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 3,				May 4,				May 3,				May 4,
	2015				2014				2015				2014
	$		%		$		%		$		%		$		%
			(a)				(a)				(a)				(a)
GAAP Operating Income	$	14,865	11.7	%	$	2,832	2.7	%	$	26,424	10.5	%	$	8,462	4.1	%
Acquisition transaction expenses (b)		—	—			2,018	1.9			—	—			2,455	1.2
Non-GAAP Operating Income	$	14,865	11.7	%	$	4,850	4.6	%	$	26,424	10.5	%	$	10,917	5.3	%

(a)	Represents percentage of net sales
(b)	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.