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

	Three Months Ended
	February 2,		January 27,
	2014		2013
GAAP Net income (a)	$	2,041	$	2,859
Add: interest expense		1,984		1,887
Add: income tax expense		2,716		1,742
Add: depreciation and amortization		17,422		18,783
Add (less): special items (b)		1,542		886
EBITDA	$	25,705	$	26,157

(a)	Includes net income attributable to noncontrolling interests.
(b)	Special items consist of stock compensation expense, and in 2014 transaction expenses in connection with the pending joint venture.