PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)

	Three Months Ended				Six Months Ended
	April 28,		April 29,		April 28,		April 29,
	2013		2012		2013		2012
GAAP Net income (a)	$	5,442	$	9,530	$	8,301	$	14,371
Add: interest expense		1,909		1,795		3,796		3,575
Add: income tax expense		1,724		2,663		3,466		5,984
Add: depreciation and amortization		17,959		21,089		36,742		43,384
Add (less): special items (b)		939		746		1,825		1,540
EBITDA	$	27,973	$	35,823	$	54,130	$	68,854

(a)	Includes net income attributable to noncontrolling interests.
(b)	Special items consist of stock compensation expense, and in 2012 non-cash consolidation and restructuring charges and warrants expense (income).