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

	Nine Months Ended
	July 29				July 30
	2007				2006
Cash flows from operating activities:
Net income		$	24,161			$	19,513
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization			72,234				67,594
Gain on sale of facility and other			(3,027	)			-
Gain on sale of investments			(257	)			-
Minority interest in income of consolidated subsidiaries			2,424				3,710
Consolidation, restructuring and related charges			-				13,216
Changes in assets and liabilities and other			(1,461	)			(24,135	)
Net cash provided by operating activities			94,074				79,898
Cash flows from investing activities:
Purchases of property, plant and equipment			(56,951	)			(83,441	)
Purchases of short-term investments and other			(5,465	)			(64,983	)
Proceeds from sales of investments and other			48,253				78,697
Proceeds from sale of facility			5,783				-
Investment in joint venture, technology and supply agreements			(1,000	)			(120,505	)
Acquisition of additional interest in PK Ltd.			-				(8,432	)
Net cash used in investing activities			(9,380	)			(198,664	)
Cash flows from financing activities:
Repayments of long-term debt and other			(94,587	)			(4,725	)
Proceeds from long-term debt			3,369				12,218
Proceeds from issuance of common stock			631				1,172
Other			(1,485	)			-
Net cash (used in) provided by financing activities			(92,072	)			8,665
Effect of exchange rate changes on cash			(1,991	)			(709	)
Net decrease in cash and cash equivalents			(9,369	)			(110,810	)
Cash and cash equivalents, beginning of period			129,425				196,049
Cash and cash equivalents, end of period		$	120,056			$	85,239
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment			16,480				12,585