PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

	Three Months Ended
	February 1,			January 27,
	2009			2008
Cash flows from operating activities:
Net loss	$	(10,233	)	$	(3,340	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		21,725			24,721
Consolidation, restructuring and related charges		1,680			-
Minority interest in income of consolidated subsidiaries		266			955
Changes in assets and liabilities and other		(5,449	)		(10,661	)
Net cash provided by operating activities		7,989			11,675
Cash flows from investing activities:
Purchases of property, plant and equipment		(12,789	)		(65,932	)
Purchases of short-term investments and other		-			(253	)
Proceeds from sales of investments and other		858			65
Investment in joint venture					(2,598	)
Net cash used in investing activities		(11,931	)		(68,718	)
Cash flows from financing activities:
Repayments of long-term borrowings		(3,607	)		(577	)
Proceeds from long-term borrowings		-			942
Payments of deferred financing fees		(1,913	)		(71	)
Net cash provided by (used in) financing activities		(5,520	)		294
Effect of exchange rate changes on cash		(2,792	)		(171	)
Net decrease in cash and cash equivalents		(12,254	)		(56,920	)
Cash and cash equivalents, beginning of period		83,763			146,049
Cash and cash equivalents, end of period	$	71,509		$	89,129
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(11,204	)	$	(24,181	)
Capital lease obligation for purchases of property, plant and equipment	$	-		$	61,662