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

	Three Months Ended								Nine Months Ended
	August 2,				August 3,				August 2,				August 3,
	2015				2014				2015				2014
	$		%		$		%		$		%		$		%
			(a)				(a)				(a)				(a)
GAAP Operating Income	$	18,560	14.1	%	$	11,057	8.9	%	$	44,984	11.8	%	$	19,519	5.9	%
Acquisition transaction expenses (b)		-	-			-	-			-	-			2,455	0.7
Non-GAAP Operating Income	$	18,560	14.1	%	$	11,057	8.9	%	$	44,984	11.8	%	$	21,974	6.6	%

(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.