Exhibit 99.3

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

	January 27,		October 28,
	2008		2007
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $5,912 in 2008 and $5,657 in 2007	$	95,041	$	151,706
Accounts receivable		72,077		68,248
Inventories		16,506		17,716
Other current assets		9,741		9,315
Total current assets		193,365		246,985
Property, plant and equipment, net		604,706		531,578
Goodwill		138,534		138,534
Investment in joint venture		70,345		67,900
Other intangibles, net		67,532		68,835
Other assets		5,541		5,948
	$	1,080,023	$	1,059,780
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings
and capital lease obligations	$	16,019	$	4,482
Accounts payable and accrued liabilities		115,187		145,897
Total current liabilities		131,206		150,379
Long-term borrowings and capital
lease obligations		242,737		191,253
Deferred income taxes and other liabilities		13,236		14,399
Minority interest		49,887		49,465
Shareholders' equity		642,957		654,284
	$	1,080,023	$	1,059,780