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

	Six Months Ended
	April 29,			May 1,
	2012			2011
Cash flows from operating activities:
Net income (loss)	$	14,371		$	(1,449	)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization		44,135			46,467
Consolidation, restructuring, and related charges		262			-
Debt extinguishment loss		-			23,504
Changes in assets and liabilities and other		3,631			(4,532	)
Net cash provided by operating activities		62,399			63,990
Cash flows from investing activities:
Purchases of property, plant and equipment		(67,626	)		(39,254	)
Investment in joint venture		(5,899	)		(8,498	)
Other		(1,600	)		(250	)
Net cash used in investing activities		(75,125	)		(48,002	)
Cash flows from financing activities:
Proceeds from long-term borrowings		25,000			17,000
Proceeds from issuance of convertible debt		-			115,000
Repayments of long-term borrowings		(2,343	)		(60,303	)
Payments of deferred financing fees		(198	)		(4,145	)
Repurchase of common stock by subsidiary		(7,577	)		(3,294	)
Proceeds from exercise of share-based arrangements		431			356
Net cash provided by financing activities		15,313			64,614
Effect of exchange rate changes on cash		(555	)		6,565
Net increase in cash and cash equivalents		2,032			87,167
Cash and cash equivalents, beginning of period		189,928			98,945
Cash and cash equivalents, end of period	$	191,960		$	186,112