PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)

	Three Months Ended				Nine Months Ended
	July 31,		August 1,		July 31,		August 1,
	2011		2010		2011		2010
GAAP Net income	$	12,622	$	7,607	$	11,173	$	16,620
Add: interest expense		1,907		1,827		5,499		7,807
Add: income tax expense		4,895		2,910		11,638		5,790
Add: depreciation and amortization		23,229		21,536		68,923		65,247
Add(less): special items (a)		5,479		100		37,671		(3,176	)
EBITDA	$	48,132	$	33,980	$	134,904	$	92,288

(a) Special items consist of debt extinguishment loss and non-cash consolidation and restructuring charges/(credits), warrants expense (income), deferred financing fees write-off and stock compensation expense