PHOTRONICS, INC.AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(in thousands)

			Three Months Ended
				February 1, 2004		February 2, 2003
Cash flows from operating activities:
	Net income (loss)		$		2,142	$	(8,487)
	Adjustments to reconcile net loss to net cash provided by operating activities:
		Depreciation and amortization			21,115		22,570
		Changes in assets and liabilities and other			(7,959)		(20,865)
Net cash provided by (used in)operating activities					15,298		(6,782)
Cash flows from investing activities:
		Deposits on and purchases of property, plant and equipment			(10,740)		(9,342)
		Purchases of investments, net			(91,221)		(497)
		Other			638		437
Net cash used in investing activities					(101,323)		(9,402)
Cash flows from financing activities:
		Repayment of long-term debt, net			(2,082)		(7,533)
		Proceeds from issuance of common stock			154		77
Net cash used in financing activities					(1,928)		(7,456)
Effect of exchange rate changes on cash flows					878		1,336
Net decrease  in cash and cash equivalents					(87,075)		(22,304)
Cash and cash equivalents, beginning of period					214,777		113,944
Cash and cash equivalents, end of period			$		127,702	$	91,640

PHOTRONICS, INC.AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands)

				February 1,		November 2,
				2004		2003
			Assets
Current assets:
		Cash, cash equivalents and short-term
		investments of $108,256 in 2004 and $17,036 in 2003		$	235,958	$	231,813
		Accounts receivable			59,888		59,579
		Inventories			13,377		14,329
		Other current assets			37,167		34,161
			Total current assets		346,390		339,882
Property, plant and equipment, net					386,272		387,977
Intangible assets, net					118,412		118,892
Other assets					18,566		18,789
				$	869,640	$	865,540
Liabilities and Shareholders' Equity
Current liabilities:
		Current portion of long-term debt		$	4,931	$	5,505
		Accounts payable			36,927		43,997
		Other accrued liabilities			28,410		31,871
			Total current liabilities		70,268		81,373
Long-term debt					367,838		368,307
Deferred income taxes and other liabilities					56,611		54,723
Minority interest					55,320		52,808
	Shareholders' equity				319,603		308,329
				$	869,640	$	865,540