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

	Nine Months Ended
	July 29,			July 31,
	2012			2011
Cash flows from operating activities:
Net income	$	25,638		$	11,173
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		65,010			70,090
Debt extinguishment loss		-			27,399
Consolidation, restructuring and related charges		262			-
Changes in assets and liabilities and other		16,614			(4,211	)
Net cash provided by operating activities		107,524			104,451
Cash flows from investing activities:
Purchases of property, plant and equipment		(92,009	)		(59,089	)
Investment in joint venture		(13,397	)		(10,773	)
Other		(1,618	)		(250	)
Net cash used in investing activities		(107,024	)		(70,112	)
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		(3,646	)		(63,445	)
Repurchase of common stock by subsidiary		(11,653	)		(3,294	)
Payments of deferred financing fees		(198	)		(4,318	)
Proceeds from exercise of share based arrangements		517			694
Net cash provided by financing activities		10,020			61,637
Effect of exchange rate changes on cash		(3,153	)		7,924
Net increase in cash and cash equivalents		7,367			103,900
Cash and cash equivalents, beginning of period		189,928			98,945
Cash and cash equivalents, end of period	$	197,295		$	202,845