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

	Three Months Ended								Year Ended
	November 2,				October 28,				November 2,				October 28,
	2008				2007				2008				2007
Net sales	$	103,306			$	101,571			$	422,548			$	421,479
Costs and expenses:
Cost of sales		(85,354		)		(81,614		)		(349,841		)		(321,958		)
Selling, general and administrative		(11,547		)		(14,585		)		(55,167		)		(61,507		)
Research and development		(4,327		)		(4,015		)		(17,475		)		(17,300		)
Impairment of goodwill, long-lived assets and other		(510		)		-				(205,918		)		-
Gain on sale of facility		-				-				-				2,254
Operating income (loss)		1,568				1,357				(205,853		)		22,968
Other income (expense), net		24				(96		)		(6,316		)		916
Income (loss) before income taxes and minority interest		1,592				1,261				(212,169		)		23,884
Income tax (provision) benefit		(1,438		)		(784		)		2,778				3,178
Income (loss) before minority interest		154				477				(209,391		)		27,062
Minority interest		81				(115		)		(1,374		)		(2,539		)
Net income (loss)	$	235			$	362			$	(210,765		)	$	24,523
Earnings (loss) per share:
Basic	$	0.01			$	0.01			$	(5.06		)	$	0.59
Diluted	$	0.01			$	0.01			$	(5.06		)	$	0.56
Weighted average number of common shares
outstanding:
Basic			41,703				41,611				41,658				41,539
Diluted			41,996				41,624				41,658				51,282