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

	Six Months Ended
	April 28,			April 29,
	2013			2012
Cash flows from operating activities:
Net income	$	8,301		$	14,371
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		37,490			44,135
Consolidation, restructuring, and related charges		-			262
Changes in assets and liabilities and other		(9,857	)		3,631
Net cash provided by operating activities		35,934			62,399
Cash flows from investing activities:
Purchases of property, plant and equipment		(31,866	)		(67,626	)
Investment in joint venture		-			(5,899	)
Other		(2,822	)		(1,600	)
Net cash used in investing activities		(34,688	)		(75,125	)
Cash flows from financing activities:
Proceeds from long-term borrowings		-			25,000
Repayments of long-term borrowings		(3,319	)		(2,343	)
Repurchase of common stock by subsidiary		(4,190	)		(7,577	)
Payments of deferred financing fees		(40	)		(198	)
Proceeds from exercise of share-based arrangements		588			431
Net cash provided by (used in) financing activities		(6,961	)		15,313
Effect of exchange rate changes on cash		(1,776	)		(555	)
Net increase (decrease) in cash and cash equivalents		(7,491	)		2,032
Cash and cash equivalents, beginning of period		218,043			189,928
Cash and cash equivalents, end of period	$	210,552		$	191,960