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

			Three Months Ended
			February 1, 2004		February 2, 2003
Net sales			$	90,489	$	81,393
Costs and expenses:
	Cost of sales			61,851		63,758
	Selling, general and administrative			13,534		14,373
	Research and development			7,441		7,619
		Operating income (loss)		7,663		(4,357)
Other expense, net				(2,713)		(3,030)
		Income (loss) before income taxes and minority interest		4,950		(7,387)
Income tax provision (benefit)				1,293		(497)
		Income (loss) before minority interest		3,657		(6,890)
Minority interest				(1,515)		(1,597)
		Net income (loss)	$	2,142	$	(8,487)
Earnings (loss) per share:
		Basic	$	0.07	$	(0.26)
		Diluted	$	0.07	$	(0.26)
Weighted average number of common shares outstanding:
		Basic		32,493		32,037
		Diluted		32,790		32,112