SUBSIDIARY SHARE REPURCHASE

6 Months Ended

Apr. 29, 2012

SUBSIDIARY SHARE REPURCHASE [Abstract]

NOTE 13 - SUBSIDIARY SHARE REPURCHASE

Since the second quarter of fiscal 2011, the board of directors of Photronics Semiconductor Mask Corporation (PSMC), a subsidiary of the Company based in Taiwan, authorized several share repurchase programs for PSMC to purchase for retirement shares of its outstanding common stock. For the three and six month periods ended April 29, 2012, PSMC purchased 15.7 million and 18.0 million shares, respectively, at a cost of $6.7 million and $7.6 million, respectively. In the second quarter of fiscal 2011, PSMC purchased 7.7 million shares for $3.3 million. These repurchase programs increased the Company's ownership in PSMC to 59.14% at May 1, 2011, to 62.25% at October 30, 2011, and to 66.81% at April 29, 2012.

The table below presents the effect of the change in the Company's ownership interest in PSMC on the Company's equity for the three and six month periods ended April 29, 2012 (15.7 million and 18.0 million shares of common stock of PSMC repurchased, respectively) and May 1, 2011 (7.7 million shares of PSMC stock repurchased).

	Three Months Ended				Six Months Ended
	April 29, 2012		May 1, 2011		April 29, 2012		May 1, 2011

Net income (loss) attributable to Photronics, Inc.	$	8,818	$	(16,438)	$	13,086	$	(4,327)

Increase (decrease) in Photronics, Inc.'s additional paid-in capital		866		(328)		1,017		(328)

Decrease in accumulated other comprehensive income		(32)		-		(35)		-

Change from net income (loss) attributable to Photronics, Inc. and transfer from noncontrolling interest	$	9,652	$	(16,766)	$	14,068	$	(4,655)

Subsequent to the quarter ended April 29, 2012, PSMC completed its most recent share repurchase program in May 2012 with the repurchase of an additional 2.9 million shares for $1.3 million, which increased the Company's ownership in PSMC to 67.60%.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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