Exhibit 99.4

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

	Three Months Ended
	January 27,			January 28,
	2008			2007
Cash flows from operating activities:
Net income (loss)	$	(3,340	)	$	7,857
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization		24,721			22,383
Gain on sale of facility		-			(2,254	)
Minority interest in income of consolidated subsidiaries		955			1,304
Changes in assets and liabilities and other		(10,661	)		(10,690	)
Net cash provided by operating activities		11,675			18,600
Cash flows from investing activities:
Purchases of property, plant and equipment		(65,932	)		(5,601	)
Purchases of short-term investments and other		(253	)		-
Proceeds from sales of investments and other		-			38,400
Proceeds from sale of facility and other		65			5,011
Investment in joint venture		(2,598	)		-
Net cash (used in) provided by investing activities		(68,718	)		37,810
Cash flows from financing activities:
Repayments of long-term borrowings		(577	)		(87,087	)
Proceeds from long-term borrowings		942			1,926
Proceeds from issuance of common stock		-			189
Other		(71	)		-
Net cash provided by (used in) financing activities		294			(84,972	)
Effect of exchange rate changes on cash		(171	)		(227	)
Net decrease in cash and cash equivalents		(56,920	)		(28,789	)
Cash and cash equivalents, beginning of period		146,049			129,425
Cash and cash equivalents, end of period	$	89,129		$	100,636
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(24,181	)	$	14,930
Capital lease obligation for purchases of property, plant and
equipment	$	61,662		$	-