PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended
	February 1,			January 27,
	2009			2008
Net sales	$	88,042		$	103,215
Costs and expenses:
Cost of sales		(77,483	)		(82,619	)
Selling, general and administrative		(10,402	)		(16,302	)
Research and development		(3,624	)		(4,238	)
Consolidation, restructuring and related charges		(1,680	)		-
Operating income (loss)		(5,147	)		56
Other expense, net		(3,623	)		(568	)
Loss before income taxes and minority interest		(8,770	)		(512	)
Income tax provision		(1,197	)		(1,873	)
Loss before minority interest		(9,967	)		(2,385	)
Minority interest		(266	)		(955	)
Net loss	$	(10,233	)	$	(3,340	)
Loss per share:
Basic	$	(0.25	)	$	(0.08	)
Diluted	$	(0.25	)	$	(0.08	)
Weighted average number of common shares outstanding:
Basic		41,723			41,626
Diluted		41,723			41,626