PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)

	Three Months Ended				Six Months Ended
	April 28,		April 29,		April 28,		April 29,
	2013		2012		2013		2012
Reconciliation of GAAP to Non-GAAP Net Income
Attributable to Photronics, Inc. Shareholders
GAAP net income attributable to Photronics, Inc. shareholders	$	4,863	$	8,818	$	7,187	$	13,086
(a) Consolidation and restructuring charges, net of tax		-		58		-		1,176
(b) Impact of warrants, net of tax		-		-		-		(94	)
Non-GAAP net income attributable to Photronics, Inc. shareholders	$	4,863	$	8,876	$	7,187	$	14,168
Reconciliation of GAAP to Non-GAAP Net Income
Applicable to Common Shareholders
Weighted average number of diluted shares outstanding
GAAP		61,501		76,590		61,298		76,472
Non-GAAP		61,501		76,590		61,298		76,435
Net income per diluted share
GAAP	$	0.08	$	0.14	$	0.12	$	0.21
Non-GAAP	$	0.08	$	0.14	$	0.12	$	0.23

(a)	Represents consolidation and restructuring charges primarily related to restructuring in Singapore.
(b)	Represents financing expenses related to warrants, which are recorded in other expense, net.