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

	July 31,		October 31,
	2011		2010
Assets
Current assets:
Cash and cash equivalents	$	202,845	$	98,945
Accounts receivable		97,654		82,951
Inventories		30,873		15,502
Other current assets		10,191		8,404
Total current assets		341,563		205,802
Property, plant and equipment, net		397,703		369,814
Investment in joint venture		72,504		61,127
Intangible assets, net		43,660		47,748
Other assets		21,494		19,388
	$	876,924	$	703,879
Liabilities and Equity
Current liabilities:
Current portion of long-term borrowings	$	5,538	$	11,467
Accounts payable and accrued liabilities		132,619		107,762
Total current liabilities		138,157		119,229
Long-term borrowings		153,527		78,852
Deferred income taxes and other liabilities		9,161		9,855
Equity		576,079		495,943
	$	876,924	$	703,879