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

	February 1,		November 2,
	2009		2008
Assets
Current assets:
Cash, cash equivalents and short-term investments of $144 in 2009 and $1,343 in 2008	$	71,653	$	85,106
Accounts receivable		65,497		68,095
Inventories		18,063		17,548
Other current assets		12,453		11,748
Total current assets		167,666		182,497
Property, plant and equipment, net		406,915		436,528
Investment in joint venture		65,776		65,737
Other intangibles, net		61,098		62,386
Other assets		11,048		10,859
	$	712,503	$	758,007
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings	$	68,134	$	20,630
Accounts payable and accrued liabilities		79,835		95,448
Total current liabilities		147,969		116,078
Long-term borrowings		151,848		202,979
Deferred income taxes and other liabilities		6,393		6,552
Minority interest		48,608		49,616
Shareholders' equity		357,685		382,782
	$	712,503	$	758,007