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

	Three Months Ended				Nine Months Ended
	July 28,		July 29,		July 28,		July 29,
	2013		2012		2013		2012
GAAP Net income (a)	$	6,364	$	11,267	$	14,665	$	25,638
Add: interest expense		1,909		2,012		5,707		5,587
Add: income tax expense		2,689		3,258		6,155		9,242
Add: depreciation and amortization		17,212		20,403		53,954		63,787
Add: special items (b)		993		878		2,818		2,418
EBITDA	$	29,167	$	37,818	$	83,299	$	106,672

(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 income.