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

	Three Months Ended						Nine Months Ended
	July 29			July 30			July 29			July 30
	2007			2006			2007			2006
Net sales	$	104,301		$	108,160		$	319,908		$	339,579
Costs and expenses:
Cost of sales		80,595			75,256			240,344			228,685
Selling, general and administrative		16,039			15,524			46,922			46,438
Research and development		4,241			6,741			13,285			22,985
		3,426			10,639			19,357			41,471
Consolidation, restructure, and related charges		-			(1,790	)		-			(13,216	)
Gain on sale of  facility		-			-			2,254			-
Operating income		3,426			8,849			21,611			28,255
Other income (expense), net		867			(1,274	)		1,012			4,292
Income before income taxesand minority interest		4,293			7,575			22,623			32,547
Income tax benefit (provision)		(1,126	)		(1,692	)		3,962			(9,324	)
Income beforeminority interest		3,167			5,883			26,585			23,223
Minority interest		(929	)		(1,328	)		(2,424	)		(3,710	)
Net income	$	2,238		$	4,555		$	24,161		$	19,513
Earnings per share:
Basic	$	0.05		$	0.11		$	0.58		$	0.47
Diluted	$	0.05		$	0.11		$	0.53		$	0.45
Weighted average number of common shares
outstanding:
Basic		41,558			41,383			41,515			41,344
Diluted		41,864			41,735			51,355			51,036