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

	Three Months Ended						Six Months Ended
	April 29			April 30			April 29			April 30
	2007			2006			2007			2006
Net sales	$	109,626		$	119,471		$	215,607		$	231,419
Costs and expenses:
Cost of sales		83,433			77,663			159,749			153,428
Selling, general and administrative		14,442			15,726			30,883			30,914
Research and development		4,324			7,993			9,044			16,243
Consolidation, restructuring, and related charges		-			(11,426	)		-			(11,426	)
Gain on sale of facility		-			-			2,254			-
Operating income		7,427			6,663			18,185			19,408
Other income (expense), net		430			3,792			145			5,564
Income before income taxes and minority interest		7,857			10,455			18,330			24,972
Income tax benefit (provision)		6,400			(3,814	)		5,088			(7,632	)
Income before minority interest		14,257			6,641			23,418			17,340
Minority interest		(191	)		(1,376	)		(1,495	)		(2,382	)
Net income	$	14,066		$	5,265		$	21,923		$	14,958
Earnings per share:
Basic	$	0.34		$	0.13		$	0.53		$	0.36
Diluted	$	0.30		$	0.12		$	0.47		$	0.34
Weighted average number of common shares
outstanding:
Basic		41,513			41,334			41,494			41,325
Diluted		51,399			50,987			51,380			50,966