PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)

	April 27,		October 28,
	2008		2007
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $2,494 in 2008 and $5,657 in 2007	$	69,597	$	151,706
Accounts receivable		79,034		68,248
Inventories		19,655		17,716
Other current assets		8,916		9,315
Total current assets		177,202		246,985
Property, plant and equipment, net		590,953		531,578
Goodwill		138,534		138,534
Investment in joint venture		70,506		67,900
Other intangibles, net		65,763		68,835
Other assets		5,848		5,948
	$	1,048,806	$	1,059,780
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings	$	17,523	$	4,482
Accounts payable and accrued liabilities		117,418		145,897
Total current liabilities		134,941		150,379
Long-term borrowings		204,938		191,253
Deferred income taxes and other liabilities		14,034		14,399
Minority interest		53,362		49,465
Shareholders' equity		641,531		654,284
	$	1,048,806	$	1,059,780