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

	May 1,		October 31,
	2011		2010
Assets
Current assets:
Cash and cash equivalents	$	186,112	$	98,945
Accounts receivable		98,510		82,951
Inventories		27,904		15,502
Other current assets		7,397		8,404
Total current assets		319,923		205,802
Property, plant and equipment, net		403,413		369,814
Investment in joint venture		72,001		61,127
Intangible assets, net		44,951		47,748
Other assets		22,263		19,388
	$	862,551	$	703,879
Liabilities and Equity
Current liabilities:
Current portion of long-term borrowings	$	5,827	$	11,467
Accounts payable and accrued liabilities		134,624		107,762
Total current liabilities		140,451		119,229
Long-term borrowings		159,558		78,852
Deferred income taxes and other liabilities		9,927		9,855
Equity		552,615		495,943
	$	862,551	$	703,879