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

	Six Months Ended
	April 27,			April 29,
	2008			2007
Cash flows from operating activities:
Net income (loss)	$	(5,409	)	$	21,923
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization		51,280			47,840
Gain on sale of facility		-			(2,254	)
Minority interest in income of consolidated subsidiaries		982			1,495
Changes in assets and liabilities and other		(11,750	)		2,541
Net cash provided by operating activities		35,103			71,545
Cash flows from investing activities:
Purchases of property, plant and equipment		(78,067	)		(37,346	)
Purchases of short-term investments and other		(306	)		-
Proceeds from sales of investments and other		3,487			48,507
Proceeds from sale of facility and other		65			5,011
Investment in joint venture		(2,598	)		-
Net cash provided by (used in) investing activities		(77,419	)		16,172
Cash flows from financing activities:
Repayments of long-term borrowings		(168,991	)		(87,087	)
Proceeds from long-term borrowings		132,140			3,369
Proceeds from issuance of common stock		-			552
Other		(498	)		-
Net cash used in financing activities		(37,349	)		(83,166	)
Effect of exchange rate changes on cash		719			(2,186	)
Net increase (decrease) in cash and cash equivalents		(78,946	)		2,365
Cash and cash equivalents, beginning of period		146,049			129,425
Cash and cash equivalents, end of period	$	67,103		$	131,790
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(25,991	)	$	(702	)
Capital lease obligation for purchases of property, plant and
equipment	$	61,662		$	-