PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended							Six Months Ended
	May 1,			May 2,				May 1,			May 2,
	2011			2010				2011			2010
Net sales	$	133,103		$		105,070		$	253,926		$	203,267
Costs and expenses:
Cost of sales		(96,617	)			(82,980	)		(186,845	)		(163,000	)
Selling, general and administrative		(11,448	)			(10,870	)		(22,162	)		(21,018	)
Research and development		(3,940	)			(3,601	)		(7,711	)		(7,556	)
Consolidation, restructuring and related credits		-				5,029			-			4,836
Operating income		21,098				12,648			37,208			16,529
Debt extinguishment loss		(30,286	)			-			(30,286	)		-
Other expense, net		(2,585	)			(2,183	)		(1,629	)		(4,636	)
(Loss) income before income taxes		(11,773	)			10,465			5,293			11,893
Income tax provision		(3,260	)			(1,860	)		(6,742	)		(2,880	)
Net (loss) income		(15,033	)			8,605			(1,449	)		9,013
Net income attributable to noncontrolling interests		(1,405	)			(732	)		(2,878	)		(927	)
Net (loss) income attributable to Photronics, Inc.	$	(16,438	)		$	7,873		$	(4,327	)	$	8,086
Earnings (loss) per share:
Basic	$	(0.30	)		$	0.15		$	(0.08	)	$	0.15
Diluted	$	(0.30	)		$	0.14		$	(0.08	)	$	0.15
Weighted average number of common shares
outstanding:
Basic		55,685				53,405			54,751			53,253
Diluted		55,685				65,780			54,751			54,291