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

	Three Months Ended
	January 31,		February 1,
	2016		2015
GAAP Net Income (a)	$	23,501	$	7,142
Add: interest expense		1,174		1,370
Add: income tax expense		3,700		3,134
Add: depreciation and amortization		20,457		20,607
Add: special items (b)		897		1,826
Non-GAAP EBITDA	$	49,729	$	34,079

(a)	Includes net income attributable to noncontrolling interests, and in 2016 includes gain on sale of investment in a foreign entity
(b)	Special items consist of stock compensation expense, and in 2015 includes financing expenses in connection with the exchange of $57.5 million of 3.25% convertible senior notes