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

	Three Months Ended						Six Months Ended
	April 29,			May 1,			April 29,			May 1,
	2012			2011			2012			2011
Net sales	$	117,451		$	133,103		$	229,605		$	253,926
Costs and expenses:
Cost of sales		(87,590	)		(96,617	)		(174,286	)		(186,845	)
Selling, general and administrative		(12,201	)		(11,448	)		(23,526	)		(22,162	)
Research and development		(4,441	)		(3,940	)		(8,885	)		(7,711	)
Consolidation, restructuring and related charges		(58	)		-			(1,176	)		-
Operating income		13,161			21,098			21,732			37,208
Debt extinguishment loss		-			(30,286	)		-			(30,286	)
Other expense, net		(968	)		(2,585	)		(1,377	)		(1,629	)
Income (loss) before income taxes		12,193			(11,773	)		20,355			5,293
Income tax provision		(2,663	)		(3,260	)		(5,984	)		(6,742	)
Net income (loss)		9,530			(15,033	)		14,371			(1,449	)
Net income attributable to noncontrolling interests		(712	)		(1,405	)		(1,285	)		(2,878	)
Net income (loss) attributable to Photronics, Inc.	$	8,818		$	(16,438	)	$	13,086		$	(4,327	)
Earnings (loss) per share:
Basic	$	0.15		$	(0.30	)	$	0.22		$	(0.08	)
Diluted	$	0.14		$	(0.30	)	$	0.21		$	(0.08	)
Weighted average number of common shares
outstanding:
Basic		60,086			55,685			59,952			54,751
Diluted		76,590			55,685			76,472			54,751