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

	Three Months Ended				Year Ended
	November 3,		October 28,		November 3,		October 28,
	2013		2012		2013		2012
GAAP Net income (a)	$	4,913	$	4,217	$	19,576	$	29,855
Add: interest expense		2,051		1,901		7,756		7,488
Add: income tax expense		1,072		1,551		7,229		10,793
Add: depreciation and amortization		17,453		19,825		71,408		83,611
Add: special items (b)		1,156		910		3,974		3,328
EBITDA	$	26,645	$	28,404	$	109,943	$	135,075

(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.