PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)

	November 2,		October 28,
	2008		2007
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $1,343 in 2008 and $5,657 in 2007	$	85,106	$	151,706
Accounts receivable		68,095		68,248
Inventories		17,548		17,716
Other current assets		11,748		9,315
Total current assets		182,497		246,985
Property, plant and equipment, net		436,528		531,578
Goodwill		-		138,534
Investment in joint venture		65,737		67,900
Other intangibles, net		62,386		68,835
Other assets		10,859		5,948
	$	758,007	$	1,059,780
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings	$	18,130	$	4,482
Accounts payable and accrued liabilities		95,448		145,897
Total current liabilities		113,578		150,379
Long-term borrowings		205,479		191,253
Deferred income taxes and other liabilities		6,552		14,399
Minority interest		49,616		49,465
Shareholders' equity		382,782		654,284
	$	758,007	$	1,059,780