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
	May 4,			April 28,		May 4,			April 28,
	2014			2013		2014			2013
Reconciliation of GAAP to Non-GAAP Net Income
Attributable to Photronics, Inc. Shareholders
GAAP net income attributable to Photronics, Inc. shareholders	$	15,540		$	4,863	$	17,533		$	7,187
(a) Gain on acquisition, net of tax		(16,372	)		-		(16,372	)		-
(b) Acquisition transaction expenses, net of tax		2,018			-		2,455			-
Non-GAAP net income attributable to Photronics, Inc. shareholders	$	1,186		$	4,863	$	3,616		$	7,187
Reconciliation of GAAP to Non-GAAP Net Income
Applicable to Common Shareholders
Weighted average number of diluted shares outstanding
GAAP		77,705			61,501		77,632			61,298
Non-GAAP		62,282			61,501		62,209			61,298
Net income per diluted share
GAAP	$	0.22		$	0.08	$	0.27		$	0.12
Non-GAAP	$	0.02		$	0.08	$	0.06		$	0.12

(a)	Represents gain on acquisition of DNP Photomask Technology Taiwan Co., Ltd (DPTT), a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd.
(b)	Represents transaction expenses in connection with the acquisition of DPTT