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

	Six Months Ended
	May 3,			April 27,
	2009			2008
Cash flows from operating activities:
Net loss	$	(20,305	)	$	(5,409	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		42,027			51,280
Consolidation, restructuring, and related charges and impairment of long-lived assets		3,544			-
Minority interest in income of consolidated subsidiaries		181			982
Changes in assets and liabilities and other		902			(11,750	)
Net cash provided by operating activities		26,349			35,103
Cash flows from investing activities:
Purchases of property, plant and equipment		(20,375	)		(78,067	)
Purchases of short-term investments and other		-			(306	)
Proceeds from sales of investments and other		856			3,487
Proceeds from sale of property, plant and equipment		85			65
Distribution from joint venture		5,000			-
Investment in joint venture		-			(2,598	)
Net cash used in investing activities		(14,434	)		(77,419	)
Cash flows from financing activities:
Repayments of long-term borrowings		(10,889	)		(168,991	)
Proceeds from long-term borrowings		-			132,140
Payments of deferred financing fees		(2,249	)		(498	)
Net cash used in financing activities		(13,138	)		(37,349	)
Effect of exchange rate changes on cash		(1,052	)		719
Net decrease in cash and cash equivalents		(2,275	)		(78,946	)
Cash and cash equivalents, beginning of period		83,763			146,049
Cash and cash equivalents, end of period	$	81,488		$	67,103
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(14,542	)	$	(25,991	)
Capital lease obligation for purchases of property, plant and equipment	$	-		$	61,662