PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)

			Three Months Ended
			February 2, 2003		January 31, 2002
Net sales			$	81,393	$	95,686
Costs and expenses:
	Cost of sales			63,758		67,754
	Selling, general and administrative			14,373		13,845
	Research and development			7,619		7,131
		Operating income (loss)		(4,357)		6,956
Other expense, net				(3,030)		(3,069)
		Income (loss) before income taxes and minority interest		(7,387)		3,887
Income tax provision (benefit)				(497)		500
		Income (loss) before minority interest		(6,890)		3,387
Minority interest				(1,597)		(1,640)
		Net income (loss)	$	(8,487)	$	1,747
Earnings (loss) per share:
		Basic	$	(0.26)	$	0.06
		Diluted	$	(0.26)	$	0.06
Weighted average number of common shares outstanding:
		Basic		32,037		30,313
		Diluted		32,112		31,202