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

	Three Months Ended
	January 27,			January 29,
	2013			2012
Cash flows from operating activities:
Net income	$	2,859		$	4,841
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		19,157			22,667
Changes in assets and liabilities and other		(3,351	)		6,527
Net cash provided by operating activities		18,665			34,035
Cash flows from investing activities:
Purchases of property, plant and equipment		(15,539	)		(18,127	)
Other		(1,043	)		(1,602	)
Investment in joint venture		-			(400	)
Net cash used in investing activities		(16,582	)		(20,129	)
Cash flows from financing activities:
Repurchase of common stock by subsidiary		(4,190	)		(885	)
Repayments of long-term borrowings		(1,655	)		(999	)
Proceeds from exercise of share-based arrangements		203			233
Net cash used in financing activities		(5,642	)		(1,651	)
Effect of exchange rate changes on cash		3,287			(383	)
Net (decrease) increase in cash and cash equivalents		(272	)		11,872
Cash and cash equivalents, beginning of period		218,043			189,928
Cash and cash equivalents, end of period	$	217,771		$	201,800