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

	August 2,		November 2,
	2009		2008
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $146 in 2009 and $1,343 in 2008	$	85,677	$	85,106
Accounts receivable		68,993		68,095
Inventories		15,459		17,548
Other current assets		10,263		11,748
Total current assets		180,392		182,497
Property, plant and equipment, net		354,572		436,528
Investment in joint venture		60,930		65,737
Other intangibles, net		56,715		62,386
Other assets		19,402		10,859
	$	672,011	$	758,007
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings	$	31,424	$	20,630
Accounts payable and accrued liabilities		71,496		95,448
Total current liabilities		102,920		116,078
Long-term borrowings		155,922		202,979
Deferred income taxes and other liabilities		17,465		6,552
Minority interest		49,695		49,616
Shareholders' equity		346,009		382,782
	$	672,011	$	758,007