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

	July 29		October 29
	2007		2006
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $25,182 in 2007 and $69,899 in 2006	$	145,238	$	199,324
Accounts receivable		72,527		84,299
Inventories		16,630		19,209
Other current assets		11,790		16,055
Total current assets		246,185		318,887
Property, plant and equipment, net		460,116		443,637
Goodwill		138,534		138,534
Investment in joint venture		65,646		64,365
Other intangibles, net		70,004		71,763
Other assets		6,857		8,497
	$	987,342	$	1,045,683
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt	$	25,000	$	86,903
Accounts payable		65,962		53,907
Other accrued liabilities		31,123		50,386
Total current liabilities		122,085		191,196
Long-term debt		149,608		170,288
Deferred income taxes and other liabilities		16,509		23,920
Minority interest		48,914		45,997
Shareholders' equity		650,226		614,282
	$	987,342	$	1,045,683