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

	Three Months Ended						Six Months Ended
	April 27,			April 29,			April 27,			April 29,
	2008			2007			2008			2007
Net sales	$	110,330		$	109,626		$	213,545		$	215,607
Costs and expenses:
Cost of sales		(90,056	)		(83,433	)		(172,675	)		(159,749	)
Selling, general and administrative		(13,575	)		(14,442	)		(29,878	)		(30,883	)
Research and development		(4,613	)		(4,324	)		(8,851	)		(9,044	)
Gain on sale of facility		-			-			-			2,254
Operating income		2,086			7,427			2,141			18,185
Other income (expense), net		(3,196	)		430			(3,764	)		145
Income (loss) before income taxes and minority interest		(1,110	)		7,857			(1,623	)		18,330
Income tax benefit (provision)		(932	)		6,400			(2,804	)		5,088
Income (loss) before minority interest		(2,042	)		14,257			(4,427	)		23,418
Minority interest		(27	)		(191	)		(982	)		(1,495	)
Net income (loss)	$	(2,069	)	$	14,066		$	(5,409	)	$	21,923
Earnings (loss) per share:
Basic	$	(0.05	)	$	0.34		$	(0.13	)	$	0.53
Diluted	$	(0.05	)	$	0.30		$	(0.13	)	$	0.47
Weighted average number of common shares outstanding:
Basic		41,638			41,513			41,632			41,494
Diluted		41,638			51,399			41,632			51,380