roman" size=2>r</FONT><FONT face="Times New Roman" size=2>th quarter </FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>f fiscal 20</FONT><FONT face="Times New Roman" size=2>1</FONT><FONT face="Times New Roman" size=2>4 were
$12</FONT><FONT face="Times New Roman" size=2>4</FONT><FONT face="Times New Roman" size=2>.3 million, compared </FONT><FONT face="Times New Roman" size=2>w</FONT><FONT face="Times New Roman" size=2>ith
$106.0 </FONT><FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>illion for </FONT><FONT face="Times New Roman" size=2>t</FONT><FONT face="Times New Roman" size=2>he f</FONT><FONT face="Times New Roman" size=2>o</FONT><FONT face="Times New Roman" size=2>urth
quarte</FONT><FONT face="Times New Roman" size=2>r</FONT><FONT face="Times New Roman" size=2> of fiscal y</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>ar 2013. S</FONT><FONT face="Times New Roman" size=2>a</FONT><FONT face="Times New Roman" size=2>les of
semi</FONT><FONT face="Times New Roman" size=2>c</FONT><FONT face="Times New Roman" size=2>onductor p</FONT><FONT face="Times New Roman" size=2>h</FONT><FONT face="Times New Roman" size=2>otomasks w</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>re
$99.4 m</FONT><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2>llion, or 80</FONT><FONT face="Times New Roman" size=2>%</FONT><FONT face="Times New Roman" size=2> of reven</FONT><FONT face="Times New Roman" size=2>u</FONT><FONT face="Times New Roman" size=2>es,
</FONT><FONT face="Times New Roman" size=2>d</FONT><FONT face="Times New Roman" size=2>uring the fo</FONT><FONT face="Times New Roman" size=2>u</FONT><FONT face="Times New Roman" size=2>rth quarter of fiscal 20</FONT><FONT face="Times New Roman" size=2>1</FONT><FONT face="Times New Roman" size=2>4, and
sales of flat pan</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>l display (F</FONT><FONT face="Times New Roman" size=2>P</FONT><FONT face="Times New Roman" size=2>D) photom</FONT><FONT face="Times New Roman" size=2>a</FONT><FONT face="Times New Roman" size=2>sks
were $</FONT><FONT face="Times New Roman" size=2>2</FONT><FONT face="Times New Roman" size=2>4.9 million, or </FONT><FONT face="Times New Roman" size=2>2</FONT><FONT face="Times New Roman" size=2>0% of
revenues. For t</FONT><FONT face="Times New Roman" size=2>h</FONT><FONT face="Times New Roman" size=2>e fourth q</FONT><FONT face="Times New Roman" size=2>u</FONT><FONT face="Times New Roman" size=2>arter of fis</FONT><FONT face="Times New Roman" size=2>cal</FONT><FONT face="Times New Roman" size=2>
2014, </FONT><FONT face="Times New Roman" size=2>G</FONT><FONT face="Times New Roman" size=2>AAP and </FONT><FONT face="Times New Roman" size=2>N</FONT><FONT face="Times New Roman" size=2>on-GAAP </FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>et
income attributable to </FONT><FONT face="Times New Roman" size=2>P</FONT><FONT face="Times New Roman" size=2>hotronics, I</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>c. sharehol</FONT><FONT face="Times New Roman" size=2>d</FONT><FONT face="Times New Roman" size=2>ers
was $4.</FONT><FONT face="Times New Roman" size=2>3</FONT><FONT face="Times New Roman" size=2> million, o</FONT><FONT face="Times New Roman" size=2>r</FONT><FONT face="Times New Roman" size=2> $0.07 per </FONT><FONT face="Times New Roman" size=2>d</FONT><FONT face="Times New Roman" size=2>iluted
share, compared </FONT><FONT face="Times New Roman" size=2>w</FONT><FONT face="Times New Roman" size=2>ith $4.8 m</FONT><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2>llion, or $0</FONT><FONT face="Times New Roman" size=2>.</FONT><FONT face="Times New Roman" size=2>08
</FONT><FONT face="Times New Roman" size=2>p</FONT><FONT face="Times New Roman" size=2>er diluted s</FONT><FONT face="Times New Roman" size=2>h</FONT><FONT face="Times New Roman" size=2>are, for th</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2> fourth qua</FONT><FONT face="Times New Roman" size=2>r</FONT><FONT face="Times New Roman" size=2>ter of
fisca</FONT><FONT face="Times New Roman" size=2>l</FONT><FONT face="Times New Roman" size=2> 2013. Non</FONT><FONT face="Times New Roman" size=2>-</FONT><FONT face="Times New Roman" size=2>GAAP net income
attri</FONT><FONT face="Times New Roman" size=2>butable</FONT><FONT face="Times New Roman" size=2> to </FONT><FONT face="Times New Roman" size=2>P</FONT><FONT face="Times New Roman" size=2>hotronics, I</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>c.
s</FONT><FONT face="Times New Roman" size=2>h</FONT><FONT face="Times New Roman" size=2>areholders </FONT><FONT face="Times New Roman" size=2>f</FONT><FONT face="Times New Roman" size=2>or the fourt</FONT><FONT face="Times New Roman" size=2>h</FONT><FONT face="Times New Roman" size=2> quarter of </FONT><FONT face="Times New Roman" size=2>2</FONT><FONT face="Times New Roman" size=2>013,
exclu</FONT><FONT face="Times New Roman" size=2>d</FONT><FONT face="Times New Roman" size=2>ing joint ve</FONT><FONT face="Times New Roman" size=2>n</FONT><FONT face="Times New Roman" size=2>ture transa</FONT><FONT face="Times New Roman" size=2>c</FONT><FONT face="Times New Roman" size=2>tion
expens</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>s of $0.8 m</FONT><FONT size=2 face="Times New Roman">i</FONT><FONT face="Times New Roman" size=2>llion, was
$</FONT><FONT face="Times New Roman" size=2>5</FONT><FONT face="Times New Roman" size=2>.6 </FONT><FONT face="Times New Roman" size=2>m</FONT><FONT face="Times New Roman" size=2>illion, or $</FONT><FONT face="Times New Roman" size=2>0</FONT><FONT face="Times New Roman" size=2>.09 per dilut</FONT><FONT face="Times New Roman" size=2>e</FONT><FONT face="Times New Roman" size=2>d
share.</FONT></P>



<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Sales for the
2014 fiscal year were $455.5 million, compared
with $422.2 million for the 2013 fiscal year.
For the 2014 fiscal year, sales of semiconductor photomasks were $352.7 million, or 77% of revenues, and sales of FPD
photomasks were $102.8 million, or 23% of
revenues. GAAP net income attributable to Photronics, Inc. shareholders for the
2014 fiscal year was $26.0 million, or $0.41
per diluted share, compared with
GAAP net income of $18.0 million, or $0.29 per diluted share, for the 2013 fiscal
year. Non-GAAP net income attributable to Photronics, Inc. shareholders for the
2014 fiscal year, excluding the acquisition gain of $16.4 million and expenses
related to the joint venture of $2.5 million, was $12.1 million, or $0.19 per
diluted share. Non-GAAP net income attributable to Photronics,
Inc. shareholders for the 2013 fiscal year, excluding $0.8 million in expenses
related to the joint venture, was $18.7 million, or $0.30 per diluted share. </font></P>





<P align=center><FONT face="Times New Roman" size=2>1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The section below entitled
"Non-GAAP Financial Measures" 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.'s financial results under GAAP.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Non-GAAP Financial
Measures </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Non-GAAP net income
attributable to Photronics, Inc.</FONT><FONT face="Times New Roman">
</FONT><FONT face="Times New Roman" size=2>shareholders and non-GAAP earnings
per share are "non-GAAP financial measures," 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. shareholders 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.'s future on-going
performance because they enable a more meaningful comparison of Photronics,
Inc.'s projected earnings and performance with its historical results of prior
periods. These non-GAAP metrics, in particular non-GAAP net income attributable
to Photronics, Inc. shareholders and non-GAAP earnings per share are not
intended to represent funds available for Photronics, Inc.'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 the 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></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"><LI>
  <P align=justify><FONT face="Times New Roman" size=2>Non-cash acquisition gain
  and transaction expenses related to the joint venture, PDMC, in Taiwan are
  excluded because they are not a part of ongoing operations.
</FONT></P></LI></UL>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
accounting principles generally accepted in the United States. The attached
financial supplement reconciles non-GAAP financial information with Photronics,
Inc.'s financial results under GAAP.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A conference call with
investors and the media to discuss these results is scheduled for 8:30 a.m.
Eastern time on Tuesday, December 9, 2014. The live dial-in number is (408)
774-4601. The call can also be accessed by logging onto Photronics' web
site at www.photronics.com. The
call will be archived for instant replay access until the Company reports its
fiscal 2015 first quarter results. </FONT></P>
<P align=center><FONT face="Times New Roman" size=4># # # </FONT></P>
<P align=justify><FONT face="Times New Roman" size=1>Photronics</FONT><FONT face="Times New Roman" size=1> is a leading
worldwide manufacturer of </FONT><FONT face="Times New Roman" size=1>photomasks</FONT><FONT face="Times New Roman" size=1>. 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 face="Times New Roman" size=1>manufacturing facilities</FONT><FONT face="Times New Roman" size=1> in Asia, Europe, and North America. Additional
information on the Company can be accessed at </FONT><FONT face="Times New Roman" size=1>www.photronics.com</FONT><FONT face="Times New Roman" size=1> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=1>The Private Securities
Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; 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&#146; web site involve risks and uncertainties that may
affect the Company&#146;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 as well as
decisions we may make in the future regarding our business, capital structure
and other matters. These forward-looking statements generally can be identified
by phrases such as &#147;believes&#148;, &#147;expects&#148;, &#147;anticipates&#148;, &#147;plans&#148;, &#147;projects&#148;,
&#147;could&#148;, &#147;estimate&#148;, &#147;intend&#148;, &#147;may&#148;, &#147;will&#148; and similar expressions.
Accordingly, there is no assurance that the Company&#146;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><FONT face="Times New Roman" size=1> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=1>11-2014</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=1>PLAB &#150; E </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><FONT face="Times New Roman" size=2><U>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Condensed Consolidated Statements of
Income</U><BR></FONT></B><FONT face="Times New Roman" size=2>(in thousands,
except per share amounts)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><B><FONT face="Times New Roman" size=2>Three Months
      Ended</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><B><FONT face="Times New Roman" size=2>Year
  Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net sales</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>124,251</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>106,009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>455,527</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>422,180</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Costs and expenses:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of
      sales</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(97,626</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(79,334</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(355,181</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(322,540</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and
      administrative</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(11,547</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(12,928</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(49,638</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(48,213</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Research and development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(5,801</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(6,378</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(21,913</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(20,758</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Operating income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,277</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>7,369</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>28,795</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>30,669</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Gain on acquisition</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,372</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Other expense, net</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(574</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(1,384</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(3,837</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,864</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Income before income taxes</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,703</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,985</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,330</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>26,805</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Income tax provision</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,004</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(1,072</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(9,295</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(7,229</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,699</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,913</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32,035</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,576</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Net
      income attributable to noncontrolling interests</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,422</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(73</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(6,039</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(1,610</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net income attributable to Photronics, Inc.
      shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: #000000 2pt double; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap width="3%"><FONT face="Times New Roman" size=2>4,277</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,840</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25,996</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,966</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Earnings per share:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Basic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.07</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.08</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.42</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.30</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Diluted</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.07</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0.08</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0.41</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.29</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="78%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weighted-average number of common shares
      outstanding:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Basic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>63,106</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>61,058</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>61,779</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>60,644</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Diluted</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>64,085</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>61,962</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>66,679</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>61,599</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CONDENSED CONSOLIDATED BALANCE SHEETS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Condensed Consolidated Balance Sheets<BR></FONT></U></B><FONT face="Times New Roman" size=2>(in thousands)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Assets</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Current assets:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and
      cash equivalents</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>192,929</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>215,615</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts
      receivable</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>94,515</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>73,357</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Inventories</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,478</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,849</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
      current assets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>26,570</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10,645</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>336,492</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>318,466</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Property, plant and equipment, net</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>550,069</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>422,740</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Investment in joint venture</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>93,122</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>93,124</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Intangible assets, net</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>30,294</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>34,080</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other assets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,206</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,519</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,029,183</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>885,929</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Liabilities and
      Equity</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Current liabilities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current
      portion of long-term borrowings</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,381</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,818</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts
      payable and accrued liabilities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>128,736</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>92,769</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>139,117</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>104,587</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Long-term borrowings</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>131,805</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>182,203</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,767</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,308</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Photronics, Inc. shareholders' equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>628,050</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>585,314</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Noncontrolling interests</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>111,444</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,517</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>739,494</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>587,831</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,029,183</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>885,929</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Condensed Consolidated Statements of Cash
Flows<BR></FONT></U></B><FONT face="Times New Roman" size=2>(in
thousands)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>Year
    Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      flows from operating activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>32,035</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>19,576</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile
      net income to net cash</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provided by operating
      activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Gain on acquisition</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(16,372</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Depreciation and amortization</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>80,136</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>72,942</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Changes in assets and liabilities and other</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>562</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6,883</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      cash provided by operating activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>96,361</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99,401</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Cash
      flows from investing activities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property,
      plant and equipment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(91,085</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(63,792</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash from
      acquisition</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,508</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(908</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(2,445</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Net
      cash used in investing activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(87,485</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(66,237</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      flows from financing activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of long-term
      borrowings</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(29,782</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(8,314</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of common stock
      of subsidiary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(32,374</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of deferred
      financing fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(346</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(40</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from
      share-based arrangements</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,298</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>884</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(711</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      cash used in financing activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(29,541</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(39,844</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Effect of exchange rate changes on cash</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,021</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,252</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      decrease in cash and cash equivalents</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(22,686</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(2,428</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Cash
      and cash equivalents, beginning of period</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>215,615</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>218,043</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      and cash equivalents, end of period</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>192,929</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>215,615</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Noncash net assets from acquisition</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>110,211</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Reconciliation of GAAP to Non-GAAP Financial
Information<BR></FONT></U></B><FONT face="Times New Roman" size=2>(in thousands,
except per share data)<BR>(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><B><FONT face="Times New Roman" size=2>Three Months
      Ended</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=6><B><FONT face="Times New Roman" size=2>Year
  Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Reconciliation of GAAP to Non-GAAP Net
      Income</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG><U>Attributable to Photronics, Inc.
      Shareholders</U></STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>GAAP
      net income attributable to Photronics, Inc. shareholders</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,277</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,840</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>25,996</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>17,966</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>(a) </FONT></B><FONT face="Times New Roman" size=2>Gain on acquisition, net of tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(16,372</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><B><FONT face="Times New Roman" size=2>(b) </FONT></B><FONT face="Times New Roman" size=2>Acquisition
      transaction expenses, net of tax</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>773</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,455</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>773</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Non-GAAP net income attributable to
      Photronics, Inc. shareholders&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,277</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,613</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12,079</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,739</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><B><U><FONT face="Times New Roman" size=2>Reconciliation of GAAP to Non-GAAP Net Income</FONT></U></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG><U>Applicable to
      Common Shareholders</U></STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weighted average number of diluted shares
      outstanding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      GAAP</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>64,085</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>61,962</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>66,679</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>61,599</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Non-GAAP</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>64,085</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>61,962</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>62,734</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>61,599</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Net
      income per diluted share</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      GAAP</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.07</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.08</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.41</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.29</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Non-GAAP</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.07</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.09</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.19</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.30</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><B><FONT face="Times New Roman" size=2>(a)</FONT></B></TD>
    <TD vAlign=top><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      gain on acquisition of DNP Photomask Technology Taiwan Co., Ltd (DPTT), a
      wholly-owned subsidiary of Dai Nippon Printing Co., Ltd</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><B><FONT face="Times New Roman" size=2>(b)</FONT></B></TD>
    <TD vAlign=top><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      transaction expenses in connection with the acquisition of
  DPTT.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>RECONCILIATION OF GAAP NET INCOME TO EBITDA
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<BR>
<P align=center><B><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Non-GAAP Financial Measure<BR>Reconciliation of GAAP Net Income
to EBITDA<BR></FONT></B><B><FONT face="Times New Roman" size=2>(in
thousands)<BR>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=5><B><FONT face="Times New Roman" size=2>Three Months
      Ended</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=6><B><FONT face="Times New Roman" size=2>Year
    Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>GAAP Net Income (a)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,699</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,913</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32,035</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,576</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD width="99%" colSpan=13>&nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 81%"><FONT face="Times New Roman" size=2>Add:
      interest expense</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%"><FONT face="Times New Roman" size=2>1,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%"><FONT face="Times New Roman" size=2>2,051</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%"><FONT face="Times New Roman" size=2>7,247</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%"><FONT face="Times New Roman" size=2>7,756</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="81%"><FONT face="Times New Roman" size=2>Add:
      income tax expense</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>1,072</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,295</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>7,229</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 81%"><FONT face="Times New Roman" size=2>Add:
      depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%"><FONT face="Times New Roman" size=2>21,421</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%"><FONT face="Times New Roman" size=2>17,453</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%"><FONT face="Times New Roman" size=2>78,685</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%"><FONT face="Times New Roman" size=2>71,408</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="81%"><FONT face="Times New Roman" size=2>Add
      (less): special items (b)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>941</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>1,156</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(9,846</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>3,974</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 81%"><B><FONT face="Times New Roman" size=2>EBITDA</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 3%"><FONT face="Times New Roman" size=2>32,703</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 2%"><FONT face="Times New Roman" size=2>26,645</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 3%"><FONT face="Times New Roman" size=2>117,416</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 2%"><FONT face="Times New Roman" size=2>109,943</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Includes
      net income attributable to noncontrolling interests.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Special
      items consist of stock compensation expense, and in 2014 noncash gain on
      acquisition of DNP Photomask Technology Taiwan, Co., Ltd., a wholly-owned
      subsidiary of Dai Nippon Printing Co., Ltd., and related acquisition
      transaction expenses.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">





</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<BR>

<P align=center><B><FONT face="Times New Roman" size=2>PHOTRONICS,</FONT></B><B><FONT face="Times New Roman" size=2> INC. AND
</FONT></B><B><FONT face="Times New Roman" size=2>SUBSIDIARIES<BR></FONT></B><B><FONT face="Times New Roman" size=2>Non-GAAP </FONT></B><B><FONT face="Times New Roman" size=2>Financial</FONT></B><B><FONT face="Times New Roman" size=2>
</FONT></B><B><FONT face="Times New Roman" size=2>Measure<BR></FONT></B><B><FONT face="Times New Roman" size=2>Reconciliation</FONT></B><B><FONT face="Times New Roman" size=2> of GAAP </FONT></B><B><FONT face="Times New Roman" size=2>Operating</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Income</FONT></B><B><FONT face="Times New Roman" size=2> to Non-GAAP
</FONT></B><B><FONT face="Times New Roman" size=2>Operating</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Income<BR></FONT></B><B><FONT face="Times New Roman" size=2>(in
</FONT></B><B><FONT face="Times New Roman" size=2>thousands)<BR>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="11%" colSpan=11><B><FONT face="Times New Roman" size=2>Three Months
      Ended</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="11%" colSpan=11><B><FONT face="Times New Roman" size=2>Year
      Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>November 3,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%" colSpan=5><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>%</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>%</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>%</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>GAAP Operating Income</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,277</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;7.5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,369</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;7.0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>28,795</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;6.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30,669</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;7.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Acquisition transaction
      expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>773</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.7</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2,455</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.6</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>773</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.1</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=25>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Non-GAAP Operating Income</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>9,277</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>7.5</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>8,142</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>7.7</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>31,250</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>6.9</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>31,442</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>7.4</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>%</FONT></B></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      transaction expenses in connection with the acquisition of DNP Photomask
      Technology Taiwan Co., Ltd., a wholly-owned subsidiary of Dai Nippon
      Printing Co., Ltd.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      percentage of net sales.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>photronics_8kx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 photronics_8kx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!:`%`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^\OQYX[\'
M_#+P?X@\??$#Q'I7A'P9X6L'U3Q%XEURZ2RTC1M.C=(Y+W4+N4B.WMD>1%>5
MR%7<":^,O^'GG_!/X=?VN?@DI).-WC&S0$#&2"ZJ._0'/ZFOI#]HOX'>&/VE
M?@A\2/@1XSOM7TSPO\3?#LOAO6=0T":VM]9M+26YMKKSM/FO;6]M8[A);6,@
MSVL\97<I3D$?AL?^#;3]DC/'Q3^-X([?VIX5Z>O_`"+1XZ<=/<]OC>)<?QS@
M\3AX\+9)D6:X2=!RQ-3-<VQ67UJ>(5225.E"A0K1G3=/DDYR:ES7BEU/Z.\%
M^&?HKY[D>;U_'OQ/\6>!.(:&:QI9)@?#[P]R/C'+<;DSP=*<\7C\7FN:8"KA
M<;''.O1CAJ4)TW0C"M*:E+E/TX_X>>_\$_1R?VN_@=C_`+'.P)Z],+D_CVY/
M04H_X*>?\$_2I<?M=?!`J#C)\8V:@=,]1R!D9."!E1P2,_F.?^#;+]DC@?\`
M"UOC?SZ:IX4_7_BFLXX_#VI#_P`&V/[(S*5/Q5^-^3R`=4\*X^4\Y*^&NY*_
MQ`X!QSG'S:SSQ?E))<'\(*[2_P"2GS!V3=N9IX-72M=[.R;ZV/V9^'?[.%1_
MY2*^DM?75^!O"-EV6G$/X]-3].F_X*>_\$_%P3^UU\$0"!@_\)A:$'/(Y"GJ
M/?IS[TI_X*=_\$_5^]^UW\#UST!\960/Y$9QV!(P<'!R#7\T7[5W_!,+]D_]
MD2]O7\=?"C]OOQ/X(M(_M+_%#P);?#3Q-X*CMUE\K-_)IOF:GHY51YDDFMV^
MG1%7`CF)#`_GZ-,_X).'+'2?V]P0"3NT_P"%W`'((WS$%",,KJS*5((8\BOF
M\;XE<<Y7B:F$S/+>`\%B:;]ZAB.(.((3M=VE%_V%4IRB[/WJ=2I%M;W5C]TX
M.^@]]&3Q#R?#\0\!\:?2TXNR+%-JCFF1^#W@_BL/*27-*G.%;Q@P.,PU:*LY
M8?&8#"8B.[HJ+4G_`&P?\/.?V`?^CN/@ECL1XQL3G\@<>U'_``\X_8!.?^,N
M/@CUX_XK&QY'X@8_']:_BH^Q_P#!);C_`(DW[?GN/[.^&GZ'R^<>W'6C['_P
M25_Z`W[?G_@N^&G_`,;_`/UUQ?\`$7>)[O\`<>'5NRXFXBTMY_ZN]=-+6M>V
MRO\`4?\`%.CP5_Z#/IHWU_YLCX.^=K_\;HZ:>>]S^U9O^"G7_!/Y`"_[77P1
M4$@9/C&R`!/`RV,#ZD@#UKZW^&?Q2^'WQA\&:-\0/A=XOT/QSX*\0)=R:)XF
M\/7BWVD:E'8WDVGWCVET@"3+;7UO/:S8_P!7/$\9Y4U_GXMIW_!)F0+Y>C_M
M]*=VT,VG?#$JO&6(5C&"P7E23@`-\I)&/[//^"647PF@_8=^",7P3A\<P_#;
M[!XG;PVGQ(CL8/&>P^,M?;4?[7ATY19J5U)[@6AAPKV36LCEFD#O]IP/QSG'
M$^9XC!9A#A2%"E@Y8F#R/-\SS'%NK'$4J7+4HXW+,#"G1Y9R;J<_/SJ$8TW&
M7,?S)]*OZ*GA_P"!'`N1<5<)5?I`5,?FG%E'(:Z\6?#S@3A'(?J=7)\QS"4\
M!C^%N/N+,;7S7VV$I*&#KX*AAI81XBO+%JI3IT:GZ)U!--%;PRW$\B)'#"\L
MLKLB(L<:%W=F=E1555+,S,JJ`2S``FI6^Z?\]ZY3QD`?"?B=3]T^'-=![<'2
M[H'D<C@D<'O7ZC4;A3J35FX4YS2>B;A"<DF^B?)9OHF?P?AZ2KXK"X=R<5B,
M3AL/*25W&-?$8:C*:B])2BJ\I13LFXI-V;MXS+^UW^RY"\L,W[1'P5@FAEDB
MEAG^)O@Z":&2)BDB312ZPC12(RE660*RD$%:U_#G[3G[//B[6M/\.^%OC?\`
M"?Q-KVK7'V;3-'T'Q_X5U?4]0N_+>9;>SL=/U2YN+B<QQR2)'%$SL(VV@D&O
M\OWQ3%$WB?Q&S11;CKVKL6,,98DZE<,23M[G+?7I@U]\?\$E8HA_P4:_9,`C
M0!OBBI.$49/_``CFO#<>/O8)P>JGE2#S7\PY7](7,<QSS`91+AG+Z4,=FF&R
MZ5=9GCY2IQQ&.6$=50E14'**M/EYE&]XJ5K'^Y?B'^QYX1X'\*.,_$FEXZ\6
M8^OPIP!GW&E+*:G`_"M##XRMD_"\N(:>7U<73S6>(HTJ\[86=>E2E5A#]Y&'
M.VC_`$<]0M;*^MIK:_@@N;6X0++;W4<<\4X&'$<EM(KI,NY5S$R.&(V[3PM?
MA)^WE^S-_P`%$K;XC0^+OV+?$GP6'PXU^RC_`+3\">,OA]\*-)N/!&IV\$<!
M73=<US0E?6--U,NUS_I.V_M)HF0F992(OWB`##+*&QUR!R!SQG(QQG(`8$<,
M,#'Q!_P4?^&/P[^*7[&_QLTCXGZAXOT?P?X>\+7'CV^U;P-)91^+=-D\"D>)
M4N?#_P#:`%FVIO#82VT$<\L,4B3O&[['9)/Z%XBR^ACLJQ4:M3$T'AJ-7%0K
M8/%0P6)MAJ52HJ7UN6%QDJ=*?+)3O2E!*TG!I23_`,B_`CC;,N"O$KANKA:.
M3XW!9UFN!R',,NX@X=Q7&&33HYUB\)EZQU3A;#9WP]+,L?@JN)HUL%##9EA,
M95J)8=8N%.H[?@J/@9_P78/`U']F#OUTGX'@<CU/AT#I^/Z4I^!?_!=G'_(1
M_9@XSC&E?`\^W;PZ3C\".^,5^)P\2_\`!/,JO_%P_P#@H,3DY/G?"3!4XQP-
M:QV/;@'J:7_A)O\`@GH/^9__`."@I]_/^$O_`,O!Q^OM7\YOBC)5=K.LP^)V
M3\2<L5K7[>'\GTM^MTK_`.YB\&_$AI->'W"K35U_QQ3Q'JFKIW?THTK23B]M
MI+2^A^UA^!/_``75;[VH?LP$-A`!H7P.D<Y#%L-_PCF]0%!S@A5)W?>P1_0_
M^Q)X?^.GAO\`9S^'6E_M&R>&6^+UM9:LOBT^"H-$@\+N[Z_J,FF?8$T"TM-/
M21-(>R-R((HT:YDN5*.\9<?P9-XF_P"">60S_$#_`(*!J<\!I/A&X8_PA=^N
M_>9R%R,8SPRY)K^V7_@E'=^`+_\`86^!EU\+]1^(&J^!_P"S_%46CWWQ.&E?
M\)N[Q^-->2^367TB:?3RT=W%,MO]D<QO;"!F(9%K[SPWSC`9EG>+I83&5L34
MAE=2<E5XLPV>OV?UR@M<)0X8R10?,XJ6)>(JM:4U3M*\?XH^G5P)Q?PIX8<,
MXSB#A7)LCP>(X[PF%HXK+?H^YOX3U:U>609O6C1J9[F'C%XB4,92Y*-2?]E4
M\IPLZLXK&+,H1H2PU;](&&5/TS^7-<SXKMKB[\,^(K6UC,MU=:#K-O:PC[\]
MS/IMRD$,?J\CD*`.>_8XZ<_U'\_Z4T].2"#@9XQUY.1P/\>E?M,XJ=.I3=U&
MK3G3;7Q)5(R@W'I=*;:NM[=+G^65"J\/B,/B(QC*6'KT<1&,K\DI8>M0K1A-
MKWE&4J$5)K7EE*VMF?YNOB/_`()A?\%!;GQ#KMS;?LE?&"6VN-9U2:WE71+9
MEEAEOIY(I%9+YD99(F5U8-@AATS7V5_P37_X)^_ML_"O]NC]FSXA?$']FCXF
M^$_!GA3X@-JWB/Q)K.E6]KI6C::F@ZS`U]?W'VIQ%`L\\$9*J[9D`"G@'^Z]
MX4WD8/!SSR<]"<\\G/0'\*18T5@V`6&=N0.,X)'`'H.O7'>OPS+_``!X6RW-
ML)G$,ZSNI5P6/HYA3HU%ET*<JM#$_6H4YSC%5%'GLI-6DXK76Y_JGQC^UT\=
M.-?#[B;PZS#PR\,,-E7%'"&:\'8S&X6MQK+&X?+\WR+_`%?KXK#PJ5'A98FE
MA;UJ,:E\/[=^]>FD7%&`&7'S+E3D<@@G()R,8.?Q&0:^8/VQ9/BE+^SG\5--
M^"L'A>\^+&M>%[W1?!=IXNOM`L="DU/5?+MY#J$WB4G0Y;>"Q-U=2V6H)+;7
MD=LT4D,B$BOI&^U".PLKJ_N\BWL;:>[N&AAEGD6WMXVFG:."$/+,XBC8K##&
M\TA&R)'=E4_SV_M\^*?V=_V\++PCX6\6>*OVZO`?@WP-J>I:M%HOPX_91^,"
M6FN:[<6LVEKK&I7^H?#>ZN+H6FG2W46G6BXM8Q=-=F-I9`H_6.(L=]6RO&PH
M>SKXW$86O0PF$>-A@G7G./LIJGB_J^+C0G"%24X5)4I6J)6A)/3_`#]\%N%:
MG$/'O#N+QJQ.$X;R+.\LS//LWCPKB>+L-@:>#J+,,'0Q7#-'.^',5G5''XK`
MTL)7P%#,\-[7"SK.KB*$4I2_/E/V8_\`@M&%18X?V69-JX;.F_LICGC'`\/$
MC:,`+P`,=>,3?\,P_P#!:0@9M/V6B2.?]"_95`Y]O^$:/Y9XY_'D&_X)W_L&
MOC?\4_\`@I.Q&<;_`-E+XF,0.Y&?A`>O!(&`/P`IO_#NW]@C_HJ'_!27_P`1
M2^)7_P`YZOY^AP]F;;Y\-F\MW:7B9@XP3N]8\G!JD]&U[SLEM>RD?[#R\6>$
M/LYOP'IU?T&^,K[=;?2<LK^2V2[)'8']F#_@M,0^VQ_9<*K&Y:0:=^RC)Y>X
M%<AF\,%@PQD``@,%.`3S_2S^P/X6^,_@[]EOX7^'?V@8O"D7Q:L++71XI7P6
M/"L?ATM+XFU6;3Y;"+P9;67AU6FTR2R-V=,M(XVNTF^T,;@,*_EU_P"'=O[!
M9SL^*/\`P4F&%+;?^&4?B3\V,C:"/@_@9Z-GJ,8(PP/]/W_!/CX<>"?A3^RK
M\*_`_P`.]7^)NM>$-&M/$?\`8M]\6_"VH^#?'CPWGB6]O;F/Q!X;UC1]%U/1
M9(+N>:/3K6YT^R-UIZPWL4<]O+!,/T#P_P`#C,%FV*>(IXVE3_L^5*F\3Q?A
M^(:3;Q5.IR+"QX?RFI2FTY2=58BK%*T?9\SO'^1?ID\:Y)Q-X<Y!@LMQ_#.*
MK8?C/"8J5+)OH[\0^#^+]DLES2@ZE;/LU\7_`!"H8^A"51+^R*64X5SJ3AC/
MK\%AI8>M]N'V]OT_QJ-SA)"S!%"L2^1A0HR3\P*X');<".,$$5)44C%(V8#)
MX.TDDG<P&U1SDG.$`P"V!W)K]>2NUWNDOFS_`#;D[)M[)7;WLE;IUOV^74_.
M[QI#_P`%+6\8>*#X'\1?L3Q^"SKFH_\`")Q>)M$^+K^)(?#WVR7^RHO$$FG^
M(8M/?6A8B'^T&L8X[0W7FM`@CVJ.9\G_`(*J#IXB_8+/&#NT3XT=?4;?$@_+
MH/TKR;XE_LB_\$LO$_Q$\<Z]X\GB;QQK?BG6]5\7?\72^(^G22>)KS4;BYUE
M_L-CKD%G9R?V@UQO@M88+2$_+!&L6RN%/[$W_!(0GYYH4..-_P`8/B@21DCC
M'B-L8([_`(>WR6)>9RJUE'$NG#VU1QY>+7AVHJI)12I?V55=%65G1O-TK<CE
M*W,_Z.R[%<#+`8*-;AO*:U6."PL:U27T;Y9A.K46'IJ=2>/7B3A?K\ISO*6-
M6'H?6FW7]C2YW3C])^3_`,%4R1GQ+^P5$/[PT'XT2$G'3:WBJ,<]<[LC'0]:
ME:+_`(*I,5*>+_V#4"DDY\/_`!L.>03@KXHD52?]XL<@[0>OS/\`\,3?\$@/
M^?BV_'XO_%+_`.:(4@_8E_X)"'+"2)U7JR_%_P")^SIN[^(\C`/0^YY'-<[A
MF4M\;5;3;O\`ZY*]WI:[R3;NKKI?J=T<7P)#2GPWEU/750^C+4C%VO:\?^(H
MI-J^C=W%WM97O]/[/^"J7_0V_L'?^"'XW\_3/BGGU^G-&S_@JE_T-O[!W_@A
M^-YQ^7BG^6:^8/\`AB7_`()`<#[3;>__`!=_XHD]O^IA[?0]?6D_X8E_X)"=
M?,CV9'S_`/"W_B=M^]C.?^$CSC/48SVP3Q3Y,R=_]LG9/_HL7Y[_`/",NRT7
MF@^O<$6_Y$&!\_\`CFFOY_\`5T]79=+[=+'TU(/^"JH.U/%W[""DHWSKH7QN
MQN[':?$S<@9.&X/`X(.[[D^$0^*?_"#>'#\9K_P1J/Q$6TO?^$FNOAU:ZO:^
M#I+EM1E:R.C0Z_=WFLVT7]G?9X[B.[N+@RW22O&T4:)'7Y"+^Q#_`,$@7SBZ
MMAP02WQD^*28!X./^*B53G."&SQQC&17ZJ_LZ>#O@_\`#_X4^$?"/P,D0_#/
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M%?VL?@E/H7]L?%OX0?MM?`NXO],^`?BCPQI_CC]H^/64\2>!?V@?BGX;^$?A
M_P`91:KX+^.WB#2]%T_PSXD\6^'IO%EAK]SINKV^G7ZW6DV>K1VM^UIZ]256
M+_=T5436_MH4FGK?XX235DM5YIJ]C\PPM#+ZU.3Q>8U,'44THTX9=7QD9PLG
MS.I1Q5!0;=X\CBW9<UVM%^L^L:I^T)'JVHIHWP_^"EWI27=R--NM6^)7C&SU
M2>Q$SBTEO[6T^$6IVMM<O#L,]O!J%[%'(65;F0#=6?\`VM^TKP6^'7P&7DG_
M`)*CXY8``#C)^"ZXSSP%/09/8?GSX_\`CA^S1X5\4?%[P'X.7]IGXR>//AEK
M'P<\)Z!X4^&'[0/C'7=0^*OCOXWZ-XJ\1>&/"/@R_G^)]GH]K=Z!X?\`!'BK
MQ#XXO_$5YI>F^%_#>E3:Y?7?V8*LGD_Q#_:=\(?"SX,_%CXG^+_V7_V\+#Q=
M^S[)'J7Q[^#L7[2^F'QG\._A]J&AWGB#PQ\4K?5KOX^Z?X.\:>!O%T&EZWI>
MC7_A/Q!J5[!KV@:_I.IZ=9W6DSI)Q.CB).3]E63;;TS##K>[TOELG%=+7DTE
M9N5M?IJ6-R>$(P^O93+D@H*53@O-JLY*,>7FJ37&=%3F[-RDJ=-2E=JG"_*?
MJ\-7_:3_`.B=_`7`SQ_PL_QP!_ZIG'.<<Y_#J3^U_P!I08_XMW\!@!U'_"S_
M`!N.>>O_`!9KK^)K\D+_`/:HTG2]?L/!^I?L@?MWZ;XTD^#\'QVUKPKJO[7W
M@'2;[0?ASJGB?Q?X7\.ZA->ZG^TM::+JNI^(9_!6LZA::/HFIW]W96"Q/JWV
M&:1(6]!UW]HCX.:N?"L/[._P@_;G_:BO]0^#'P__`&@?'6F?#/XS^+M%O/A?
M\,OB?I+:WX(7Q"/'_P`5_"T&K?$#Q%I<%]?Z3\-_#5QJGB.]L=/N;R*+R'LS
M=3[#$_\`/NONU_R,L/;U_P"15H_Q5[ZEO,,FMKC,EUN_^2&S>W;_`*+EVUMT
M\T?I:=6_:3('_%N_@-D$G(^)_C?C/_=&3P2<'J/7`Y!_:W[2@&/^%>?`8>H_
MX6?XWX]L#X,^_.,D_I7Y@^#OVQOV'O'WB'XPZ'X3\4?M2ZE!\*_V7],_:MTG
M6;CXL_%K2-,^*'@6Y\):SXOUWPWX#EU7QU:3W'Q$\%66E+:^-/!NLVVCZKX>
MN+R&XNT?3X;^[L=O4/VC_P!G!O#]NW@[PY^V!X]^)7BCQK\/OAQ\*O@]X?\`
MC?XV3Q;\4/&/Q!^`G@S]HQ+?1]2OOBC;^%M"\/\`A#X<^,[?4?'/BOQ1K>DZ
M)X?32M3N7GN;8V,MX>PQ5G^[K^7_``I8;?R_X2G:_3S=V'U_)[:8S)=-O^,'
MSCK>RUXYW^_;R/TA?5?VE"./AM\"6(`(9?BCXS4#.1T?X-@LP."!D*>[8R*]
MH\'2>*)M%LW\7Z9H.DZZR2-J%IX<U.\UC28I3(PB6TU#4-)T2[NM\`#SO+I=
MFL3%(84EC0R#\2/&O[3?PZ\$Z/\`"_3-2_9V_;KL_CA\4?%_Q+\'VGP)\:_M
M"S_"W6M*D^$EOX7N_%^KVGC_`.(OQP\._##QYH][#XS\-R>#;OX=^*O%+>,C
M?W<>D0-%H/B&XT_]A/@3?:3K/PF^'NOZ1HGQ(\,6?B/PMI^OQ>&?BS-X@G^(
M7AU]4CCO[K1/&;^(K[4]13Q#I=S<O8W27FI7IW6\G]GW5Q8CSGZL-2J4Y3<X
MRBI):RQ%.NVUI[W+A<.TTNJYKV2>R/*SG%8"OAZ=/"5LOJS5>-23PO#^.RFI
MRJ$U_&Q7$.<0E'F:;IJA"3DE-58I.+]`\6:))XE\*^)O#D5T+&77_#^LZ)'?
M&'[0+.35=.N;%+HP>9#YXMVG$QA\V+S-FSS$W;A^9.M?\$F_V<H/V:;#X!?#
MOP'\+_`U[K.N?LP:G\7/%8\!MK$?Q7TW]G?Q]X1\<7&A>(M/NM:6\FTOQ.=`
MU>R@L+G5;O3]*;Q!<W#V=\RNLOZK45UGSI^2\G_!+_P]\/OBQ\2/C!^S1J7P
MN^"FN7WQ#_9]^+'PJ\':5\+TM?`7AGQ5\)?`?Q4^&'CBS\7:+X7USPX^M:5\
M5O`_Q3U[1I=1TAM'UGPQ>10:U9SZC=6JP/UGC_\`88^)OQN^%G[:NG?%[XI>
M!H/B]^V!\*?#?P<MM5\#>"-9A^'WPL\#^!](\2P^%=-L-+UWQ)=^(?%=[)XC
M\;>+_$OB'6;[4](:]EU6RTZPTW3[31X//_3RD'0?04=_/_._YZAW\]_Z\]WY
MGY9_M#?\$IO@'^UA\2-;\;?M!Z)X3^(-G<_LE^"/V;?")U#PJ6\6_#?Q%X1\
M8_$'Q<_Q2\%>)Y-5;^S-2N[WQ?H<\.EM82I'>^$K)[J\O+2ZGM*T?#W[(W[5
MOPQ\:^(OBE\+/C]\)!X^^,'P6^$OPR^.$?C/X2:W<>$'\?\`P<T'5_"WASXX
M?#C2?#OC72+[2M2U#0-32SUGX;:WJ-YX:>6PTZ;3M:T^.WN+>]_3H_>'X?R:
ME[GZ#^M'?S_K3R_JX;?/_@_Y_P#!/PAO_P#@BA%%\!?B[\(/"O[1NM^'/%_B
M7PA\+K3X3_&B+P9!-XP\!?$#P=\-?'?P\^(WBOQ!ISZ__9GBG0OC;IOQ+\;:
M3XU\)1OI<,?A?7[W2X]0O+U;74K;VNW_`.";'COPCX@\%?%#X<_&O0['XM?"
M?XL>"OB9\/I?$W@S4=3\&ZKI>E?LF?#S]E/Q_P"`?&UI9>([36)=,\=Z+X)D
M\30>(=)NH]4\.:M)HVVUU9=*<7?ZZ44>0?YI_=>WYL_)OXE_L1?M-_&/0I8_
MCC\5_P!F[]I2P\0>(_'&N^(_@+\<_P!GJ#6O@#X<MM?@\)VO@?3_`(77=EK#
M?$OPSJGPSBT#7#%XKU37-;U#Q@?&VNK>V6@^1ISP?=?[,'P9O?V>O@#\*O@O
MJ7BJ7QM??#GPE9^&I/$DEK=64-S#:S7,UIIVE66H:GK6HV/AWP_;7,>@>&+'
>4=9U?4++P_INFVU]J=_=QS7<WN[?P_[P_K3J`/_9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
