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

	Three Months Ended						Nine Months Ended
	July 27,			July 29,			July 27,			July 29,
	2008			2007			2008			2007
Net sales	$	105,697		$	104,301		$	319,242		$	319,908
Costs and expenses:
Cost of sales		(91,813	)		(80,595	)		(264,487	)		(240,344	)
Selling, general and administrative		(13,741	)		(16,039	)		(43,620	)		(46,922	)
Research and development		(4,298	)		(4,241	)		(13,148	)		(13,285	)
Impairment of goodwill and long-lived assets		(205,408	)		-			(205,408	)		-
Gain on sale of facility		-			-			-			2,254
Operating income (loss)		(209,563	)		3,426			(207,421	)		21,611
Other income (expense), net		(2,575	)		867			(6,340	)		1,012
Income (loss) before income taxes and minority interest		(212,138	)		4,293			(213,761	)		22,623
Income tax benefit (provision)		7,020			(1,126	)		4,216			3,962
Income (loss) before minority interest		(205,118	)		3,167			(209,545	)		26,585
Minority interest		(474	)		(929	)		(1,456	)		(2,424	)
Net income (loss)	$	(205,592	)	$	2,238		$	(211,001	)	$	24,161
Earnings (loss) per share:
Basic	$	(4.93	)	$	0.05		$	(5.07	)	$	0.58
Diluted	$	(4.93	)	$	0.05		$	(5.07	)	$	0.53
Weighted average number of common shares outstanding:
Basic		41,662			41,558			41,642			41,515
Diluted		41,662			41,864			41,642			51,355