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

	October 30,		October 31,
	2011		2010
Assets
Current assets:
Cash and cash equivalents	$	189,928	$	98,945
Accounts receivable		85,540		82,951
Inventories		22,100		15,502
Other current assets		7,639		8,404
Total current assets		305,207		205,802
Property, plant and equipment, net		368,680		369,814
Investment in joint venture		79,984		61,127
Intangible assets, net		42,462		47,748
Other assets		21,521		19,388
	$	817,854	$	703,879
Liabilities and Equity
Current liabilities:
Current portion of long-term borrowings	$	5,583	$	11,467
Accounts payable and accrued liabilities		90,318		107,762
Total current liabilities		95,901		119,229
Long-term borrowings		152,577		78,852
Other liabilities		9,620		9,855
Equity		559,756		495,943
	$	817,854	$	703,879