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

	Nine Months Ended
	August 1,			August 2,
	2010			2009
Cash flows from operating activities:
Net income (loss)	$	16,620		$	(42,572	)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization		67,786			64,419
Consolidation, restructuring, and related charges (credit) and impairment of long-lived assets		(5,059	)		11,975
Changes in assets and liabilities and other		(5,170	)		7,785
Net cash provided by operating activities		74,177			41,607
Cash flows from investing activities:
Purchases of property, plant and equipment		(38,040	)		(29,867	)
Proceeds from sale of facility		12,880			-
Distribution from joint venture		-			5,000
Proceeds from sales of investments and other		288			996
Net cash used in investing activities		(24,872	)		(23,871	)
Cash flows from financing activities:
Repayments of long-term borrowings		(62,288	)		(39,342	)
Proceeds from long-term borrowings		28,680			27,204
Payments of deferred financing fees		(1,225	)		(4,317	)
Other		75			(88	)
Net cash used in financing activities		(34,758	)		(16,543	)
Effect of exchange rate changes on cash		941			575
Net increase in cash and cash equivalents		15,488			1,768
Cash and cash equivalents, beginning of period		88,539			83,763
Cash and cash equivalents, end of period	$	104,027		$	85,531
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	35,735		$	(18,712	)
Change in capital lease obligation for purchases of property, plant and
equipment	$	-		$	(28,244	)
Common stock warrants issuance and fair value adjustment	$	-		$	10,086