PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
(in thousands)
(Unaudited)

	Three Months Ended								Six Months Ended
	May 4,				April 28,				May 4,				April 28,
	2014				2013				2014				2013
	$		%		$		%		$		%		$		%
GAAP Operating Income	$	2,832	2.7	%	$	8,082	7.6	%	$	8,462	4.1	%	$	13,274	6.4	%
(a) Acquisition transaction expenses		2,018	1.9			—	—			2,455	1.2			—	—
Non-GAAP Operating Income	$	4,850	4.6	%	$	8,082	7.6	%	$	10,917	5.3	%	$	13,274	6.4	%

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