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

	Three Months Ended
	January 29,		January 30,
	2012		2011
GAAP Net income (a)	$	4,841	$	13,584
Add: interest expense		1,781		1,711
Add: income tax expense		3,321		3,483
Add: depreciation and amortization		22,295		22,808
Add (less): special items (b)		794		553
EBITDA	$	33,032	$	42,139

(a)	Includes net income attributable to noncontrolling interests.
(b)	Special items consist of non-cash consolidation and restructuring charges, warrants expense (income), and stock compensation expense.