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

	Three Months Ended
	January 29,			January 30,
	2012			2011
Cash flows from operating activities:
Net income	$	4,841		$	13,584
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		22,667			23,189
Changes in assets and liabilities and other		6,527			4,882
Net cash provided by operating activities		34,035			41,655
Cash flows from investing activities:
Purchases of property, plant and equipment		(18,127	)		(19,120	)
Investment in joint venture		(400	)		(3,999	)
Other		(1,602	)		-
Net cash used in investing activities		(20,129	)		(23,119	)
Cash flows from financing activities:
Repayments of long-term borrowings		(999	)		(24,346	)
Repurchase of common stock of subsidiary		(885	)		-
Proceeds from share-based payments		233			159
Proceeds from long-term borrowings		-			17,000
Net cash used in financing activities		(1,651	)		(7,187	)
Effect of exchange rate changes on cash		(383	)		2,429
Net increase in cash and cash equivalents		11,872			13,778
Cash and cash equivalents, beginning of period		189,928			98,945
Cash and cash equivalents, end of period	$	201,800		$	112,723
Supplemental disclosure of cash flow information:
Change in accrual for purchases of property, plant and equipment	$	5,159		$	13,273