EX-99.3 5 exhibit99-3.htm CONDENSED CONSOLIDATED BALANCE SHEETS

PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

(in thousands)
(Unaudited)

  July 27, October 28,
        2008       2007
Assets  
 
Current assets:  
     Cash, cash equivalents and short-term  
     investments of $2,458 in 2008 and $5,657 in 2007   $ 79,628 $ 151,706
     Accounts receivable   71,595 68,248
     Inventories   18,201 17,716
     Other current assets   14,286 9,315
 
          Total current assets   183,710 246,985
 
Property, plant and equipment, net   500,403 531,578
Goodwill   -      138,534
Investment in joint venture   70,595 67,900
Other intangibles, net   63,937 68,835
Other assets   5,680 5,948
 
    $      824,325 $      1,059,780
 
Liabilities and Shareholders' Equity  
 
Current liabilities:  
     Current portion of long-term borrowings   $ 19,213   $ 4,482
     Accounts payable and accrued liabilities   99,246 145,897
 
          Total current liabilities   118,459 150,379
 
Long-term borrowings   209,328 191,253
Deferred income taxes and other liabilities   7,956 14,399
Minority interest   53,710 49,465
 
Shareholders' equity   434,872 654,284
 
  $ 824,325 $ 1,059,780