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

	Three Months Ended				Year Ended
	October 30,		October 31,		October 30,		October 31,
	2011		2010		2011		2010
GAAP Net income (a)	$	9,035	$	8,461	$	20,208	$	25,082
Add: interest expense		1,759		1,667		7,258		9,475
Add: income tax expense		4,054		1,682		15,691		7,471
Add: depreciation and amortization		23,019		22,133		91,942		87,379
Add (less): special items (b)		469		749		38,140		(2,426	)
EBITDA	$	38,336	$	34,692	$	173,239	$	126,981

(a)	Includes net income attributable to noncontrolling interests.
(b)	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.