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

	Year Ended
	November 1,			November 2,
	2009			2008
Cash flows from operating activities:
Net loss	$	(41,910	)	$	(210,765	)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization		90,474			103,932
Gain on sale of facility		(2,034	)		-
Minority interest in income of consolidated subsidiaries		483			1,374
Consolidation, restructuring and related charges - non-cash		10,514			510
Impairment of goodwill and long-lived assets		1,458			205,408
Changes in assets and liabilities and other		9,163			(8,379	)
Net cash provided by operating activities		68,148			92,080
Cash flows from investing activities:
Purchases of property, plant and equipment		(34,995	)		(105,125	)
Distribution from joint venture		5,000			5,000
Proceeds from sale of facility		4,321			-
Proceeds from sales of investments		1,252			3,815
Investment in joint venture		-			(2,598	)
Other		(256	)		(327	)
Net cash used in investing activities		(24,678	)		(99,235	)
Cash flows from financing activities:
Repayments of long-term borrowings		(161,841	)		(183,509	)
Proceeds from long-term borrowings		28,112			139,640
Net proceeds from convertible debt and common stock offerings		97,961			-
Deferred financing costs and other		(4,734	)		(3,790	)
Net cash used in financing activities		(40,502	)		(47,659	)
Effect of exchange rate changes on cash		1,808			(7,472	)
Net increase (decrease) in cash and cash equivalents		4,776			(62,286	)
Cash and cash equivalents, beginning of period		83,763			146,049
Cash and cash equivalents, end of period	$	88,539		$	83,763
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	(13,551	)	$	(46,769	)
Capital lease obligation for purchases of property, plant and equipment	$	(28,244	)	$	61,662
Issuances of common stock warrants	$	5,320		$	-