PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended
	January 29,			January 30,
	2012			2011
Net sales	$	112,154		$	120,823
Costs and expenses:
Cost of sales		(86,696	)		(90,229	)
Selling, general and administrative		(11,325	)		(10,713	)
Research and development		(4,444	)		(3,771	)
Consolidation, restructuring and related charges		(1,118	)		-
Operating income		8,571			16,110
Other income (expense), net		(409	)		957
Income before income taxes		8,162			17,067
Income tax provision		(3,321	)		(3,483	)
Net income		4,841			13,584
Net income attributable to noncontrolling interests		(573	)		(1,473	)
Net income attributable to Photronics, Inc.	$	4,268		$	12,111
Earnings per share:
Basic	$	0.07		$	0.23
Diluted	$	0.07		$	0.20
Weighted-average number of common shares
outstanding:
Basic		59,817			53,817
Diluted		60,930			66,411