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

	Nine Months Ended
	August 2,			July 27,
	2009			2008
Cash flows from operating activities:
Net loss	$	(43,152	)	$	(211,001	)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization		64,419			79,794
Minority interest in income of consolidated subsidiaries		580			1,456
Consolidation, restructuring, and related charges		10,517			-
Impairment of goodwill and long-lived assets		1,458			205,408
Changes in assets and liabilities and other		7,785			(9,740	)
Net cash provided by operating activities		41,607			65,917
Cash flows from investing activities:
Purchases of property, plant and equipment		(29,867	)		(94,941	)
Purchases of short-term investments and other		-			(327	)
Proceeds from sales of investments and other		996			3,558
Distribution from joint venture		5,000			-
Investment in joint venture		-			(2,598	)
Net cash used in investing activities		(23,871	)		(94,308	)
Cash flows from financing activities:
Repayments of long-term borrowings		(39,342	)		(179,968	)
Proceeds from long-term borrowings		27,204			139,640
Payments of deferred financing fees		(4,317	)		(498	)
Other		(88	)		(452	)
Net cash used in financing activities		(16,543	)		(41,278	)
Effect of exchange rate changes on cash		575			790
Net increase (decrease) in cash and cash equivalents		1,768			(68,879	)
Cash and cash equivalents, beginning of period		83,763			146,049
Cash and cash equivalents, end of period	$	85,531		$	77,170
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(18,712	)	$	(40,144	)
Capital lease obligation for purchases of property, plant and equipment	$	(28,244	)	$	61,662
Common stock warrants issuance and fair value adjustment	$	10,086		$	-