PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)

	Year Ended
	October 30,			October 31,
	2011			2010
Cash flows from operating activities:
Net income	$	20,208		$	25,082
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		93,460			90,300
Debt extinguishment loss		27,399			-
Consolidation, restructuring, and related credits		-			(5,059	)
Changes in assets and liabilities and other		(4,514	)		(14,404	)
Net cash provided by operating activities		136,553			95,919
Cash flows from investing activities:
Purchases of property, plant and equipment		(82,121	)		(71,381	)
Investments in joint venture		(18,271	)		-
Proceeds from sale of facility		-			12,880
Other		(345	)		289
Net cash used in investing activities		(100,737	)		(58,212	)
Cash flows from financing activities:
Proceeds from issuance of convertible debt		115,000			-
Proceeds from long-term borrowings		17,000			41,680
Repayments of long-term borrowings		(64,107	)		(72,932	)
Payments of deferred financing fees		(4,318	)		(1,285	)
Repurchase of common stock of subsidiary		(9,878	)		-
Proceeds from exercise of share-based arrangements		828			81
Net cash provided by (used in) financing activities		54,525			(32,456	)
Effect of exchange rate changes on cash		642			5,155
Net increase in cash and cash equivalents		90,983			10,406
Cash and cash equivalents, beginning of year		98,945			88,539
Cash and cash equivalents, end of year	$	189,928		$	98,945
Supplemental disclosure of cash flow information:
Capital lease obligation for purchase of equipment	$	21,248		$	-
Common stock issued to extinguish debt	$	20,234		$	-
Changes in accrual for purchases of property, plant and equipment	$	(20,836	)	$	28,717