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

	Six Months Ended
	April 29			April 30
	2007			2006
Cash flows from operating activities:
Net income	$	21,923		$	14,958
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		47,840			44,921
Gain on sale of facility		(2,254	)		-
Gain on sale of investments		(257	)		-
Minority interest in income of consolidated subsidiaries		1,495			2,382
Consolidation, restructuring and related charges		-			11,426
Changes in assets and liabilities and other		2,798			(23,532	)
Net cash provided by operating activities		71,545			50,155
Cash flows from investing activities:
Purchases of property, plant and equipment		(37,346	)		(56,572	)
Purchases of short-term investments		-			(32,819	)
Proceeds from sales of investments and other		48,507			47,877
Proceeds from sale of facility		5,011			-
Acquisition of additional interest in PK Ltd.		-			(8,432	)
Net cash provided by (used in) investing activities		16,172			(49,946	)
Cash flows from financing activities:
Repayments of long-term debt		(87,087	)		(4,725	)
Proceeds from long-term debt		3,369			9,289
Proceeds from issuance of common stock		552			730
Net cash provided by (used in) financing activities		(83,166	)		5,294
Effect of exchange rate changes on cash		(2,186	)		1,330
Net increase in cash and cash equivalents		2,365			6,833
Cash and cash equivalents, beginning of period		129,425			196,049
Cash and cash equivalents, end of period	$	131,790		$	202,882
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(702	)	$	8,993